St. Pete city council vote paves way for Sundial sale
By Breanne Williams
Tampa Bay Business Journal
Published: Feb 11, 2022

St. Petersburg city council members on Thursday paved the way for the sale of the Sundial altering the city’s agreements and assigning them to PV-Pelican Walk, LLC, aka Paradise Ventures, who intends to purchase the property.

In 2012, the City of St. Petersburg and Loan Ranger Acquisitions LLC entered into a series of agreements known as the MidCore Garage Agreements to aid in helping make the Sundial a thriving entertainment and retail destination. Loan Ranger Acquisitions is controlled by St. Pete businessman Bill Edwards, who bought the Sundial in 2011 and poured $40 million into a sweeping renovation.

In light of the property's pending sale, the city reevaluated what those agreements should look like going forward. Paradise is slated to close on the property on Feb. 17 at a sales price of $27.5 million.

Council members unanimously approved the alterations to the following agreements.

Pedestrian Corridor Management Agreement

The pedestrian corridor between the Sundial Parking Garage and the Sundial complex acts as the main pathway to and from the retail plaza. In 2012, the city entered into a management agreement with LRA to “manage, use, and otherwise operate and maintain” the corridor. The agreement was set to expire Dec. 31, 2033. This was amended for Paradise Ventures to take over for LRA with a new expiration set for either Dec. 31, 2047, or when the Sundial is no longer operated as an enntertainment-oriented retail center.

BayWalk Employee Parking Agreement

A limited number of parking spaces on the roof of the city-owned parking garage were provided at a below-market rate for the employees, tenants and subtenants of the Sundial. The agreement expires Dec. 31, 2033, and the parking fee was $25. This was altered to the parking access cards being $30 with an additional $5 increase being allowed every five years.

The city can sell rooftop spaces to the public as long as it doesn’t interfere with the Sundial employees. This agreement will expire the same as the pedestrian corridor agreement.

BayWalk Customer Parking Validation Agreement

This agreement was created as a means of revitalizing the Sundial and allowed customers to get their parking validated if they had a minimum amount of purchases at Sundial restaurants or retail stores.

This agreement was terminated as both LRA and Paradise Ventures felt it was no longer needed.

MidCore Garage Security Services Agreement

Loan Ranger Management, LLC — a company also managed by Edwards — was tapped to oversee security in the Sundial. Paradise Ventures has agreed to continue to use LRM for security services at the Sundial.

The city had been paying LRM approximately $250,000 a year for the service. This agreement was made before the city’s Living Wage Ordinance went into effect for city contractors and service providers. LRM said its costs to provide the security exceed the service fee provided and have requested an additional $100,000 a year. The city agreed and will now pay $350,000 a year to LRM.

In return, the city has required LRM to increase its minimum hourly wage for security staff to $15 an hour as well as have them meet all other requirements for the city’s now-applicable Living Wage Ordinance.