Baywalk Shopping Plaza opened as a great success in downtown St Petersburg, with an assortment of shops and restaurants, as well as a multi-screen movie theater.
Recently one of the partners bought out the other partners and planned to put lots of money into renovations.
Point 1: the new owner was hit by a common theme - banks pulling back on commitments for expansions and development (as well as pulling back on lines of credit).
Point 2: Foreclosure doesn't mean Closing. Nor does a Bankruptcy Filing mean Closing. Often it's an opportunity for restructuring debts, labor contracts, and other obligations.
Ann Taylor is still open - but they are closing many stores around the country.
Grille 121 is open for lunch and dinner, and you can eat inside or enjoy the outside here under the blue umbrellas. Gratzzi's, a long time favorite, is also open for lunch and dinner.
Sharon, great point about foreclosure or bankruptcy not being the ending (always) but a transition.
Sharon- That is a very artistic photo. The blues are really emphasized, the angle and the lines. I like it.
Sharon - Sadly we will be seeing more of this in the retail sector after the holiday numbers are tallied. A good point you made, bankruptcy can be a chance to restructure
Hi Sharon,
Yikes this has got to be tough on the business owners.
What a charming place. I agree with Jennifer... it's only just beginning.
Let's all go shopping :) Do you think that would help?!
Sharon, this is certainly a sign of the times! Many in my office were concerned that Ann Taylor was closing all store but that was not true. It's going to be a tough ride for awhile longer! I hope you are doing fine, I have read some marvelous comments about you lately! Have a good weekend!
Over the last few years Bay Walk has had up to 25% vacancies and maybe the Bankruptcy will also bring some kind of positive restriction. Like you said, in the beginning, it was a great place with lots of energy, but I have seen some mismanagement over the last few years, that needs to be corrected.
we are starting to feel the pinch of the real estate crisis in the commercial sector here in AZ as business building are facing foreclosure
Gary - you're right. We need to emphasize that to people.
Kat - I do appreciate your comments on the photo. I actually wrote the post around the photo, rather than the other way around.
Jennifer - I think retail will be affected both in bricks and online.
Lynda - yes, indeed. Just like it's tough on the homeowners in a subdivision where they're surrounded by vacant lots and abandoned homes.
Susie - sad, but true.
Colleen - it can't hurt.
Russell - thanks for the good news.
Anne - I've thought an inexpensive solution might be for them to play classical music outside on the weekends.
James - unfortunately, tough times tend to rotate through different sectors.