by Calculated Risk on 12/20/2008 10:16:00 AM

From the St. Petersburg Times: BayWalk owner proposes deal to surrender deed, walk away (hat tip Terry)

Hoping to avoid drawn-out foreclosure proceedings, BayWalk owner Fred Bullard said Friday he is negotiating a deal to simply surrender the deed to the downtown entertainment complex and walk away.

Under the proposal, a bank would take control of the retail and restaurant portion of BayWalk and appoint a trustee to run the complex until a suitable buyer is found.

And good luck pursuing him for any penalities:

The technical owner of BayWalk, STP Redevelopment, has no other assets and was created solely to own BayWalk.

As I've noted before, CRE owners are much more willing to just walk away than residential owners.