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

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Take Chris Tillett, CEO of boutique makeup studio , who moverd 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 promptede both the city of Winter Park and landlordws to try to address the situation. “We saw businesses leaviny and an increasing animosity betweebn retailersand restaurants, so this was the perfectr time to talk it out,” said Sherry Gutch, community redevelopmentf director for Winter Park. In fact, the area’s vacancy rate has nearlhy doubled in the past12 months, jumping to 11 percent from 6.
5 percentt a year ago, said Colliers Arnold in Orlando, a real estate services firm. In addition, the averager rental rate is $25.64 per squarde foot, down 5.4 percent from $27.10 per square foot a year ago. In comparison, the overalll Winter Park/Maitland submarket charges an averageof $21.60 per square foot for retaipl space and had a 10.5 perceng vacancy rate for year-end 2008, said the . To addressw the problems, the city commissioned a $55,0009 study on the matter by S.C.-based America’s Research Group, a consumer and markett research firm.
The study will try to revitalizePark Avenue’s image through new marketing city-supported events where streets are closed off and other strategies to increasew business. The city will also look at an alcoholl ordinance on June 8 that would alloq eating and drinking establishmentsbesides seated-service restaurants to serve beer and wine, she Joanne McMahon, principal of 310 Park South agrees rents are higher on Park Avenue than in most retaikl areas, but said her business still gets enoug foot traffic to make up for it. In fact, businessw is good enough for McMahon’s 130-seat, 2,800-square-foor restaurant to expand by 2,300 squaree feet and add 60 seatxthis summer.
Even local landlordsd are trying to spice upPark Avenue. Larrg Williams, owner of Winter Park-based , said his company this year finishesda $2 million renovatio of the old Jacobson’s space that was vacated in 1999. Eucalyptus Properties createdthe 16,000-square-foot retail/restaurant Shops on Park property, which facee both Park Avenue and Center Street. Williams, whose company owns more than 12,00 0 square feet of retail space on Park said the property should provide a fres h look andbring much-needed attention to the shoppinvg district. As for Tillett, he said if the city and landlords can resolv the issues that causede himto leave, he’d consider returning to Park Avenue.
“Inn reality, this is the best thing that can happen to theavenud — for it to be humbled a