1. Business

Times Publishing Co. sells St. Petersburg parking lot to apartment developer

ST. PETERSBURG — The Times Publishing Co. announced Wednesday it would sell a parking lot at its downtown headquarters to an apartment developer.

The deal for about two acres of land at the southwest corner of Fourth Street and Second Avenue S, which held 200 parking spaces, is expected to close in late fall. The Times Publishing Co., which owns the Tampa Bay Times, did not disclose terms of the sale.

The Cleveland-based developer, NRP Group, approached the publisher with the offer and said it intended to build luxury apartments and a parking garage, which will include 200 spots for Times employees' vehicles.

In 2012, the developer paid $6 million for another Times parking lot at 430 Third Ave. S, where crews are now building Beacon 430, a four-story, 326-apartment complex expected to begin leasing this fall.

"We are pleased that we could play a role in the energizing growth of downtown St. Petersburg and that NRP continues to invest in its economic vitality," said Jana L. Jones, the Times' chief financial officer.