Opus South Development completed the 25-story Water's Edge condo tower with the best of business intentions in 2008.

You can guess the rest of the story.

Opus went bankrupt, Wachovia Bank repossessed the under-performing luxury tower in late 2009 and is now set to sell the property to a San Francisco buyer that specializes in "buying and rehabilitating medium- to large-sized apartment complexes."

Concierge Asset Management has a purchase contract for the building and some adjacent undeveloped property. Wachovia's unpaid mortgage on the building at repossession was $82 million. The lender paid $30.6 million at foreclosure auction to claim ownership. It's safe to say Concierge's offer fits in the $31 million to $82 million range.

The 153-unit Water's Edge rests on a bluff near Clearwater city hall, across the Intracoastal Waterway from Clearwater Beach. The building once claimed buyers for about 60 percent of its units, but most of the prospective owners bailed from contracts that averaged $750,000.

The "apartment complex" part of Concierge's resume might not sound comforting to the smattering of Water's Edge residents. But maybe good paying tenants are preferable to dark windows.