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. Unemployed with a pre-existing condition, Republican David Jolly came to see Obamacare as 'safety net'

    Blogs

    Former Congressman David Jolly, who ran against Obamacare in 2013, said in an interview Monday night that he now considers it a "safety net."

  2. Five children hospitalized after chlorine release at Tampa pool store

    Accidents

    Five children were sickened at a pool store north of Tampa on Monday after a cloud of chlorine was released, according to Hillsborough County Fire Rescue.

  3. Deputies find unidentified decomposing body in Dunedin canal

    Public Safety

    DUNEDIN — Pinellas County sheriff's deputies found an unidentified male body floating in a Dunedin canal Monday afternoon, the Sheriff's Office said.

  4. Rays acquire slick-fielding shortstop Adeiny Hechavarria from Marlins

    The Heater

    ST. PETERSBURG — Chaim Bloom said the Rays weren't necessarily in the market for a shortstop. The team has a number of those. But when the Marlins recently began shopping Adeiny Hechavarria, well, that was too much to pass up.

    Adeiny Hechavarria has emerged as one of baseball’s top defensive shortstops in the past three seasons with the Marlins.
  5. Lightning journal: Forward Yanni Gourde agrees to two-year deal

    Lightning Strikes

    TAMPA — Just three years ago, Yanni Gourde was fighting to stay in pro hockey.

    Tampa Bay Lightning center Yanni Gourde celebrates after scoring against the Florida Panthers during the second period of an NHL hockey game, Saturday, March 11, 2017, in Tampa, Fla. (AP Photo/Chris O'Meara) TPA108