TAMPA, FL-For Bill Edwards, it’s not about the money. And although the price he paid for BayWalk was not publicly disclosed, GlobeSt.com has learned that the 74,500-square-foot retail complex sold for $5.4 million. Colliers International listed the property for $8 million in March.
Edwards, a successful mortgage executive and music producer who is known for project turnarounds, isn’t in it for the money. He’s trying to spark a revival of Downtown St. Petersburg.
"At this stage in my life, I did not need to buy BayWalk," Edwards, 66, said in a published statement. "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 is going to infuse his entertainment focus on BayWalk, which will also get renamed as part of the repositioning. Edwards says St. Petersburg residents will be "pleasantly surprised" with his vision, which includes installing major brand name retailers as tenants.
Michael Milano, a managing director for Colliers International Tampa Bay, brokered the deal. Milano started marketing the property in March, working with the seller, CW Capital, to evaluate 20 offers from US investors. It is not clear whether Edwards’ offer was the highest, but with his experience turning around the bankrupt Treasure Island Tennis & Yacht Club he emerged as the winning bidder. Edwards also took over management of the Mahaffey Theater in Downtown St. Petersburg in April.
"We are very pleased that Bill Edwards has emerged as the buyer," Milano said in a statement. "Our goal was to have the process result in a buyer with the financial wherewithal, industry knowledge, entrepreneurial spirit and imagination to give BayWalk a bright future, and we believe Mr. Edwards' team fits the bill."
BayWalk has a prime location, one block from Beach Drive, and is close to arts attractions as the Chihuly Collection, the Museum of Fine Arts and the new Dali Museum. St. Petersburg's downtown, one of the Tampa Bay region's most walkable areas, has become a destination with a wide variety of shops and restaurants.
"In consideration of the low acquisition cost per square foot, the asset’s future is bright and can prosper if it is properly repositioned to include alternative uses," Jim Michalak, managing partner at Plaza Advisors, tells GlobeSt.com. "In addition to the new owner’s focus on entertainment offerings they should focus on alternative uses such as office and medical. This will allow the owner the ability to take advantage of the tremendous amount of office employees that are in close proximity."
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