Former Financial News & Daily Record Publisher James F. Bailey Jr. sold the Downtown building the newspaper occupies, more than two years after selling the company to Observer Media Group of Sarasota.
Bailey, through The Daily Record Corp., sold the 10 N. Newnan St. building to restaurant, bar and lounge owner Scott McAlister.
“We think the location is great,” McAlister said. He said he looked forward to “all of the new projects that are coming together Downtown.”
McAlister, through 10 N. Newnan LLC, paid $915,000 for the property in a deal executed Monday. Bailey’s LLC holds a $615,000 mortgage on the property.
The daily Jacksonville Daily Record and the weekly Record and Observer have been leasing space from Bailey at the Newnan and Bay streets property but will relocate Downtown early next year
Observer Media Group Publisher and CEO Matt Walsh said Wednesday the newspaper is committed to a seven-year lease in the 121 Atlantic Place building at 121 W. Forsyth St.
The Daily Record intends to relocate in early 2020 into about 5,600 square feet on the first floor formerly occupied by Ameris Bank.
Walsh said Wednesday the Jacksonville Daily Record and its staff occupied the 117-year-old, three-story Newnan Street building for 47 years.
The 10,363-square-foot building was constructed in 1902, property records show.
“By the time we move, the newspaper will have published more than 12,200 editions from this location,” Walsh said.
“So why leave? Frankly, it’s far more space than we need. And now that the old City Hall and courthouse across the street are gone, this location is not as convenient as it was.”
Walsh said the company will consolidate the Daily Record staff in updated space on one floor in the former Atlantic Bank Building, closer to City Hall, the Duval County Courthouse and the Bryan Simpson U.S. Courthouse.
The old City Hall was imploded and the former courthouse is being demolished along East Bay Street.
“I have to say it will be sad to drive on Bay Street and not see ‘The Daily Record’ signage on the side of this sturdy old building. But as we all know, times change, and in business you have to do what makes sense,” Walsh said.
Walsh bought the Daily Record in January 2017. Bailey sold the publication after 104 years of family operation.
McAlister said no plans are finalized at 10 N. Newnan St., but he envisions a service-industry related concept on the first floor, such as lounge or restaurant with a ground-level patio.
McAlister said the top two floors and part of the first will be available for lease as offices. He said Bobby Knight with Coastal Commercial Real Estate will be the leasing agent. Knight was the transactional broker in the sale.
McAlister’s many projects include the Phoenix Bar & Bowling on Blanding Boulevard; The Garage on Post Street; and the Bearded Buffalo Brewing Co. and Whiteway Deli & Tavern on King Street.
He said he is working on two new projects but declined to identify them.
