Friday, March 28, 2008

Hearst signs deal with developer for Chron site

Hearst Corp. has signed a deal with Cleveland-based Forest City Enterprises to redevelop the 4-acre Chronicle site at Fifth and Mission streets, according to a story in this morning's Chron. "If and when a decision was made to go forward and develop the project, The Chronicle would remain in San Francisco and likely go into some new space," Publisher Frank Vega said. Tishman Speyer and Wilson Meany Sullivan were also in the running for the redevelopment contract, the story says. The move shouldn't come as a surprise. On Oct. 25, 2007, the Chron said it was considering offers for the site at Fifth and Mission. According to the Chron's Matier & Ross, developers were interested in the site as far back as December 2005. Back then, M&R wrote: "In any case, Vega insists that the paper itself is not for sale, and that the editorial and advertising offices would be relocated to smaller and less costly digs only if it made financial sense -- which, so far, it doesn't."(Photo credit: Deanne Fitzmaurice, Chronicle, file)

No comments: