The former long-time home of Newport Daily News at 101 Malbone Road sold for $3.6 million on Tuesday, October 27, 2020, according to Rhode Island Statewide MLS.
According to The Property Buying Company, the property spans 20,101 sq. ft on 4.98 acres.
The new owner of the property is James Leslie Hildebrand of Newport, according to City of Newport Real Property Records.
A request for comment from the listing agent at Lila Delman Real Estate regarding the sale was not immediately responded to.
Gatehouse Media purchased Newport Daily News, as well as Newport Mercury and Newport Life Magazine, from Sherman Publishing in 2017.
Sherman Publishing had retained ownership of the property following the sale of their media assets.
The property was originally listed by Sherman Publishing for $5,000,000 in 2018.
According to City of Newport records, the property was assessed in 2018 at a value of $2,749,700.
Newport Daily News and Newport Life Magazine, now owned by Gannett, moved its offices to Valley Road in Middletown in 2019.
The sale of this property is the most recent change in the North End of the city, which includes the proposed development of the Newport Grand property, the renovation of The Wayfinder, and the Pell Bridge Ramp Realignment project.
The property listing for 101 Malbone Road, speaks to the potential for the property with the Bridge realignment project; “As per RI DOT’s Pell Bridge Reconstruction Plan, Malbone Road and Admiral Kalbfus Road will become a signalized intersection (traffic light). The Pell Bridge Interchange Improvements list item #7: “Convert Admiral Kalbfus Road at Malbone Road to Signalized Intersection to Enhance Safety and Operations” (see details on included plan). Additional land possible for purchase by right through eminent domain in 2022. The Newport Daily News corporation will be offered first right of refusal from the State of Rhode Island (Plat 4 Lot 69).”
The listing for the property also addresses zoning, “Years ago, when it was time for construction of this building in 1968, it was changed over from residential to commercial zoning, and research is currently being done with the city planner as to the best use for this monumental landmark”.
This story is developing and will be updated.