Economy gives center a chill

Not long ago, Cypress Creek Retail Center was a hot destination for stores. Not now.

By Chuin-Wei Yap, Times Staff Writer
Published February 12, 2008

WESLEY CHAPEL - Sorry, central Pasco.

Chuck E. Cheese's restaurant, the beloved destination of many a screaming kid, won't be coming to town after all.

"It seems to be definitely on hold," said Jim Kovacs, managing director of the property brokerage Colliers Arnold. "But it doesn't seem to be a definite no."

Famous for its rides, arcade games and bumper cars, along with pizza, chicken wings and sandwiches, Chuck E. Cheese's is still planning on opening locations this year in Fort Myers and Boynton Beach, said Brenda Holloway, a company spokeswoman.

But not Cypress Creek Retail Center in Wesley Chapel.

"It's not on my approved list," Holloway said. "Generally, I don't hear about it until we have something to sign."

The brakes on the big cheese tells a larger story of wavering business commitments in a time of economic uncertainty.

A year ago, real estate advertising brochures for the 209,000-square-foot shopping center at Interstate 75 and State Road 56 that Chuck E. Cheese's would have joined were urging businesses not to miss the boat on the commercial building boom.

"Only one outparcel remaining!" the brochures said in red letters.

Four prospective tenants were gunning to join the center, which is home to Ashley Furniture, Havertys furniture store and the St. Petersburg Times' central Pasco bureau.

But of those four proposed entrants, only one still plans to go ahead with development in Cypress Creek Retail Center not to be confused with Cypress Creek Town Center under construction next door, according to Kovacs.

In the 2-month-old strip center at the back of the center, Keystone Lighting and Fans was supposed to open an 8,000-square-foot anchor.

"They are trying to terminate their lease now," Kovacs said.

An unnamed 5,000-square-foot bank was supposed to take up position at the entrance to the mall.

That, too, is awaiting a firm decision as the business hunkers down, Kovacs said.

Meanwhile, Kovacs said, Colliers is working to fill a 59,000-square-foot anchor lot that would accompany the existing Ashley and Havertys furniture stores - without much headway.

Just about the only Cypress Creek prospect that panned out last year is Texas Roadhouse.

The Louisville, Ky., restaurant chain is still coming, Kovacs said.

"Construction began earlier this month, and it looks like a late June opening," said Travis Doster, Roadhouse's spokesman. "That will be our ninth Florida location."

On Monday, a backhoe was working on the Roadhouse pad, ripping out parking lots to make space for the restaurant.

It was a lonely sight.

Chuin-Wei Yap can be reached at cyap@sptimes.com or (813) 909-4613.

[Last modified February 11, 2008, 21:40:47]