A potential buyer for the Boston Globe’s 16-acre headquarters on Morrissey Boulevard has backed out of plans to redevelop the property.

Concord-based Winstanley Enterprises will not move forward with acquisition of the site, Globe CEO Michael Sheehan notified employees Friday. The Globe is planning to vacate its longtime headquarters by mid-2017 as it considers other sites in Boston for its newsroom and business operations. The printing plant will relocate to a 330,000-square-foot industrial property at 300 Constitution Drive in Taunton, which the Globe placed under agreement last month.

Winstanley was one of three potential buyers that met with Globe executives last fall before entering negotiations with the newspaper.

Adam Winstanley told the Globe that the property "was not the best fit for our capital partner."

Real estate experts say the size of the property lends itself to a master-planned mixed-use development, with investors being particularly bullish on demand for condo development in Boston in the next few years.