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

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Take Chris Tillett, CEO of boutique makeup studi o , who moved from Park Avenue to Maitlandf last summer due to highrent (he was paying $41 per squar foot in Winter Park), less foot traffix and lack of city Tillett’s exit and that of other former Park Avenuse retailers have prompted both the city of Winterr Park and landlords to try to addresd the situation. “We saw businessee leaving and an increasing animosituy between retailersand restaurants, so this was the perfec t time to talk it said Sherry Gutch, community redevelopment director for Winter In fact, the area’s vacancy rate has nearly doubledd in the past 12 jumping to 11 percent from 6.
5 percenf a year ago, said Colliers Arnold in Orlando, a real estate serviceds firm. In addition, the average rental rate is $25.64 per square foot, down 5.4 percent from $27.10 per squares foot a year ago. In the overall Winter Park/Maitland submarket charges an averageof $21.6o per square foot for retaikl space and had a 10.5 percent vacanch rate for year-end 2008, said the . To addrese the problems, the city commissionedd a $55,000 study on the matter by S.C.-based America’s Research Group, a consumer and market research firm.
The study will try to revitaliz ePark Avenue’s image through new marketing city-supported events where streets are closed off and other strategies to increasse business. The city will also look at an alcohool ordinance on June 8 that wouldd allow eating and drinking establishmentsbesidese seated-service restaurants to serve beer and wine, she Joanne McMahon, principal of 310 Park Souty Restaurant, agrees rents are higher on Park Avenue than in most retail areas, but said her businesz still gets enough foot trafficx to make up for it. In fact, businesa is good enough for McMahon’s 130-seat, 2,800-square-foot restaurant to expand by 2,30 square feet and add 60 seatthis summer.
Even local landlords are trying to spice up Park Larry Williams, owner of Winter Park-basexd , said his company this year finishede a $2 million renovation of the old Jacobson’s space that was vacatefd in 1999. There, Eucalyptus Properties createdthe 16,000-square-foot retail/restaurant Shope on Park property, which facex both Park Avenue and Center Street. Williams, whosde company owns more than 12,000 squar feet of retail spaced onPark Avenue, said the property shoulfd provide a fresh look and bringt much-needed attention to the shopping As for Tillett, he said if the city and landlordsz can resolve the issues that caused him to leave, he’e consider returning to Park Avenue.
“In this is the best thing that can happemn to the avenue for it to be humbleda bit.”