Make us your home page

Water's Edge condo tower in Clearwater on brink of sale

In 2008, Water’s Edge near Clearwater City Hall was opened by Opus South Corp., which filed for bankruptcy in 2009 and ceded the tower to Wachovia Bank at foreclosure. It’s largely unoccupied after many prospective owners bailed on pricey units.

JIM DAMASKE | Times (2008)

In 2008, Water’s Edge near Clearwater City Hall was opened by Opus South Corp., which filed for bankruptcy in 2009 and ceded the tower to Wachovia Bank at foreclosure. It’s largely unoccupied after many prospective owners bailed on pricey units.

A California investment company that specializes in underpriced apartments has contracted to buy one of Clearwater's tallest and ritziest residential properties: the bankrupt Water's Edge condominium tower.

Clearwater Mayor Frank Hibbard confirmed the buyer of the 25-story downtown building is Concierge Asset Management of San Francisco, founded by a bargain-hunting tycoon named Maxwell Drever.

Opus South Corp. completed Water's Edge in 2008, filed for bankruptcy in spring 2009 and ceded the tower to Wachovia Bank at foreclosure auction last fall.

Wachovia, which held an $82 million mortgage on the building, successfully bid $30.6 million for the property. It's safe to say Concierge's offer is somewhere between $30.6 million to $82 million.

The 153-unit Water's Edge rests on a bluff near Clearwater City Hall, across the Intracoastal Waterway from the beach. Opus claimed it had sold 60 percent of its units, but most prospective owners bailed from contracts that averaged $750,000. The building remains largely unoccupied save for a few unit owners.

According to a 2002 article in the Wall Street Journal, the would-be owner established a reputation as a real estate bottom feeder who sought out troubled properties with good prospects for recovery.

One of Drever's biggest coups was buying struggling apartments from the Resolution Trust Corp. That's the agency set up in 1989 to liquidate real estate from the savings and loan meltdown.

Despite the company's expertise in apartments, real estate brokers said Concierge would likely continue to sell, rather than lease, Water's Edge.

Wachovia's sale to Concierge has been secretive — Drever has said he likes to snag properties before they're formally listed for sale. The deal is expected to close in a couple of months.

Water's Edge time line

>> 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

>> early 2010: California investment company Concierge Asset Management offers to buy the property from Wachovia

Water's Edge condo tower in Clearwater on brink of sale 04/07/10 [Last modified: Wednesday, April 7, 2010 8:23pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Will new laws protect condo owners from apartment conversions and rogue associations?

    Real Estate

    Danny Di Nicolantonio has lived in St. Petersburg's Calais Village Condominums for 33 years. Annoyed at times by the actions, or inaction, of the condo board and property managers, he has complained to the state agency that is supposed to investigate.

    That has left him even more annoyed.

    A bill passed by the Florida Legislature would affect places like The Slade in Tampa's Channelside district, where cCondominium owners have battled a plan to convert homes into apartments.
[Times file photo]
  2. Walmart opens first Pinellas County in-house training academy


    Seminole — It had all the hallmarks of a typical graduation: robe-clad graduates marching in to Pomp and Circumstance, friends and family packed together under a sweltering tent and a lineup of speakers encouraging the graduates to take charge of their future.

    New Walmart Academy graduates are congratulated Thursday morning by associates during a graduation ceremony at the Walmart store, 10237 Bay Pines Boulevard, St. Petersburg. The Walmart location is one of the company's training academies where managers complete a one week retail course. David Shultz and Richard Sheehan, both from St. Petersburg, get high fives from the crowd.
[SCOTT KEELER   |   Times]

  3. Lawsuit: Florida contractor fakes death to dodge angry homeowners

    Human Interest

    SEMINOLE — For weeks, Glenn Holland, 67, crawled out of bed before the sun rose to look for a dead man.

    Last year Glenn and Judith Holland said they paid a contractor thousands of dollars to renovate their future retirement home in Seminole. But when they tried to move in on Dec. 14, they said the home was in shambles and uninhabitable. They sent a text message to contractor Marc Anthony Perez at 12:36 p.m. looking for answers. Fourteen minutes later, they got back this text: "This is Marc's daughter, dad passed away on the 7th of December in a car accident. Sorry." Turns out Perez was still alive. Now the Hollands are suing him in Pinellas-Pasco circuit court. [LARA CERRI   |   Times]
  4. Owners to level Port Richey flea market but may rebuild

    Public Safety

    PORT RICHEY — The owners of the recently shuttered USA Flea Market have agreed to demolish all structures on the property, leaving open the possibility of rebuilding the weekend shopping attraction, according to Pasco County officials.

    Pasco County officials shut down the USA Flea Market after it received hundreds of citations for health and code violations.
  5. Kimmins Protégé-Mentor Program a crash course on business know-how



    Williams Landscape Management Company was founded 30 years ago with one employee.

    Marisela Linares and Jorge Castro listen to speakers during a workshop at the Kimmins Contracting Corporation on Wednesday, June 7, 2017.   Kimmins Contracting Corporation is handling road construction projects Jeff Vinik's company as he remakes the Channel District. To do some outreach, the company is partnering with three minority contractors, but it's a unique partnership with Kimmins not only giving them the opportunity, but taking them through a series of workshops. It's essentially providing training to the subcontractors so they will be in position to get other contracts.