July 30, 2010
After a period of contraction that saw empty stores dot the plaza, the 'For Lease' signs are disappearing at the Town Center. Photos by Kristy Vickery — The Voice
By Kristy Vickery
Guest Reporter
The smell of new restaurants and businesses is sizzling through the air in the Winter Springs Town Center.
After a recent change in property management and a long ride on the back of a slow economy, the Winter Springs Town Center is starting to show signs of growth.
Mosaic Eats & Drinks, an international cuisine eatery, has opened and Hidden Harbor, a seafood restaurant, is scheduled to open next week.
"We're really excited to have some new tenants," said Scott Gregory, Transwestern Portfolio Manager of the Town Center. "We've received a lot of interest recently in the Town Center since we took it over."
Transwestern recently took over leasing management for the center after the prior owners, Capital Green I LLC, defaulted on their loan. Summer Falls LLC bought the property in March in a foreclosure sale, Gregory said.
Crossman and Co. had managed the property under Capital Green. Since Transwestern took over, they have renewed the leases of three previous tenants, and are welcoming two new restaurants into the center.
"We took over about six months ago and have since been really focused on the appearance of the Town Center, keeping everything fixed up and developing good relationships with all the tenants," he said.
John Secor, a commercial leasing broker for Exit Real Estate who represents several tenants, said the center was struggling last year.
"The tenants are feeling a better vibe now than that they have a more responsive ownership in place; it's a big turnaround," Secor said. "And the tenants that are there want to stay there because management has been very helpful in making them offers that make sense in the economy."
Gregory said there has been downward pressure on leasing rates over the past year in the greater Orlando retail market, but he is finally starting to see these rates stabilize.
Mosaic Eats & Drinks is one of the new restaurants the center is welcoming. They filled the former Beef 'O'Brady's space almost two months ago.
Mosaic manager Chris Muszalski said the location and price was ideal for the recently opened restaurant.
"We are welcoming all of our new clients, and they seem to be welcoming us quite well," Muszalski said. "This community is a perfect fit for our whole concept."
Murphy's Premium Pet Food Market owner Kim Kalander also said business has been better in the last year, and she is excited to see more businesses moving into the center.
"Sales have been up 12 percent since last year, and it would be nice to see them continue to go up; there's always room for growth" she said. "It would be nice to get more traffic from people wandering down the center to go to other restaurants."
Hollywood Bistro manager Jeff Hatsady is also looking forward to the traffic that future businesses in the center will bring.
"Traffic in the Town Center is very quiet right now," he said. "But I believe that the more businesses that open up in the Town Center will invite more traffic to the Town Center."
Hatsady also said although he has high hopes for the new businesses, he would also like to see a variety for different businesses coming in.
"I don't think they should bring just restaurants to the center, because the whole idea of having a mixed-use town center, as far as retail and apparel stores that's something we need; we need a really nice balance to that kind of draw of traffic."
Although there are still many spaces left to fill, growth is now more prevalent in the center, as businesses slowly venture back into a jaded economy.
Seafood restaurant Hidden Harbor is the next business projected to open in the center any day now.
"Business is still slow throughout Orlando and the rest of the nation," Gregory said. "I think you will notice retail sales aren't where they were a couple of years ago, but there are some positive signs, and I think those will continue this next year as consumer confidence continues to increase."
Town Center
The Winter Springs Town Center is located off State Road 434 and Tuskawilla Road. The center is a 400-acre mixed-use facility with luxury condos, upscale shops and restaurants, and prime office space. For more information on leasing space in the Town Center, visit www.transwestern.net/orlando.com.
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