In a foreclosure auction on Feb. 13, 2009, Wells Fargo Bank regained ownership of BayWalk, a once-vibrant retail/ dining/ entertainment development located in Downtown St. Petersburg, Florida.
In August 2008, The Sembler Company sold its share of Baywalk, which it developed and opened in 2000, to existing partner, Fred Bullard. In November, Wells Fargo filed a foreclosure lawsuit on Baywalk's $14.5 million mortgage. Bullard had intended to redevelop the property, but now that burden falls on Wells Fargo if it seeks to increase the center's worth before putting it up for sale.
According to the Tampa Bay Business Journal, Debartolo Development and M&J Wilkow have expressed interest in buying Baywalk, but have estimated value at no more than $6.5 million. The low value is in part due to the property's segmented ownership -- Muvico owns its 20-screen cinema building and Bullard maintains ownership of the retail space that is part of an adjacent city-owned parking garage.
