We keep seeing the fallout of this economy - thanks for the update from Sharon Simms...
Via Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS (ALVA International, Inc.):
This afternoon Wells Fargo foreclosed on Baywalk retail complex in downtown St. Petersburg. Other developers had expressed interest, but none placed a winning bid today.
Baywalk was a critical part in the redevelopment of St. Petersburg, and hopefully will again be a popular and successful destination. We enjoy Gratzzi's Italian restaurant, which is one of the original tenants. Chico's is another early tenant, as is Muvico. The existing businesses and restaurants will continue operating.
It's expected that Wells Fargo Bank will redevelop and improve the property prior to placing it actively for sale.
Wow - thats crazy. I used to love going to Baywalk. I am sure once things start to turn around someone will grab that up.
Wow, Wells Fargo will develop the property prior to selling it? Something is strange here. Developer failed, and the bank will now do that they have never done before, get into development?
Cyndee- it sure has been a long time since you visited ActiveRain-