Make us your home page
Instagram

Bill Edwards poised to buy struggling BayWalk

ST. PETERSBURG — BayWalk, the city's crown jewel that turned to a pumpkin, is about to be bought by a new owner who promises to make it a vibrant part of downtown once again.

The buyer is Bill Edwards, a longtime mortgage magnate and music producer who has become downtown St. Petersburg's preeminent entertainment and development player.

"It's a great piece of property that needs to be rejuvenated and put back together," Edwards said after confirming the pending sale Friday night. "I'm an ex-Marine, so I want to stop the bleeding, treat the wound and stop the shock."

He plans to close on the largely empty complex on Sept. 15. He would not reveal a sale price.

Edwards said he will likely change BayWalk's name to disassociate the complex from its sharp fall from glory.

He also wants to move the escalators and public restrooms. Beyond that, he said he doesn't have a clear plan for the makeup of tenants or redesign of the 74,500-square-foot retail center.

"I've walked around that place for about 12 hours in the sun for the last two weeks and I've looked at this and looked at that," he said. "This probably sounds kind of crazy to buy it and not know exactly what you're going to do with it, but we're going to redevelop it and make it very special for downtown."

Edwards said he has spoken indirectly with local and national anchors.

"I'd love to see something like a Victoria's Secret downtown, not that I've talked to them. I'd like to have (stores) that should be closer by so people wouldn't have to go to International Plaza for everything," he said.

At one time BayWalk was home to national retailer Ann Taylor and it's still hanging on to two national chains: Chico's and White House Black Market.

What can Edwards do differently to attract not just the retailers but also the shoppers needed to support them?

"I'd like to make it more user friendly and people friendly. There are a lot of people downtown and they're rocking, they're doing things. There are things at night that could attract people to the area. I'm bringing in some designers and talking with the city."

Known as a creative yet also contentious force, Edwards, 66, is a Treasure Island businessman who wears many hats. He is chief executive of Mortgage Investors Corp., president and CEO of The Club at Treasure Island and head of his own music production company.

Edwards' mortgage company, which did $4.1 billion in loans last year, has been scrutinized, and cleared, for aggressive sales tactics to veterans.

In April, his music promotion company was awarded the job of managing and operating the city-owned Mahaffey Theater on the premise that he could transform the sleepy facility into a bustling complex. He partnered on a $1 million renovation of Jannus Landing, only to pull out after it reopened last year. After buying the bankrupt Treasure Island Tennis & Yacht Club, he invested in a makeover and brought Vegas-style acts and a few Grammy winners.

With Mahaffey and now potentially BayWalk, Edwards has two of downtown's most crucial but under-performing assets.

"Given his track record with entertainment and his history with what he's doing with the Mahaffey and downtown, this could be great for BayWalk," said City Council member Leslie Curran. "BayWalk needs someone who will look out for the best interest of downtown, and it seems like Bill Edwards is doing that."

When BayWalk opened in 2000, it was deemed a success. Visitors flocked to the complex's upscale shops, nightclubs and restaurants. It seemed like a wise investment of the $20 million in taxpayer money it took to finance it.

But it soon struggled after a peculiar series of well-publicized events involving protesters and wayward teens. At times, the complex seemed cursed. During a 2008 concert, a large stereo speaker fell 20 feet and landed on a 3-year-old's head, leaving him with severe brain damage.

A group of investors, CW Capital Asset Management, took part ownership of the complex in 2009. BayWalk's fortunes took another turn when CW Capital lobbied to privatize the entrance in front of the complex so protesters, homeless people and teens could be turned away.

The move drew a storm of protests from homeless advocates and free speech supporters, but the City Council approved the move in one of the most controversial votes in recent city history.

Yet BayWalk continued to struggle and became more vacant. The property was put on the block for $8 million in March. According to Colliers International Tampa Bay, there were 18 written offers for BayWalk. But with no subsequent sale, those close to the complex grew restless. By July, BayWalk's last remaining major tenant, Muvico Entertainment, sued BayWalk owners for neglect of the downtown property and breach of contract.

BayWalk's current owners couldn't be reached Friday. Kyle Parks, a spokesman for Colliers, said he couldn't comment.

"We're not comfortable with making a public announcement of the sale until there's a closing and we can announce that," Parks said.

But Edwards couldn't hide his enthusiasm for the project.

"I think it's a great opportunity," he said, "and I love challenges obviously because that's a hell of a challenge I'm looking at."

Bill Edwards poised to buy struggling BayWalk 09/02/11 [Last modified: Thursday, October 27, 2011 9:31am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Massachusetts firm buys Tampa's Element apartment tower

    Real Estate

    TAMPA — Downtown Tampa's Element apartment tower sold this week to a Massachusetts-based real estate investment company that plans to upgrade the skyscraper's amenities and operate it long-term as a rental community.

    The Element apartment high-rise at 808 N Franklin St. in downtown Tampa has been sold to a Northland Investment Corp., a Massachusetts-based real estate investment company. JIM DAMASKE  |  Times
  2. New York town approves Legoland proposal

    News

    GOSHEN, N.Y. — New York is one step closer to a Lego dreamland. Goshen, a small town about fifty miles northwest of the Big Apple, has approved the site plan for a $500 million Legoland amusement park.

    A small New York town, Goshen approved the site plan for a $500 million Legoland amusement park. Legoland Florida is in Winter Haven. [Times file  photo]
  3. Jordan Park to get $20 million makeover and new senior housing

    Real Estate

    By WAVENEY ANN MOORE

    Times Staff Writer

    ST. PETERSBURG —The St. Petersburg Housing Authority, which bought back the troubled Jordan Park public housing complex this year, plans to spend about $20 million to improve the 237-unit property and construct a new three-story building for …

    Jordan Park, the historic public housing complex, is back in the hands of the St. Petersburg Housing Authority. The agency is working to improve the 237-unit complex. But the latest plan to build a new three-story building for seniors will mean 31 families have to find new homes. [LARA CERRI   |   Tampa Bay Times]
  4. Coming soon at two Tampa Bay area hospitals: a cancer treatment that could replace chemo

    Health

    A new cancer treatment that could eventually replace chemotherapy and bone marrow transplants — along with their debilitating side effects — soon will be offered at two of Tampa Bay's top-tier hospitals.

    Dr. Frederick Locke at Moffitt Cancer Center in Tampa is a principal investigator for an experimental therapy that retrains white blood cells in the body's immune system to fight cancer cells. The U.S. Food and Drug Administration approved these so-called "CAR-T" treatments for adults this month. In trials, 82 percent of cases responded well to the treatment, and 44 percent are still in remission at least eight months later, Locke said. [CHRIS URSO   |   Times]
  5. Regulator blasts Wells Fargo for deceptive auto insurance program

    Banking

    Wells Fargo engaged in unfair and deceptive practices, failed to properly manage risks and hasn't set aside enough money to pay back the customers it harmed, according to a confidential report by federal regulators.

    Wells Fargo engaged in unfair and deceptive practices, failed to properly manage risks and hasn't set aside enough money to pay back the customers it harmed, according to a confidential report by federal regulators.
[Photo by Spencer Platt/Getty Images, 2017]