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

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Take Chris Tillett, CEO of boutiqus makeup studio , who movedc from Park Avenue to Maitland last summer due to highrent (he was payin g $41 per square foot in Winter less foot traffic and lack of city Tillett’s exit and that of other formefr Park Avenue retailers have prompted both the city of Winter Park and landlordz to try to address the “We saw businesses leaving and an increasint animosity between retailers and restaurants, so this was the perfecyt time to talk it out,” said Sherry community redevelopment director for Winter Park. In the area’s vacancy rate has nearlyh doubled in the past12 months, jumpintg to 11 percent from 6.
5 percent a year ago, said Colliera Arnold in Orlando, a real estate serviced firm. In addition, the averags rental rate is $25.64 per square 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 squarwe foot for retail space and had a 10.5 percenr vacancy rate for year-end 2008, said the . To addressw the problems, the city commissioned a $55,000 studuy on the matter by Charleston, S.C.-basef America’s Research Group, a consumer and market researcyh firm.
The study will try to revitalizePark Avenue’s imagew through new marketing efforts, city-supported events wherde streets are closed off and other strategies to increase The city will also look at an alcohok ordinance on June 8 that would alloqw eating and drinking establishmenta besides seated-service restaurants to servs beer and wine, she Joanne McMahon, principal of 310 Park South agrees rents are higher on Park Avenue than in most retailo areas, but said her business still gets enough foot traffix to make up for it. In business is good enough for McMahon’ss 130-seat, 2,800-square-foot restaurant to expand by 2,300 square feet and add 60 seatsthis summer.
Even loca l landlords are trying to spice upPark Avenue. Larru Williams, owner of Winter Park-based , said his compant this year finisheda $2 million renovation of the old Jacobson’sw space that was vacated in 1999. Eucalyptus Properties createdthe 16,000-square-foot retail/restaurant Shop on Park property, which faces both Park Avenu and Center Street. Williams, whose company owns more than 12,000 square feet of retail space on Park said the property should providd a fresh look andbring much-needed attention to the shoppin g district. As for Tillett, he said if the city and landlordsx can resolve the issues that causec himto leave, he’df consider returning to Park Avenue.
“In reality, this is the best thinvg that can happen to theavenue — for it to be humblecd a bit.”