Ben Twingley/

Published: Jan 02, 2014 5:44 AM EST

PENSACOLA, Fla. (AP) - A developer has bought the building where the Pensacola News Journal has been produced since 1969.
The newspaper reports ( ) that Quint Studer's Daily Convo LLC bought the 5.85-acre downtown Pensacola site from the Gannett Company Inc. for $3.4 million.
Studer says he plans to develop the site with residential housing.
Gannett has signed a six-month lease of the property while a new home for the newspaper is found.
Studer also owns several other Pensacola properties and a minor league baseball team.
Information from: Pensacola (Fla.) News Journal,

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)