Great news for downtown Greensboro.

It’s being reported that development is coming to the old News & Record site on East Market Street.

The Triad Business Journal reported on Thursday, June 15, that Ryan Cos. US Inc. and TH3 Partners LLC have purchased an option to buy the long vacant property sitting across the street from the February One Parking Deck Westin Hotel complex, which is still under construction.

Over time, the 6.65-acre site, which takes up most of the block of 200 East Market Street between Davie and Church streets, has gone from being a bustling office and printing facility to a deserted eyesore.

President of Downtown Greensboro Inc. and District 3 City Councilmember Zack Matheny said, “This is a huge project and very important one for Greensboro and the Triad. This will probably be the largest private urban development in our history. We cannot wait to help get the proper development to completion.”

The Triad Business Journal reports that a tentative plan by Ryan is to build twin 250,000-square-foot commercial buildings and 300 to 400 apartments on the site.

Robbie Perkins, with NAI Piedmont Triad who represented Ryan, said when he first took them to the News & Record site and walked around the block, the response was, “This is incredible.” Perkins said they were amazed that a 6-acre site in the middle of a city of 300,000 was available for purchase.

Perkins noted that the Ryan Cos. Is a huge company that is experienced in handling large complicated projects like developing the News & Record property.

He said, “Only so many local developers could take on a project of this size.  It really takes a true national developer with the horsepower to do it right.”

Perkins said, “All the work that has been done in the past, the downtown parks, the Tanger Center, the baseball stadium, even the parking decks, have given developers like Ryan the confidence that Greensboro is on the move.”