Wachovia Buys Water's Edge Condo Project For $137,000/Unit

The winning bidder on unsold condominiums in two high-end Pinellas residential towers — Water’s Edge in downtown Clearwater and 400 Beach Drive in downtown St. Petersburg — is the lender, Wachovia Corp. The bank, now part of Wells Fargo & Co., agreed to pay $30.6 million for the condos, plus undeveloped land adjacent to the $100 million Water’s Edge, in a deal expected to be complete by Oct. 16. Wachovia, which holds an $82 million mortgage on the properties, was the highest bidder at an Oct. 1 auction in the District of Delaware, where developer Opus South Florida is liquidating through the bankruptcy court. U.S. Bankruptcy Judge Mary F. Walmath approved the sales at an Oct. 7 hearing. Three limited liability companies that have the same Charlotte, N.C., address as Wachovia Bank won the bids. Water’s Edge Clearwater LLC agreed to pay $20 million for Water’s Edge where only 10 of the 156 units have previously sold, records show. The bank paid about $137,000 per unit.

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