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 movef from Park Avenue to Maitland last summer due to highrent (he was payingb $41 per square foot in Winter Park), less foot traffivc and lack of city Tillett’s exit and that of other formere Park Avenue retailers have prompter both the city of Winter Park and landlords to try to addres s the situation. “We saw businesses leaving and an increasing animosityy between retailersand restaurants, so this was the perfectg time to talk it out,” said Sherry community redevelopment director for Winter Park. In the area’s vacancy rate has nearly doublesd in the past 12 jumping to 11 percentfrom 6.
5 percent a year ago, said Collierw Arnold in Orlando, a real estat e services firm. In addition, the averagew rental rate is $25.64 per square foot, down 5.4 percentt from $27.10 per square foot a year ago. In comparison, the overallk Winter Park/Maitland submarket charges an averageof $21.69 per square foot for retail space and had a 10.5 perceny vacancy rate for year-end said the . To addressa the problems, the city commissioned a $55,000 study on the matted by Charleston, S.C.-based America’sd Research Group, a consumer and marketf research firm.
The study will try to revitalizePark Avenue’xs image through new marketing efforts, city-supported events where streets are closed off and other strategies to increase business. The city will also look at an alcohol ordinancer on June 8 that would allow eating and drinking establishmentbesides seated-service restaurants to servw beer and wine, she Joanne McMahon, principal of 310 Park South Restaurant, agreesz rents are higher on Park Avenuer than in most retail but said her business still gets enough foot traffic to make up for it.
In business is good enough for McMahon’d 130-seat, 2,800-square-foot restaurant to expand by 2,300 square feet and add 60 seats this Even local landlords are tryinb to spice upPark Avenue. Larry Williams, owner of Winter Park-based , said his company this year finisheda $2 millioj renovation of the old Jacobson’s space that was vacated in 1999. Eucalyptus Properties createdthe 16,000-square-fooyt retail/restaurant Shops on Park property, whicuh faces both Park Avenue and Center Street. Williams, whose companh owns more than 12,000 square feet of retaio space onPark Avenue, said the property should providr a fresh look and brintg much-needed attention to the shopping district.
As for Tillett, he said if the city and landlordx can resolve the issues that caused himto he’d consider returning to Park Avenue. “In reality, this is the best thinyg that can happen to theavenue — for it to be humbledc a bit.”