Church Street Station

[bic]

Cosigned.

[orlandonative]

Help me understand the boundaries of what Kuhn just bought? Does this include the buildings that all the bars are in, too? (latitudes, etc)???

I've never understood "what is church street station" and what's not.

My understanding is that the deal includes a total of eight total buildings bordered north and south by Pine St. and Church and to the east and west by I-4 and the RR tracks. I do not believe that latitudes and the other bars have anything to do with the transaction whatsoever.

[bulldogger]

Kuhn said on the news all the tenants had to get out, now. The leases were not profitable, supposedly.

The Local 6 report only said that they would give more information about the tenants at their 6pm report. Did you watch a different station?

Nevermind... I just saw the report you are talking about on www.wftv.com.

Edited April 5, 2007 by bulldogger

[mrh3]

From a portfolio perspective, I find it interesting that Kuhn would expose himself to additional risk in the CDB of Orlando. In the event that the market tanke in a few years he would really take it on the chin. I would assume that one of the best stategies would be to lease it up and sell it to an institutional type investor, but as a local guy I just can't believe he would sink more into this market.

Edited April 5, 2007 by mrh3

[downtowninvestor]

he is going to do to church street what he did to the dead beat jaymont block....he is gonna make it great....i cant wait to hear his vision

[F-L-A]

he is going to do to church street what he did to the dead beat jaymont block

Demolish it!?

[cwetteland]

My understanding is that the deal includes a total of eight total buildings bordered north and south by Pine St. and Church and to the east and west by I-4 and the RR tracks. I do not believe that latitudes and the other bars have anything to do with the transaction whatsoever.

I thought the buildings South of Church were included ... Cheyenne, Paris, Bumby Arcade .... and stuff.

[downtowninvestor]

he said everybody has to vacate....does that mean club paris has to vacate?....how about toojays?....onative give us some insite

[Dale]

Demolish it!?

Precisely ... in the middle of the night.

*runs away*

[codypet]

Demolish it!?

That would be consistant with making all the tenants vacate. I'm curious to see what he does.

[orlandonative]

he said everybody has to vacate....does that mean club paris has to vacate?....how about toojays?....onative give us some insite

I honestly do not know the answer, I will ask his folks next week. I do know that they are interested in keeping a couple of tenants so perhaps the above two mentioned would stay. They do a good business.

[radiostatic102]

I heard a report on the news that Kuhn wants to have Church street up and running in a year. This guy can get things done.

[sunshine]

Developer Cameron Kuhn buys Church Street Station

Jack Snyder {sodEmoji.|} Sentinel Staff Writer

Posted April 6, 2007

http://www.orlandosentinel.com/business/or...iness-headlines

[F-L-A]

I can't imagine him simply kicking out Club Paris. It's been the only thing keeping the property alive.

[OrlandoMagic3]

I wouldn't be frustrated. Lets face it, the area, give its current condition and surroundings sucks. It's got great potential but I believe that to be the opperative word. If you had 34MM plus an additional 10MM for renovation would you really buy that propoerty?

IMO, Cameron Kuhn was the best and only person to buy the complex. Given current market conditions in the other construction sectors, he essentially has the most to gain/lose at this point, as a result of its success. Give it some time, this thing is like a snowball. Just the same as Thornton Park had to go through its growing pains so will Church St. But you must first have residence before you can have the retail center that you envision. Lets face it, even with all of the residential construction going on, completions and closings are a looong way off. A lot of people in this town have their opinion on Kuhn, but knowing him professionally and personally, I can vouch for the fact that he is no idiot. It's like Kaz said, he didn't prematurely release his 40MM bid on accident.

Edit: BTW (extremely OT) but, census just came out and Orlando was the fastest growing metro in the state. Debate the validity of the boundaries as much as you like but the numbers speak for themselves. +20%, I believe.

agreed..kuhn knows what he's doing. very friendly might I add. Oh yeah..and a big magic fan!

Edited April 6, 2007 by PMWMagic

[sunshine]

Is he allow to demolish the building?

I hope he will build a midrise hotel/office mix use on the parking lot next to the club paris.

[tygger]

I thought the buildings South of Church were included ... Cheyenne, Paris, Bumby Arcade .... and stuff.

They are - It's not only the Former Rosie O'Grady's (now the Improv), Lily Marlene's (Steakhouse), and the Exchange (Transcontinental Offices, the wine shop)... but also included are the buildings south of Church st: Bumby Hardware (Toojay's, Absinthe Bistro), Cheyenne, Club Paris and the Grand Ballroom.

Personally, I would not be surprised at all to see none of the current tenants stay. The only thing unique about the current tenants are the buildings they are in - not the businesses themselves. They are all disjunct businesses with what appear to be money-losing leases for Kuhn. If Kuhn has big plans for this property (and I'm not convinced that means demolition - call me an optimist, but I'm pulling for more of a "rebirth"), it makes sense to scrap all of the tenants' leases as the makeover begins (no need to worry about compensation for "loss of business" during construction, etc...).

The only club I'd really hate to see leave is the Improv. If they are forced out, I hope they take up residence elsewhere in the CBD.

Edited April 6, 2007 by tygger

[bulldogger]

The owners and management of the Improv didn't even know that Kuhn made an announcement to the press regarding making the current tenants leave. I passed on the word so they would. One of the owners thinks that Kuhn doesn't have a right to make them move and the other owner immediately got on the horn with their attorneys.

Now personally, if my business which has been established for over 4 years was told to move to make way for other business and my contract was just 'torn up' mid-lease, I would sue for damages. Lost business for a period of 3-6 months based on previous years during the same period taking into consideration revenue projections, marketing costs to let customers know about the move, and moving costs themselves.

But then again, they may not be moving at all.

--------

I think Kuhn needs to get rid of the Exchange as a bar to open the building and make it inviting. The whole idea of Pearlman taking over 2 floors of the building was just a gamble on his own businesses and it didn't pan out. He was trying to pay the mortgage by renting to his own companies. The 'mall' needs to have retail and restaurants inside, but not the crap that used to be in there for the toursists. Maybe that Crate & Barrel everyone wants downtown so badly could come into the mall and some clothing stores PLEASE, a shoe store MAYBE.

Edited April 6, 2007 by bulldogger

[sunshine]

They can all move to Orange Ave and let new stores come in.

[jack]

He could tear everything down but I doubt it. The parking lot and the non-historic buildings are large enough to accomodate a couple of larger buildings.

It does seem odd that he can tear up everyones lease instead of buying them out. But I am not an attorney. These guys put in the capital to renovate their spaces for nothing. A bar is supposed to go into the spot on the corner next to the Steakhouse. They have been renovating the space and now it was for nothing.

[bulldogger]

But I am not an attorney.

I'm not either, but I play one on TV.

[GRS328]

The owners and management of the Improv didn't even know that Kuhn made an announcement to the press regarding making the current tenants leave. I passed on the word so they would. One of the owners thinks that Kuhn doesn't have a right to make them move and the other owner immediately got on the horn with their attorneys.

I find it troubling that local business operators don't pay attention to local business news, especially when it directly impacts their own operation.

[lala67]

Is he allow to demolish the building?

I hope he will build a midrise hotel/office mix use on the parking lot next to the club paris.

I'm pretty sure it's part of the Downtown Historic District and even if the buildings themselves aren't listed on the National Register, I believe they still come under some regulation and are considered contributing structures. I agree it would really be a shame to lose these historic structures, and from what I can tell, they're in pretty good shape. He'd have a pretty good fight on his hands with the historic preservation board I think. I'm speaking of the historic structures only of course.

I like the idea of a midrise hotel and other entertainment venues to add some life to the street.

[neon9]

I honestly do not know the answer, I will ask his folks next week. I do know that they are interested in keeping a couple of tenants so perhaps the above two mentioned would stay. They do a good business.

Of course, if they signed a new, more lucrative, lease I'm sure they could stay.

Might be a little bluff (even if it's true) on Kuhn's part.

I don't see him being able to tear anything even slightly historic down. The preservation board would be very hard to get around because it's rules are a little more subjective than some of the other reviewers.

[sunshine]

The best would be a mid rise hotel + mall + a broadway permenant show + a bowling alley.