Make us your home page
Instagram

One of three final bidders for BayWalk withdraws

ST. PETERSBURG — A nonprofit group that offered $8 million in cash to buy the struggling BayWalk retail complex to establish a self-sustaining "village" for developmentally disabled adults has withdrawn its offer.

"We have identified another property within the city of St. Petersburg that we know will be a perfect fit for our Freedom Village concept," said Isabel Arango, Project Free's director of marketing and property acquisitions. She declined to name the other property.

Project Free was one of three entities in final consideration to buy the largely vacant retail center that opened in 2000 after taxpayers poured $20 million into it. Colliers International Tampa Bay, a commercial real estate firm, began marketing the center in March for its owner, CW Capital Asset Management. The asking price is $8 million.

While Project Free was impressed with the city and BayWalk representatives during negotiations, the nonprofit realized it would not meet the city's tax-base revenue needs, Arango said. The site it is now considering will offer space for education, employment, home ownership programs and possibly playing host to the Special Olympics.

With Project Free out, there should be at least two qualified buyers in the running to buy BayWalk. Michael Milano, managing director at Colliers, has said a buyer should be announced by June 8.

Bill Allard is a Pinellas Park broker representing a Canadian company, Pro-X Brownfield Inc., that offered $7.5 million in cash. Pro-X Brownfield was one of four final companies bidding but not in the final three, Allard said.

Joel Cantor, the outspoken developer of the luxury downtown condo tower Signature Place, had made offers ranging from $2.5 million to $5 million for BayWalk shortly before Colliers officially came on board to sell the property. He said he is not one of the final contenders to buy what he jokingly called "Deathwalk."

"I was kind of the catalyst to make them do something," he said. "Nobody is going to give you financing on that thing. You've got to pay cash."

One of three final bidders for BayWalk withdraws 05/29/11 [Last modified: Monday, May 30, 2011 9:17am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Memorial Day sales not enough to draw shoppers to Tampa Bay malls

    Retail

    TAMPA — Memorial Day sales at Tampa Bay area malls were not enough to compete with the beach and backyard barbecues this holiday weekend.

    Memorial Day sales weren't enough to draw shoppers to Tampa Bay area malls over the long weekend. 
[JUSTINE GRIFFIN | Times]
  2. Austin software company acquires second Tampa business

    Corporate

    Austin, Tex.-based Asure Software acquired Tampa's Compass HRM Inc. late last week for $6 million. Compass focuses on HR and payroll.

    [Company photo]
  3. Hackers hide cyberattacks in social media posts

    Business

    SAN FRANCISCO — It took only one attempt for Russian hackers to make their way into the computer of a Pentagon official. But the attack didn't come through an email or a file buried within a seemingly innocuous document.

    Jay Kaplan and Mark Kuhr, former NSA employees and co-founders of Synack, a cybersecurity company, in their office in Palo Alto, Calif., in 2013. While last year's hacking of senior Democratic Party officials raised awareness of the damage caused if just a handful of employees click on the wrong emails, few people realize that a message on Twitter or Facebook could give an attacker similar access to their system. 
[New York Times file photo]
  4. Big rents and changing tastes drive dives off St. Pete's 600 block

    Music & Concerts

    ST. PETERSBURG — Kendra Marolf was behind the lobby bar of the State Theatre, pouring vodka sodas for a weeknight crowd packed tight for Bishop Briggs, the latest alternative artist to sell out her club.

    Sam Picciano, 25, left, of Tampa and Molly Cord 24, Palm Harbor shop for record albums for a friend at Daddy Kool Records located on the 600 block of Central Avenue in St. Petersburg, Florida on Saturday, May 20, 2017. OCTAVIO JONES   |   Times
  5. How Hollywood is giving its biggest stars digital facelifts

    Business

    LOS ANGELES — Johnny Depp is 53 years old but he doesn't look a day over 26 in the new "Pirates of the Caribbean" movie — at least for a few moments. There was no plastic surgeon involved, heavy makeup or archival footage used to take the actor back to his boyish "Cry Baby" face, however. It's all …

    This combination of photos released by Disney, shows the character Jack Sparrow at two stages of his life in "Pirates of the Caribbean: Dead Men Tell No Tales."  Johnny Depp, who portrays the character, is the latest mega-star to get the drastic de-aging treatment on screen
[Disney via Associated Press]