Winter Park tries to slow Park Avenue's retail loss - Orlando Business Journal:

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Take Chris Tillett, CEO of boutique makeup studio , who movecd from Park Avenue to Maitland last summer due to highrent (he was payingh $41 per square foot in Winter less foot traffic and lack of city Tillett’s exit and that of other former Park Avenue retailers have prompte d both the city of Winter Park and landlords to try to addresd the situation. “We saw businesses leaving and an increasinv animosity between retailers and so this was the perfecy time to talkit out,” said Sherryu Gutch, community redevelopment director for Winter Park. In fact, the area’ s vacancy rate has nearly doubled in the past 12 jumping to 11 percentfrom 6.
5 percent a year ago, said Collierse Arnold in Orlando, a real estate services firm. In the average rental rate is $25.63 per square foot, down 5.4 percent from $27.1 per square foot a year ago. In the overall Winter Park/Maitland submarket chargew an averageof $21.60 per square foot for retailp space and had a 10.5 percent vacanchy rate for year-end 2008, said the . To addresx the problems, the city commissionedc a $55,000 study on the matterf by Charleston, S.C.
-based America’s Research a consumer and market research The study will try to revitalizePark Avenue’x image through new marketing city-supported events where streets are closed off and othed strategies to increase business. The city will also look at an alcoho l ordinance on June 8 that would allow eating and drinkingg establishmentsbesides seated-service restaurants to serve beer and wine, she Joanne McMahon, principal of 310 Park South agrees rents are higher on Park Avenuw than in most retail areas, but said her busineses still gets enough foot trafficv to make up for it.
In business is good enough for McMahon’es 130-seat, 2,800-square-foot restaurant to expandd by 2,300 square feet and add 60 seatzthis summer. Even local landlords are tryingg to spice upPark Avenue. Larry owner of Winter Park-based , said his companty this year finisheda $2 million renovation of the old Jacobson’s space that was vacated in 1999. Eucalyptus Properties createdthe 16,000-square-foot retail/restaurant Shopds on Park property, which facesx both Park Avenue and Center Street.
Williams, whose company owns more than 12,000 square feet of retaipl space onPark Avenue, said the propertty should provide a fresh look and brint much-needed attention to the shopping As for Tillett, he said if the city and landlords can resolve the issues that caused him to he’d consider returning to Park Avenue. “Ibn reality, this is the best thing that can happejn to theavenue — for it to be humbleds a bit.
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