ST. PETERSBURG - Millionaire entrepreneur Bill Edwards figures he has three options for the metamorphosis of BayWalk.

One is amazing, another is great and the third is good, he told the St. Petersburg City Council.

The amazing option is the most expensive and elaborate. It is the one Edwards, who bought the dormant center in September, decided to pursue. It entails structurally transforming a dowdy downtown urban center from an Alamo-like fortress into an inviting, updated place with an open courtyard and safe atmosphere that attracts all kinds of visitors.

The amazing option includes luring big-name national retail brands such as clothiers to the center, which will get a new name, along with three of what Edwards calls "iconic chef” restaurants. It also means jobs and business opportunities in the downtown district.

Two Tampa businesses involved

A conceptual drawing of Edwards' vision for BayWalk depicts connected towers surrounding a courtyard with a fountain. A finalized drawing and layout of changes are in the works.

Edwards selected api(+), a retail store design consulting group in Tampa, to provide architectural services, said Joe Jimenez, managing director of The Edwards Group.

The consulting firm's designs include MiraBay Village and Shoppes of Carrollwood.

Kimmins Contracting Corp., also headquartered in Tampa, is handling demolition necessary to remove part of one of BayWalk's buildings and a ticket booth.

"The build out is being negotiated,” Jimenez said, declining to discuss what construction management firms or contractors are involved.

The Edwards Group planned to get a permit and begin BayWalk demolition within a month as the company starts on its 12- to 13-month schedule for completion.

However, the permit application was rejected and is in a "corrective phase,” said Rick Dunn, the city's building official. The downtown zoning ordinance does not allow demolition without a building permit application and a site plan approved for new construction. Neither has been submitted, but the permit rejection can be appealed through a streamlined process since an entire building is not being demolished.

"They just need to give us more information,” Dunn said.

When renovations are complete, the center will recover in its redesigned building the square footage lost in demolition, Jimenez said. The two buildings in BayWalk would be joined with crosswalks.

Recruiting good credit tenants

Jimenez declined to reveal the estimated project cost. He also would not discuss new names under consideration for the complex, prospective retail tenants or possible lease rates.

"Every space will be different with different costs,” he said.

Many variables are involved in determining lease rates, but a median rate of $24 per foot is probably "a good starting point” for BayWalk,” said Patrick Berman senior director of retail brokerage at Cushman & Wakefield in Tampa.

"It could go up to $30 or $35, increasing with investment in the center,” Berman said. "It also depends on how good the tenant's credit is. You want good credit tenants.”

Berman sees recruiting national brands for a revitalized BayWalk as good strategy. National brands have good credit so there is a strong demand for them as tenants, he said.

"They have the right approach at BayWalk with brand name apparel,” Berman said. "It may take a while, but if you get one or two to commit others will follow.”

Some of the clothing retailers he believes would fit Edwards' amazing option are Ann Inc.'s Ann Taylor, Forever 21 Inc. and The Gap Inc. (NYSE: GPS), which owns Old Navy and Banana Republic.