ST. PETERSBURG, Fla., Nov. 13, 2014 /PRNewswire-USNewswire/ -- The University of South Florida System is exploring the purchase of property adjacent to its St. Petersburg campus.
The USF System has signed a non-binding letter of intent with the Poynter Institute for Media Studies to transfer 3.7 acres of vacant land to the university.
Under terms of the letter of intent, USF would purchase the land for $6.2 million. The rectangular block of land fronts Fourth Street and adjoins the new Kate Tiedemann School of Business, which held its groundbreaking last month.
Though USF and Poynter have signed a letter of intent regarding the land, the agreement must still be approved by various groups including the university's Board of Trustees.
In a statement, USF said "We are currently conducting due diligence on the land. Since a finalized agreement has not been reached, it would be premature to discuss long-term goals for the property. We look forward to sharing our plans if the USF System completes the purchase and a determination is made on the most efficient use of the space."
Poynter president Tim Franklin commented, "If this agreement comes to fruition, it would be a win for USF, Poynter, and the City of St. Petersburg. The university would acquire land to allow expansion, Poynter would have additional funding for efforts in digital journalism and teaching, and the city would add to a robust 'innovation district' in this area of downtown."
USF Contacts
Lara Wade / 813-974-9060 / [email protected]
Adam Freeman / 813-974-9047 / [email protected]
Poynter Contact
Kim Tobin / 727-553-4707 / [email protected]
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SOURCE The Poynter Institute
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