Efforts so far fail to revive plaza to its glory days

By JENNIFER GOLDBLATT

© St. Petersburg Times,
published August 20, 2001

About 29,000 people drive through the intersection of State Road 52 and Little Road every day. One would think that with the constant jam of traffic and all the surrounding retail and rooftops, commercial property there would be considered prime real estate.

But not so for Plaza of the Oaks. It seems that turning around the shopping center, which is about the size of four football fields and sits on the southeast corner of the intersection, has been about as easy as attempting a U-turn in a station wagon in the middle of rush-hour traffic.

The 20-year-old shopping center spans 193,000 square feet and sits about 65 percent vacant.

Winn-Dixie closed a store there last year, and the owners of the center say it has been difficult to woo other retailers without that traffic magnet.

Phillips Edison and Co., a commercial real estate firm that turns around distressed real estate, bought the property in 1999 for about $3.9-million.

"All the nationals (retailers) want to be on U.S. 19 or at one of the newer shopping centers further south on Little Road," said Wes Moyer, a senior leasing specialist with Phillips Edison. Given that the average age in that area is about 60 and the average household income of residents within one mile is $34,658, "the demographics make it tough to lease."

While Moyer has a glimmer of hope that Winn-Dixie will re-open there, he is now hoping to resuscitate the plaza as a complex of factory-direct showrooms for products such as appliances, pool and patio spas and mattresses.

He has never tried this kind of real estate CPR before, and said that in these unsure economic times, even factory-direct tenants are wary of taking the plunge.

"Nobody wants to be the guinea pig," Moyer said.

Officials at Gulf View Square are also trying to think outside the box to fill the mall's vacancy caused by the exit of Montgomery Ward. Dillard's is planning to move to Ward's space by spring 2002. The mall is talking to national big-box stores to fill the 107,000-square-foot Dillard's space and even talking about splitting the space for two stores.

Rumors have been floating that electronics giant Best Buy is planning to locate there, but mall manager Ron Sikora said only that negotiations are ongoing with lots of retailers.

Best Buy does have a stake in the mall, though. It bought music retailer Sam Goody, which has a store in Gulf View Square, and now some of Best Buy's electronics have been added to Sam Goody's shelves.

Separately, popular clothiers Gap and GapKids are opening at the mall in the next two weeks, while Kay-Bee Toys, which left the mall a few years ago, is planning to re-open there Nov. 1.

Small businesses make up about 50 percent of the country's gross domestic product, and about 98 percent of all U.S. businesses are considered "small" -- less than 500 employees. So surely you can find a local one to nominate for the U.S. Small Business Administration's annual Small Business of the Year awards.

The SBA is calling on all business people and organizations for nominations. Nominate a business because it has staying power, increased sales, innovated a product, overcome adversity and/or done community projects. You can also nominate someone who has been a small business advocate or a young entrepreneur. Nomination deadline is Nov. 9.

The South Florida district will announce its winner in January, and national winners will be announced in May. For more info, call Thaddeus Hosley at the SBA: (305) 536-5521, ext. 167, or on the Web, see http://smallbusinesssuccess.sba.gov.

Pasco County's tourism industry has landed a place on the Web at http://www.visitpasco.net The site, developed by Communications Solutions, is a comprehensive directory of local attractions. You can find out where to rent a kayak, catch a gambling boat, ride horses, scuba dive or become a nudist, right here in Pasco. It all revolves around the county's official tourism slogan, "It's only natural."

© 2006 • All Rights Reserved • St. Petersburg Times
490 First Avenue South • St. Petersburg, FL 33701 • 727-893-8111

Contact the Times | Privacy Policy
Standard of Accuracy | Terms, Conditions & Copyright