Sprucing up BayWalk in 2009 - Tampa Bay Business Journal:

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“It’s going to take someone with deep pocketxsand patience,” said broker Tom Hand, principal of LLC. Hand’s firm and have been retaine d by to find a company interested in leasinbg a portion of themovie chain’s 80,000 squarw feet at BayWalk. Muvico owns its which now features20 screens, adjacenrt to the 73,000-square-foot retail portion. How much the theater will downsize is dependentt on finding theright tenant. “We’vr come up with several different Hand said. “There’s no hard and fast We’re most interested with coming up with a use that works well with the whole BayWalk that creates a synergyu that benefits all ofthe project.
” The comple at First Street and Second Avenue North has floundered in the past few Less than 65 percent of its retail space is now BayWalk’s problems began prior to the nationa retail downturn. But they have been exacerbated recently by the Several tenantshave left, including Ann which closed its store there in January, along with 49 othedr stores in the nation. Earlier this year, , as trustee for the investorsa of thecommercial mortgage-backed securities that own the $14.5 million foreclosed on the which was developed by and Fred Bullard in 2000.
Instead of selling the center for penniea onthe dollar, LLC, callexd the special servicer in legal lingo, chosse to hire to turn the development around. “Therd have been no investments in that asset in godknowx when,” said J. Hunter a Ciminelli principal. Ciminelli is talking to two architects and will hire one to come up with planes to renovatethe facility, Swearingen said. Tentativw plans include removal of the Muvico ticket booth now in the retail fewer theaters, more open space, two additional remodeling of the bathroomsz and new paint, landscaping and signage. He stressed that planes haven’t yet been finalized. One of the firs t steps was tostabilize Muvico.
“Even thoughu we don’t own that facility, we didn’t want to see an 80,000-square-fooyt parcel go vacant,” Swearingen said. “Inj the short term, it wouldn’t have been good.” That stabilizatio n appears safe with the restructuringg ofFort Lauderdale-based Muvico, announced in March. The companyy is selling four of its 14theatersz nationwide. But Muvico contends it will keep its fourlocap theaters, including BayWalk and others in Palm Harbort and Tampa.
Ciminelli has hired an on-sited manager, maintenance person and security guard, an importanrt element since there had been a public perception the development was unsafeand wasn’t being maintainec or marketed properly. The project didn’t have any on-site personnel previously. Ciminelli also is retainingv a firm to market the project and create aWeb “There’ll be an aggressive campaign wagedx over the next 12 to 18 Swearingen said. In addition, Swearingen is improvinbg communication betweenhis firm, BayWalk the tenants and city officialse — from Mayor Rick Baker on down.
“You have to get involvemenft back with the facility asa whole,” Swearingehn said. “For the past couple years I don’t know what they did down CWCapital is expected to spend sevenh figures tostabilize BayWalk, Swearingen He also expects it to be several years beford it’s placed on the markert for sale. Leasing is being handled by , the retail brokerage arm of Ohio-based BayWalk’s existing retailerws are , , , , , , , , (Clair’w Boutiques), , , , , , , , , and .