The former Baywalk site will be transformed into what is now being called "The Shops of St. Petersburg," although that name could change.
We now have a look at the design plans.
Even though no tenants' names have officially been released, the new Baywalk is expected to include a gourmet market, an Asian fusion restaurant, and a high-end steakhouse.
The complex will feature a sail-like cover above the courtyard, along with an extensive use of glass, which will allow in the natural light.
Over the past several years, Baywalk went from being the crown jewel of St. Petersburg to essentially a ghost town.
Developer and music producer Bill Edwards bought the complex last September for $5 million, well below the asking price.
Since then, construction crews have been tearing down buildings to make way for the new project.
Designers say the new complex will consist of two levels of shops and restaurants.
It's expected to have an upscale feel, and the walkways will be covered, so patrons won't have to worry about getting caught in the rain.
The Shops of St. Petersburg complex is expected to open next July.