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Developer Drops Riverwalk Project

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By CHRISTIAN M. WADE

The Tampa Tribune

Published: June 20, 2008

NEW PORT RICHEY - The city's redevelopment efforts have been dealt another blow.

St. Petersburg-based developer Grady Pridgen, who planned to build a massive retail and residential complex with condos, shops and offices overlooking the Pithlachascotee River, has put the property on the market, leaving the future of the project uncertain.

The proposed complex, Riverwalk at New Port Richey, was to be built across the river from Main Street Landing, the city's other major redevelopment project, which has stalled. Preliminary plans had called for 60 residential units, 60 hotel rooms, a parking garage, restaurant and a boat dock.

Pridgen's spokeswoman, Becky Bray of The Environmental PR Group in Tampa, issued a vague statement on the project's status and declined to comment further.

"Right now, we're looking at all of our options given the current housing market," the statement says.

The company's Web site still has the project listed as current, with a brief description of the size and scope of the proposed development and a rough drawing of the complex.

Mayor Scott McPherson said he was "disappointed, but not surprised," to hear the property is for sale, given that many developers have abandoned projects amid the housing slump and economic downturn.

"I would have liked to have seen something happen out there, and eventually it may well," he said. "But certainly not until the economy and the housing market start to improve."

The four downtown properties where Riverwalk was proposed - including the now-shuttered Spoonbills restaurant site and the adjacent former law office of James Altman - have a total appraised value of more than $1.6 million, according to Pasco County Property Appraiser records.

Pridgen, the man behind some of Pinellas County's largest business parks, announced in April 2004 that he wanted to build a $50 million, mixed-use complex on the property.

But he never fully explained his plans for the 2.1-acre property to city officials.

"His projects are like fine wine," Honey Rand, president of The Environmental PR Group, said two years ago. "They're going to go when they're ready and not a day before."

Pridgen had requested the city vacate a portion of Lincoln Street so he could he could tie together the four parcels when construction got under way.

But the city's Development Review Committee tabled the request.

City Manager Tom O'Neill is confident another developer will buy the properties.

"We're hoping that it will open the door for something else," he said. "It's a beautiful piece of property, right on the river, and someone will be interested in buying it."

Overall, it has been a tough few years for the city's downtown redevelopment plans.

The biggest setback by far was Main Street Landing, which shut down its construction site off River Road in 2006 after developers Ken McGurn and Peter Altman failed to get public financing to complete the project. McGurn has said he plans to resume building a scaled-down retail complex on the site, but the status of the project remains uncertain.

In October, a Palm Harbor-based development group backed out of plans to build an upscale, Mediterranean-style retail complex on property overlooking Orange Lake.

Quality Holdings of Florida had proposed converting the First Baptist Church site in the city's downtown into a mix of condominiums, retail shops and a restaurant.

Two years ago, the city bought the church property on 6561 Circle Blvd. for more than $3.1 million after the growing congregation announced it was moving to a larger site.

With the purchase, city officials had hoped to find a developer who wanted to build a mixed retail and commercial project that would bring more people downtown.

But negotiations with city planners over proposed financial incentives broke down.

Still, there are other downtown redevelopment projects in the mix.

City officials are working with a Georgia-based development group to transform the vacant Hacienda into a hotel and events center with a restaurant, spa and pool.

And last week, city officials broke ground on the Railroad Square project, which will convert a small portion of Nebraska Avenue into a 1930s-era, railroad-themed thoroughfare.

The project, years in the making, will add trees, antique street lighting, sidewalks and replica railroad crossing guards to create a more pedestrian-friendly downtown.

That, and the interest in the city from developers, gives city leaders reason for optimism.

"When the regional economy and housing market rebound, I think that New Port Richey will be positioned to be a market leader," McPherson said. "I don't see this as a blow."

Reporter Christian M. Wade can be reached at (727) 815-1082 or cwade@tampatrib.com.

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