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Meanwhile, the downtown church Grady Pridgen bought is for lease.
By SHARON L. BOND
© St. Petersburg Times, published January 31, 2001
ST. PETERSBURG -- Developer Grady Pridgen is out of the deal to take the old YMCA building downtown and convert it to condominiums.
"Real estate deals are complicated. Some deals work and some deals don't. This just didn't work out," Pridgen said Monday.
Pridgen also recently put up a sign offering the former First Congregational United Church of Christ for lease. He said the timing of the sign had to do with the Super Bowl and the idea that lots of out-of-towners could see the building.
So far there are no offers, he said.
Pridgen bought the church and its parish hall in May for $400,000 with plans to convert the church to a restaurant and the hall to a townhouse for his family, offices for his real estate company and a ground floor studio for his wife, who is an artist.
In June he signed a contract to buy the YMCA for $845,000. The Y is leaving the 1927 Mediterranean-style building next year after its new building in the Central Plaza area is completed. Pridgen said at the time he hoped to convert the Y to 12 condominiums in the $250,000 range.
On Monday he would not be any more specific about why he left the deal, except to say the parting with Y executives was amicable.
YMCA board chairman Bill Stover said through a spokeswoman that he had nothing to report about the building now.
In November Pridgen said Stover had asked him to step aside because of a back-up offer. Stover disputed this, saying Pridgen was still in the deal. Pridgen definitely is out now.
As for the church buildings, Pridgen said work on the parish hall was nearly finished, and he hoped to have his family moved in by March.
A new roof will be installed on the church, which was completed in 1912. Some exterior work has been done. Its interior will be cleaned up a little, Pridgen said, but he won't do much more until he leases it.
"In BayWalk, every single restaurant interior is different," Pridgen said, explaining why he did not want to redo the interior before he has a tenant. And it has to be the right tenant.
"When I purchased the property, I knew the only way it would work was if we were not pressured to do something. We can wait. Because we live next door, we have to be able to wait for the right fit."
The parish hall has a 400-seat theater on the ground floor in the rear that is accessible from the church. Pridgen said he would like to have a restaurant and then live entertainment in the theater.