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St. Pete's BayWalk In Foreclosure; Future In Question

News Channel 8 photo by KATY HENIG

Some stores have closed, and the owner of the Muvico BayWalk 20 theaters is considering whether to remain open.

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By ROD CHALLENGER

News Channel 8

Published: December 9, 2008

ST. PETERSBURG - The BayWalk entertainment complex in St. Petersburg is still open, but there is a question about how long it can survive.

Banks holding mortgages on the property began foreclosure action in Pinellas County Circuit Court on Nov. 20.

Some stores have closed, and the owner of the Muvico BayWalk 20 theaters is considering whether to remain open. "We're looking at all our options," said Michael Whalen Jr. He said he could close the theaters or take the BayWalk owners to court.

The complex of restaurants, bars, shops and theaters opened eight years ago, and St. Petersburg officials credit it with revitalizing downtown.

One of the original owners, Fred Bullard Jr., recently took over full ownership. When he was unable to renegotiate bank loans on the property, he stopped making payments, according to local news reports, prompting the foreclosure action.

Store and theater owners say business at the complex has been declining for a couple of years.

Bruce Rabon, owner of Hurricane Pass clothing store, which is still open, said he is worried about how long the foreclosure will take. Rabon hopes a new BayWalk owner will revitalize the complex. "If we can get new ownership sooner rather than later, it's better for us at BayWalk," he said.

He blames unruly crowds of teenagers that have gathered at BayWalk for driving away business and blames the city for not doing more to control them.

He and Whalen also said the city has not responded to repeated requests for help.

Kevin Dunn of the St. Petersburg development department said the city has tried to help BayWalk businesses. He said the city "is firmly committed to BayWalk and has been since its inception."

Bullard could not be reached for comment.

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