BayWalk is for sale

ST. PETERSBURG -- BayWalk, the popular downtown entertainment and retail complex, is on the market.

"We're in the business of developing, investing and selling assets," said Craig Sher, the CEO of Sembler, which developed the $40-million complex in 2001. "Is there a cash need? No."

Included in the package deal is also 36,000 square feet of retail space in the Midcore garage complex on First Avenue N between Second and Third streets. BayWalk's 150,000 square feet, including 80,000 square feet of movie theater, is one block north.

The complex of restaurants, bars and retail stores that attracts 3-million to 4-million visitors a year is credited with helping to spark the recent downtown renaissance. When the complex was proposed, downtown was slumbering and the nearest movie theater was miles away.

"We're proud of our BayWalk legacy," Sher said, adding that other factors also contributed to reviving downtown. "It's still a central meeting place and public forum. It hasn't been without its issues, but that's a measure of its success."

The complex has become so popular that it was the center of controversy as antiwar activists staged protests there. It also is a magnet for teenagers, whose sometimes unruly behavior has disturbed some BayWalk visitors.

Shortly after BayWalk opened, Sembler also partnered in building the $50-million Centro Ybor, a similarly designed project in Tampa's Ybor City. That location has been less successful, and the company sold its interests in that development last year.

"That's the risk you take," Sher said. "It's a big gamble."

Sher said BayWalk and Midcore are almost completely leased and operating well, but that in examining the companies' portfolio, executives decided these assets could fetch attractive prices to fund further expansions. He said Sembler has been steadily growing its assets and now manages about 60 properties in the United States mainland and Puerto Rico, owning about half of those. He said commercial property has been fetching good prices lately so the company decided this was a good time to offer BayWalk.

The complex was part of a complicated deal to redevelop the downtown. Dating back to the 1980s and the Bay Plaza venture to create a three-block retail center, BayWalk was originally to be the North Core parking garage. When Bay Plaza bailed out, Sembler and partners stepped in to revive the deal.

The city consolidated property to make the deal happen and gave the land to Sembler in exchange for a $1.45-million mortgage, said city attorney John Wolf. The conditions of the mortgage would require repayment, however, only if Sembler made a windfall on any subsequent sale.

"It was designed against them making a tremendous profit," Wolf said. "I told the City Council at the time that we'd never see that money. But that's what redevelopment projects do. That's why you give an incentive. And it worked."

- Paul Swider, Times staff writer

Comments

[zippy]

Bulldoze it ! I would like the old St Pete back please .

[tunamanz]

Thanks for Baywalk....it beought in the "up all night" chick!

[Stephie]

Hey Zippy, why don't you zip it? The "old St. Pete" was boring. Baywalk is one big reason why people actually stay out after dark now...

There is lot's to do in St. Pete besides Baywalk and I would argue the efforts of many besides one developer have led to the growth in St. Pete. I can walk to Bay Walk and rarely ever go. That said, I agree with Stephie, those like "Zippy" who want to return to the days when St. Pete was "God's waiting room" are going to be dissapointed.

It's still a real big small town - but we're only getting bigger, and never going back.

Its nothing compared to "City walk" in Orlando.

[Kenneth]

Maybe the 13 year olds who patron it until 2am every night will all pitch in their allowances to purchase it.

[Truth]

We, like many, many others gave up going to Baywalk because of the obnoxious punks and criminal wannabes, excuse me, I mean unruly teenagers, that hang out there. If we want to see a movie we drive to Pinellas Park or Seminole and have never had to ask for our money back because of all the cell phone morons drowning out the dialogue.

Does anyone ever have anything positive to say on these Blogs?? Geeesh!! I know it's probably been a long day...but my god!!!

[Stalbi]

Baywalk? Hmmmm. Who built that? The Sembler Co.? Who was just here for a 25K plate Dinner(which was at 10 A.M.)? Was that GW,cuz I missed him. Were you invited? Whose private residence was that at? Sembler's? Wasn't there a serious injury at Baywalk (speaker fallen on child)there recently? What do you have to write off these days? Obviously land. Why aren't property taxes deceasing? Hmmmm?

[Truth]

Something positive: I'm positive that Rick Baker's regime is crumbling.

[Suzanne]

The stores there are too expensive and the place is too chaotic with all the wild kids and demonstrators. I like the movie theatre. I think it just needs new management, maybe check out other cities and see how they have succeeded with these kind of entertainment venues.

[KAY]

I LIVED IN ST PETE FOR 3 YEARS AND FOUND IT EXCITING TO GO DOWNTOWN. I ENJOYED BAYWALK. KIDS DO NOT HAVE ANOTHER PLACE TO GO. ATLEAST THOSE KIDS AREN'T BREAKING IN YOUR HOMES. DO YOU HAVE A BETTER SOLUTION FOR KIDS. ADULTS ARE QUICK TO SEE THE PROBLEM BUT NEVER HAVE A SOLUTION. NOT THE KIDS FAULT.

[Paul]

Its a nice building. I rarely go there and I work right across the street. Its a bit on the commercial side. Doesn't have a local feel and flavor I prefer of the places on Central and other streets. The prices are way too high, I mean, 5 bucks for a slice of pizza? You can get 2 slice s and a drink for that over on 1st ave. Funny though, because everyone thinks it is the saving grace of St Pete. Well, its not, the mom and pop locals continue to make this city cool, not the big greedy muckity mucks like Sembler. I say riddance of Sembler. Move somewhere else.

[Truth]

Hey Kay, these kids still have plenty of time to break into houses and Baywalk is a great place for connections to be made among that type of "unruly teen". Not to mention the problem with car thefts and drugs in our fair city ruled by the Uhurus.

[Mike]

I agree with Kay and am wondering if Zippy lives in a cave. Yeah, BayWalk is infested with punks and up to no good kids, but at least they're not breaking into houses. Zippy, where have you been in the past ten years? St. Pete is changing and growing. Why let BayWalk go after all its contributed to the growth of our city?

[Wishing I was in St.Pete]

Stop complaining, you could live in downtown Clearwater. I'd rather have loud teens than the sounds of crickets and an occasional Scientologist that wandered out after dark in search of macrobiotic food. Good news, they have invested in street scaping, maybe the homeless will enjoy it.

[Bob]

I, too, think that this has something to do with the speaker incident and ensuing lawsuit(s). I would think that it would sell pretty quickly. With all of the new condo towers being build in downtown within an easy walk of Baywalk, things should be profitable for years to come.

[John]

This is what happens when you have poor city planning.Condo Condo Condo Condo.The writings on the wall.Why? because of greed.Take the money and run developers and a windfall tax for St Pete they thought.Maybe they can turn BayWalk into a tent city?

[serious]

What does $25,000 dinners have to do with the company itself? Maybe you should separate business and pleasure - Sembler is a big company and not everyone there is a Republican or went to the dinner! Also, regarding the speaker incident, ever hear of insurance? I'm sure Sembler has liability issues at all of its centers, as do all shopping center owners.
I would get out too if I were them. They've made a great impact on the city in helping to revitalize downtown, and by selling, they don't have to deal with protestors and punk kids. And people like all of you that do not appreciate when people help out a community.

[Kenneth]

To be positive - Baywalk is a nice shopping center - I enjoy going there most of the time. But seeing a movie there is impossible due to the teenagers and the noise they make. And it is disturbing that so many young, unaccompanied children are there early into the morning. The place seriously needs an under 18 curfew.

[Judy]

I've been downtown in St Pete for 32 years and as a child I was terrifed to go downtown.I didnt feel safe. But now I can find a wonderful night out, even if I cannot afford the stores but there are plenty citizens who do have the money to buy. Keep St. Pete a island of paradise for all ages. There is so much to do downtown for all ages right now. Hey it might help us in the long run because there is so much you can do for ao little or no money. Peace of mind the best in the parks! History will prove in the long run the city is heading in the right way and keeping a peacefull city to feel safe in.

[Savanna G]

I like Baywalk. I do think that people who complain don't have a clue of Bay Walk let alone downtown St.Pete. If you were to walk around the corner from any direction of Bay Walk you would see all sorts of places to go for grown folk! Get real on the teen stuff! Where else can they go? No one has suggested a thing so let the brats, thugs and wanna bees keep spending money. Who really cares. Until St.Pete builds for our future (the brats) get over it. It's a free world, even Bay Walk. If you want to be an adult, hit some new spots and end your outing at Bay Walk vs. droff time.

Geesh!

[The real truth here....]

GET RID OF IT!!! Bunch of drunks and losers hangs out there! GET A LIFE!

[RIP Florida]

Baywalk needs another direction.All of the investment needs a return.Another management team and possibly some money ,and Baywalk will be fine.David Fisher and Rick Baker were excellent mayors for this city.The reason St.Petersburg awoke from a long,long sleep!I have been here before the Evening Independent disappeared,and "our" downtown was deathly quiet,so enjoy the privilege of such discussions!

[newzaroo]

I like the joint.

[Smitty]

I'm glad BayWalk is there. I go to the movies there all the time. I eat at the restaurants, and sometimes shop in some of the stores. Sure, sometimes, it's a little chaotic, but most of the time it's a great place to be. In fact, downtown St. Petersburg is one of the most pleasant places in Florida. Beautiful parks, great events, Tampa Bay. Even the Pier, despite its hideous architecture that is so out of place with the rest of St. Pete, is still a fun location. Hurray for BayWalk. Hurray for downtown St. Pete.

[Kim]

I have never been there and do not care to go there. It is for young people. It is a hang out place. Don't mean to put it down. Young people need a place to go. They took out the theater at Tyrone to get rid of the young from hanging out there in the mall. They want their money not the kids. Good luck BayWalk.

[Jay]

I like the place, but it has about as much soul as an Amish beat-boxer. The stores are definitely overpriced and sell uninteresting knick-knacks for empty nesters with too much money on their hands.

Try finding something practical in downtown St. Pete - I dare you. If there ever was a place in need of a Staples / Office Depot / CompUSA / BestBuy it's there. How about a clothing store that doesn't sell polyester pastel dresses for $500? There's a bunch of great bars in the area, but I wouldn't consider it a shopping extravaganza. Baywalk is just a homogenized and very pretty business venture. I'm glad it's been successful, I just wish it had more character.

[T]

I've been down there. Once! I'm a single mom and I can't even afford to look in those shops. Even the movies are too much. I go elsewhere. As far as the kids hangin out there? If I were there age I'd probably be there too.

[x]

Baywalk sucks. End of story.

[Alex]

Kim, get with it. I am one of those "young people" who "hang out" there. I am a 68 year-old snowbird who has a small apartment a few blocks away and I love walking through Baywalk. I remember some thirty-odd years ago bringing my northern kids to St. Pete's for March break and getting the heck out of there for the Beaches without wasting a minute. THat ain't downtown SP today -- and Baywalk is part (only part, of course) of what has changed. Try it out some day.

And, Jay, much of what you say is true, but there is a downtown Publix now, and a decent Barnes & Noble bookstore at USF. Try out Shapiro's at the southwest of Baywalk: lot's of pricey stuff and lots of fun bargains too.

And if either of you happen to be at Baywalk on a Saturday morning try out the Saturday Market two blocks away. It's really kewl man, and that's from someone who has almost had their three score years and ten.

[Anyone]

None of this matters really..St. Pete is a dump anyway. Every day you here about murders, etc. Why would anyone want to go there.

[Nicole]

I'm single mom and I can not afford to go there. The cost to buy things is CRAZY! They should get rid of it. I do not let my kids go there to hang out....never know what will happen.

[someone]

I have worked at Baywalk for a year and a half and everything that is said about the kids is just the surface of it. Alot of things that happen down there the Sembler Company likes to hide and try to keep Baywalk's image clean like gay's getting the crap beat out of them, the protesters screaming at people with bull horns when they don't agree, and a retarted guy getting raped in the mens bathroom on the first floor. So ya think what you want but Baywalk is not a safe place.

[Lucy]

Baywalk is fun, Semblers came up with a good idea. It is the Baywalk parking garage that sucks especially their dim lighted stairwells and elevators that dont work half the time.

As an Asian American tourist from San Franciso, I was quite impressed with Bay Walk. It's such a nice place to hang out at night. I saw teens of color, and I didn't see them unrully. They went in to buy pizza. They dressed like typical teenagers. But, then again, I came from San Francisco, and I am more exposed to a multicultural setting. Bay Walk rocks, and if is on sale, that's just how corporations do. They buy and sell. Even the malls in San Francisco and bay area are sold to even foreign buyers.