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

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Take Chris Tillett, CEO of boutiquer makeup studio , who moved from Park Avenur to Maitland last summer due to highrent (he was payinvg $41 per square foot in Winter Park), less foot traffic and lack of city Tillett’s exit and that of othet former Park Avenue retailers have prompted both the city of Winter Park and landlords to try to address the “We saw businesses leaving and an increasinfg animosity between retailers and restaurants, so this was the perfectg time to talk it out,” said Sherry community redevelopment director for Winter In fact, the area’s vacancy rate has nearly double in the past 12 jumping to 11 percent from 6.
5 percent a year ago, said Collierd Arnold in Orlando, a real estate servicexs firm. In addition, the average rentakl rate is $25.64 per square down 5.4 percent from $27.190 per square foot a year ago. In the overall Winter Park/Maitlanxd submarket charges an averageof $21.60 per square foot for retailk space and had a 10.5 percent vacancy rate for year-end said the . To address the the city commissioneda $55,00p study on the matter by Charleston, S.C.-basedr America’s Research Group, a consumer and market researcnh firm.
The study will try to revitalizePark Avenue’ss image through new marketing efforts, city-supported events wher e streets are closed off and other strategies to increasse business. The city will also look at an alcohok ordinance on June 8 that woulrd allow eating and drinking establishments besides seated-service restaurants to serve beer and she said. Joanne McMahon, principal of 310 Park South Restaurant, agrees rentds are higher on Park Avenue than in mostretail areas, but said her businesz still gets enough foot traffic to make up for it.
In business is good enough for McMahon’s 2,800-square-foot restaurant to expand by 2,30 square feet and add 60 seats this Even local landlords are tryinb to spice upPark Avenue. Larry owner of Winter Park-based , said his company this year finisheda $2 million renovationm of the old Jacobson’s space that was vacatef in 1999. There, Eucalyptus Properties createdthe 16,000-square-foot retail/restaurant Shops on Park property, which faces both Park Avenud and Center Street. Williams, whose company owns more than 12,00 square feet of retail space on Park said the property should provide a fresh look andbrintg much-needed attention to the shopping district.
As for he said if the city and landlords can resolve the issuezs that caused himto leave, he’d considert returning to Park Avenue. “In this is the best thing that can happenn to theavenue — for it to be humbledf a bit.”