Newspaper Property On The Sales Block

The owners of the Austin American-Statesman newspaper have agreed to sell their downtown property—a piece of prime, lake-fronted real estate on 19 acres—to investors tied to its parent company.

The newspaper reported the planned sale on Monday. The property is to be sold to family members tied to the newspaper’s parent company, Cox Enterprises.

The Austin Business Journal subsequently reports speculation about the site’s future use already is rampant.

It could be used for a mixed-use development with adjacent hike/bike trails as part of the city’s South Central Waterfront vision. Or it could be the site of a future downtown live events venue to replace the aging Frank Erwin Center at the University of Texas at Austin.

While the future for the property remains unclear, newspaper officials assured the imminent sale doesn’t mean the daily will cease publication but simply relocate elsewhere. The newspaper recently shifted its printing operations to San Antonio in a cost-sharing move with rival Hearst Corp., fueling speculation of eventual closure.

As for the property sale, it’s long been something of an open secret. Many newspaper staffers have been aware in recent years that their long-time base would be sold for development given the pace of commercial development in Austin.

The property on the south shore of Lady Bird Lake is appraised at $48 million.