Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Sale of BayWalk to developer Bill Edwards goes through

ST. PETERSBURG — Mortgage executive and music producer Bill Edwards announced Wednesday that he added to his downtown portfolio by purchasing the troubled BayWalk shopping and entertainment complex.

Earlier this month, Edwards confirmed to the St. Petersburg Times his intention to purchase BayWalk. The sale went through this week.

"At this stage in my life, I did not need to buy BayWalk," Edwards said in a statement released late Wednesday. "I'm using my money to create more jobs and revitalize this important downtown asset. I plan to create several hundreds of jobs which are greatly needed in our city. If enough of us reinvested and took a chance within our communities, we would go a long way toward solving the unemployment problem."

Edwards said he plans to rename the 74,500-square-foot retail center and return the near-vacant complex to its heyday in 2000, when it opened with upscale shops and fizzy sports bars and restaurants.

His statement on Wednesday said the community will be "pleasantly surprised" with the direction he will take BayWalk. He said new brands and big names will likely become tenants of the complex.

Scott Pinsker, an Edwards spokesman, wouldn't say how much Edwards paid for the property, the sale of which was handled by Michael Milano, managing director of Colliers International Tampa Bay.

"I want to defer to Bill Edwards," Milano said when asked about the sale.

The property was put on the block for $8 million in March by a group of investors, CW Capital Asset Management, which took over the property in 2009.

Mayor Bill Foster said Edwards will do a better job managing the property than CW Capital.

"He has a great vision for that particular parcel," Foster said. "And he's local. With the previous owner, this was just a line in a portfolio. This means something to Mr. Edwards. He's passionate about St. Petersburg, and he's passionate about BayWalk."

Edwards is salvaging under-performing properties. In April, Edwards' music promotion company, Big 3 Entertainment, won the city's contract to manage and operate the Mahaffey Theater, which he promises to transform into a teeming attraction that will enliven downtown. In Treasure Island, the 66-year-old businessman bought the bankrupt Treasure Island Tennis & Yacht Club and revamped it into a posh venue for Vegas-style acts and Grammy winners.

To close on the property, it appears Edwards has tied up some loose ends. A lawsuit between the complex's former owners and its largest tenant, Muvico Entertainment, appears to have been resolved.

"We couldn't be happier that Bill Edwards has acquired the BayWalk center," said Neil Bretan, Muvico's CEO, in Edwards' statement.

Sale of BayWalk to developer Bill Edwards goes through 09/21/11 [Last modified: Wednesday, September 21, 2011 10:18pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Review: Kenny Loggins, Michael McDonald team up to cool down the Clearwater Jazz Holiday

    Blogs

    A cool breeze swept through Coachman Park Saturday night. Couple of them, actually.

    Kenny Loggins performed at the Clearwater Jazz Holiday on Oct. 21, 2017.
  2. No. 16 USF hangs on at Tulane, off to first 7-0 start

    College

    NEW ORLEANS — After half a season of mismatches, USF found itself in a grudge match Saturday night.

    USF quarterback Quinton Flowers (9) runs for a touchdown against Tulane during the first half of an NCAA college football game in New Orleans, La., Saturday, Oct. 21, 2017. (AP Photo/Derick E. Hingle) LADH103
  3. Lightning buries Penguins (w/video)

    Lightning Strikes

    TAMPA — Ryan Callahan spent a lot of time last season rehabilitating his injured hip alongside Steven Stamkos, who was rehabbing a knee after season-ending surgery. During those hours, Callahan noticed two things about Stamkos: his hunger and his excitement to return this season.

    Tampa Bay Lightning defenseman Slater Koekkoek (29) advances the puck through the neutral zone during the first period of Saturday???‚??„?s (10/21/17) game between the Tampa Bay Lightning and the Pittsburgh Penguins at Amalie Arena in Tampa.
  4. Spain planning to strip Catalonia of its autonomy

    World

    BARCELONA, Spain — The escalating confrontation over Catalonia's independence drive took its most serious turn Saturday as Prime Minister Mariano Rajoy of Spain announced he would remove the leadership of the restive region and initiate a process of direct rule by the central government in Madrid.

    Demonstrators in Barcelona protest the decision to take control of Catalonia to derail the independence movement.
  5. Funeral held for soldier at center of political war of words (w/video)

    Nation

    COOPER CITY — Mourners remembered not only a U.S. soldier whose combat death in Africa led to a political fight between President Donald Trump and a Florida congresswoman but his three comrades who died with him.

    The casket of Sgt. La David T. Johnson of Miami Gardens, who was killed in an ambush in Niger. is wheeled out after a viewing at the Christ The Rock Church, Friday, Oct. 20, 2017  in Cooper City, Fla. (Pedro Portal/Miami Herald via AP) FLMIH102