Make us your home page

Price cuts loom as Water's Edge condos in Clearwater is sold

At the 25-story Water’s Edge next to Clearwater City Hall, the average condominium was once priced at $750,000.

JIM DAMASKE | Times (2008)

At the 25-story Water’s Edge next to Clearwater City Hall, the average condominium was once priced at $750,000.

CLEARWATER — For two years, the Water's Edge condominium tower has sat virtually empty in downtown Clearwater like some kind of 25-story monument to bad timing.

The luxury high-rise opened in 2008 just after the Tampa Bay condo market collapsed. A measly 10 out of its 153 units sold. The company that built it went bankrupt.

Now the creamy white skyscraper has been sold, and its new owners announced Friday that they're preparing to slash unit prices in half.

That's in a building where the average condo was once priced at $750,000 and penthouses once went for $1.7 million.

Real estate manager Grant Wood, who will oversee sales for the new owners, said they're "still refining" the prices, but the condo tower's website says they'll be "up to 50 percent off."

The condos have been off the market for a while as the building at Cleveland Street and Osceola Avenue changed hands a couple of times. The units go back on sale July 30.

The stakes go beyond the walls of Water's Edge. City officials are counting on it and another mostly vacant high-rise, Station Square, to eventually fill up and help bring life to Clearwater's sleepy downtown.

Perched atop a limestone bluff next to City Hall, Water's Edge is downtown's tallest building.

Opus South Corp. completed it in 2008, filed for bankruptcy in spring 2009 and ceded the tower to Wachovia Bank at a foreclosure auction last fall. Wachovia, which held an $82 million mortgage on the building, successfully bid $30.6 million for the property.

A California investment company, Concierge Asset Management, bought the tower from Wachovia and closed on the deal Thursday night. The sale price wasn't disclosed, although records filed with the Pinellas County Clerk of Court say that Concierge is taking out a $14.2 million mortgage on the building.

The company was founded by a bargain-hunting tycoon, Maxwell Drever, who has built a reputation for seeking out troubled properties with good prospects for recovery.

Concierge spokesman Chris Barnett called Drever "an opportunistic investor."

"This is a beautiful building," Barnett said. "They're thrilled to have this in their portfolio."

Wood said the sales pitch for the condos will target local empty-nesters as well as second-home buyers from out of state. "It's an alternative for the value buyer who wants to be close to the beach but doesn't want to pay that price," he said.

There's one other sales strategy. Because so few of the units are occupied, the new owners are putting up 15 months' worth of condo association dues so condo buyers won't be saddled with the cost of maintaining the entire building.

"That's one of the questions that comes up," Wood said. "This provides a peace of mind for purchasers."

Mike Brassfield can be reached at or (727) 445-4160.

Water's Edge timeline

Fall 2008: Developer Opus South Corp. opens Water's Edge

Spring 2009: Opus files for bankruptcy

Fall 2009: Opus cedes tower to Wachovia in foreclosure auction

Thursday: California investment company Concierge Asset Management buys it from Wachovia


Price cuts loom as Water's Edge condos in Clearwater is sold 07/02/10 [Last modified: Friday, July 2, 2010 7:43pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. DOT shows alternatives to former Tampa Bay Express toll lanes


    TAMPA — State transportation officials are evaluating at least a half-dozen alternatives to the controversial Tampa Bay interstate plan that they will workshop with the community for the next 18 months.

    Florida Department of Transportation consultant Brad Flom explains potential alternatives to adding toll lanes to Interstate 275 during a meeting Wednesday at DOT's Tampa office. Flom presented seven diagrams, all of which swapped toll lanes for transit, such as light rail or express bus, in the I-275 corridor from downtown Tampa to Bearss Ave. [CAITLIN JOHNSTON | Times]
  2. Claim: State pressured CFO, used secret recordings to shut down Universal Health Care


    ST. PETERSBURG — The founder of St. Petersburg's Universal Health Care alleges that Florida regulators conspired with the company's chief financial officer to drive the once high-flying Medicare insurer out of business.

    Federal agents raided the headquarters of Universal Health Care in 2013, ordering employees to leave the building. The insolvent St. Petersburg Medicare insurer was then in the process of being liquidated by state regulators.
[DIRK SHADD   |   Times file photo]

  3. Aramis Ayala defends stance against death penalty: 'I did what I believe was proper'

    State Roundup

    TALLAHASSEE — Orlando prosecutor Aramis Ayala on Wednesday defended her "absolute discretion" to never seek the death penalty in murder cases, as skeptical justices of the Florida Supreme Court bombarded her lawyer with sharp questions.

    Orlando prosecutor Aramis Ayala, far right, said she was "very well pleased" with her lawyer's case. "I violated no laws." [STEVE BOUSQUET | Times]
  4. Tampa Chamber of Commerce offers boost to black and Hispanic-owned businesses

    Economic Development

    TAMPA — There's a disconnect in Hillsborough County's minority business community.

    Gaston Meredith of Gaston's Culinary Services listens to LaKendria Robinson, Director of Minority Business Accelerator & Economic Inclusion during an information session at the Robert W. Saunders Library in Tampa on Tuesday.
[OCTAVIO JONES   |   Times]
  5. Wesley Chapel, Greater Pasco chambers of commerce merge


    LAND O'LAKES — Two chambers of commerce representing more than 850 business members from west Pasco to Wesley Chapel and New Tampa are merging into a single organization.

    Greater Wesley Chapel Chamber of Commerce President and CEO Hope Allen will lead the combined chambers of commerce announced Wednesday. The yet-to-be-named chamber will represent more than 850 businesses that currenlty are members of the Greater Pasco and Greater Wesley Chapel chambers.
[JAMES BORCHUCK   |   Times]