This post has been updated.

Tribune Media will sell nearly 25 acres in downtown L.A.’s Arts District, a press release said. A printing plant leased by the Los Angeles Times newspaper and seven acres of frontage along Alameda Street are parts of the parcel offered for sale.

“L.A.’s Arts District is an incredibly vibrant area and extremely attractive to emerging businesses looking for an exciting and creative environment in which to locate. This is one of Los Angeles’ hottest areas for mixed-use retail and office development, and we’re expecting a lot of interest,” said Murray McQueen, president of Tribune Real Estate Holdings, in a statement.

He also called the property “ripe for development.”

Tribune Media’s sister company Tribune Publishing Co. undertook a series of cost-cutting measures at the Los Angeles Times and its nine other newspapers across the country this fall. Editors and reporters who have accepted buyout offers from the Times are expected to leave the newspaper this week.