TBO.com - TBO is Tampa Bay Online

BayWalk Shopping Center Reverts To Bank

News Channel 8 file photo by KATY HENNIG (2008)

Wells Fargo Bank, the winning bidder, is likely to try to sell the complex again.

ADVERTISEMENT

By MICHAEL SASSO | The Tampa Tribune

Published: February 13, 2009

Updated: 02/13/2009 12:03 pm

ST. PETERSBURG - Wells Fargo Bank took back the BayWalk shopping center this morning, as the only bidder at a foreclosure sale of the St. Petersburg property.

The bank won the property with an opening bid of $100, while other potential bidders stood silent at the Pinellas County Courthouse. The bank should take title to BayWalk within 13 days.

Now with ownership of the plaza, Wells Fargo is likely to try to sell the property on its own. An attorney representing the bank, Les Joughin, said he was "a little surprised" that there were no other bids, but he referred further comment to the bank.

STP Redevelopment Ltd., which owned BayWalk, agreed in January to allow Wells Fargo bank to proceed with foreclosure. STP is controlled by local businessman Fred Bullard.

The balance due on the mortgage is about $14.5 million.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT