Is Miami Herald Land Sale Inevitable?
In his column in Ocean Drive this month, Brett Sokol profiles developer David Edelstein, who was part of a group that in 2005 bought about 10 acres surrounding the Miami Herald for $190 million.
It really does seem only a matter of time that the Herald relocates. Here's a key passage:
[Edelstein] adds that had Herald parent company Knight Ridder not been "unexpectedly" bought by the rival McClatchy chain, inserting a new set of players into the mix, such a land sale would already have been negotiated. Still, he's confident McClatchy's CEO will eventually crunch the numbers and come to the same conclusion as Knight Ridder's honchos: to take the money and run, or at least move to a less valuable location. "You have printing presses sitting on waterfront land!" he marvels. And with McClatchy's executives scrambling for fresh revenue in the increasingly beleaguered newspaper industry, "staying there just doesn't make any sense.
Edelstein makes sense, no matter what one might think of a potential move. But might want to wait until the market rises a bit ... you know, in 2013 or so.
After the Jump: Shepherd Wins A Biggee









