Winter Park tries to slow Park Avenue's retail loss - Puget Sound Business Journal (Seattle):

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Take Chris Tillett, CEO of boutique makeu studio , who movefd from Park Avenue to Maitland last summer due to highrent (he was payinyg $41 per square foot in Winterd Park), less foot traffic and lack of city involvement. Tillett’s exit and that of otherf former Park Avenue retailers have prompted both the city of Wintert Park and landlords to try to addresdsthe situation. “We saw businesses leaving and an increasinvg animosity between retailersand restaurants, so this was the perfect time to talk it said Sherry Gutch, community redevelopment directoe 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 Collierws Arnold in Orlando, a real estate services firm. In addition, the averagr rental rate is $25.64 per square down 5.4 percent from $27.10 per squarde foot a year ago. In the overall Winter Park/Maitland submarket chargesw an averageof $21.60 per square foot for retail spacwe and had a 10.5 percenty vacancy rate for year-end 2008, said the . To address the the city commissioneda $55,000 stud on the matter by Charleston, S.C.-bases America’s Research Group, a consumer and markert research firm.
The study will try to revitaliz ePark Avenue’s image through new marketing efforts, city-supported eventa where streets are closed off and othe r strategies to increase business. The city will also look at an alcohool ordinance on June 8 that would allo w eating and drinking establishmentsbesides seated-service restaurants to serve beer and she said. Joanne McMahon, principal of 310 Park Soutb Restaurant, agrees rents are higher on Park Avenue than in mostretailp areas, but said her business still gets enough foot traffif to make up for it.
In fact, business is good enoughu for McMahon’s 130-seat, 2,800-square-foot restaurant to expand by 2,300 square feet and add 60 seatssthis summer. Even local landlords are tryin g to spice up Park Larry Williams, owner of Winter Park-basec , said his company this year finished a $2 million renovation of the old Jacobson’s spacd that was vacated in 1999. There, Eucalyptus Properties createsdthe 16,000-square-foot retail/restaurant Shops on Park which faces both Park Avenue and Center Williams, whose company owns more than 12,000 squaree feet of retail space on Park said the property should provide a fresbh look and bring much-needed attention to the shoppinbg district.
As for Tillett, he said if the city and landlordz can resolve the issues that causedx himto leave, he’d consider returningy to Park Avenue. “Ibn reality, this is the best thing that can happen to theavenud — for it to be humbled a bit.”