Publisher Ava Thomas said she is evaluating potential sites.

"We've narrowed our search to a few great options," she said. "We take our role as the leading provider of news and information in this community very seriously, and we'll land in a place where we can continue to serve readers, users and customers the best."

Both Thomas and Newman said the sale agreement does not require the deal to close until the end of 2017.

The other factor involved is city tax incentives.

Newman Development plans to utilize tax-increment financing, which allows the additional property taxes generated by new development to be used to pay for portions of the development that provide public benefits.

As proposed, Newman said the project would generate several million dollars worth of TIF.

He said he is confident he can negotiate an agreement with the city and complete the approval process by the end of July.

It's not the first time interested buyers have made pitches to the paper. The Journal Star has fielded offers in the past four to five years for its property, identified in the city's master plan as an important link in continuing to develop P and Q streets as retail corridors.