MIX ON MAIN

LAKEWOOD RANCH — Lakewood Ranch Commercial Realty President Brian Kennelly is quick to admit finding the perfect mix of tenants for any shopping plaza is much like grasping for the wind.

But on Lakewood Ranch Main Street, at least, the concept is becoming more of a reality than an illusion.

Less than a month after the plaza’s anchor tenant, Good Earth Natural Foods, closed its doors, Kennelly’s company, which serves as property manager for the plaza, has subdivided the space and leased three of four spaces. Fast n Fresh, Premiere Sports Campus of Lakewood Ranch and Pastries by Design all signed leases in May and all are expected to open either in September or November of this year.

“I’m a firm believer these uses will drive traffic on Main Street,” Kennelly said. “We continue to find the ‘perfect mix.’ I think we’ve taken some great strides (toward that) over the last 18 months.”

Developers originally envisioned Main Street to be a sort of East County St. Armands Circle destination with high-end boutiques and fine dining. But when Lakewood Ranch developer Schroeder-Manatee Ranch acquired Casto Lifestyle Properties’ 50% stake and became sole owner of the plaza in December 2009, the vision for Main Street became more oriented toward families.

“I think we are headed in the right direction,” Main Street’s property manager Julia DeCastro said. “We’re busier than we’ve ever been. The way it was before — it wasn’t working. I think more people are coming to the street because it is more family friendly.”

Kennelly agreed.

“Sometimes when you try to mimic certain projects, you find your own way,” he said. “We’ve found our mix that has elements of other retail centers, but I believe (Main Street) has its own identity.”

Kennelly attributes the recent interest from prospective tenants, in part, to increased year-over-year sales at the plaza, which were up 27% in 2010 from 2009, and are up an additional 16% from the first quarter of last year.

About seven restaurants and retailers in the plaza boasted their best months yet in March.

“We’re seeing a positive trend in gross sales, and that translates into a lot of interest,” Kennelly said.

Of the 41 retail and restaurant spaces on Main Street, only four remain vacant, excluding the leases announced last month. Of those four, one restaurant space adjacent to Lakewood Ranch Cinemas has a lease for a seafood restaurant.

The space occupied by Sunglass Express Optical will be available for lease at the end of the month, because the store’s owner has opted not to renew the contract, Kennelly said.

Although the Serving Spoon, a popular eatery for lunch and breakfast, closed unexpectedly over Memorial Day weekend, Kennelly says he anticipates having the restaurant, or a similar dining concept, reopened for patrons by the end of the month.

“It’s an unfortunate situation,” Kennelly said of the closure. “Due to personal and financial reasons, the ownership could not (maintain) it. I already have three different parties who want to reopen Serving Spoon as is or as the same concept under a different name. I see this moving very quickly.”

Once reopened, the eatery may also expand to include a light dining option, he said.

Main Street’s directory lists 10 of 35 existing tenants businesses as restaurant or food-related. Fast n Fresh and the prospective seafood restaurant will add another two, while Pastries by Design will offer a limited amount of baked goods for purchase. The three remaining spaces on the plaza are being reserved for retailers, Kennelly said.

Lakewood Ranch Golf & Country Club resident Mike Hazel, who visits the plaza several times a week, said he likes the mix of tenants on Main Street, but worries the center could have too many restaurants and needs more retail.

John Breiner, owner of Ed’s Tavern, agreed, but noted Lakewood Ranch Commercial Realty has done a good job ensuring restaurants offer a variety of food and don’t have too similar of menus.

“There’s a complete variety of food (once we get those last restaurants in place),” added Vanessa Fine Jewelry’s Don Baugh. “I do think we need a few more (specialty) shops.”

Kennelly said,  especially in the absence of a successful anchor tenant, restaurants on the street have played a pivotal role in drawing traffic to the plaza. The Polo Bar and Grill’s Fete Ballroom, for example, exposes hundreds of people to the plaza each weekend, as they visit the facility for weddings or other special events.

“I think we’re at a comfortable level with our restaurant mix (with these new leases) and we’re now focused on our retail spaces,” Kennelly said. “Restaurants drive a tremendous amount of traffic on a repeat basis to a lifestyle center such as Main Street.”

The development’s original site plan shows up to 50,000 square feet in restaurant space.

MAIN STREET DIRECTORY 

Fashion
• Chico’s
• Dragonfly
• Natural Discoveries
• Random
• Stacked Heel

Specialty & Entertainment
• Artisians
• Arts A Blaze
• Fish Hole Adventure Golf
• Grey Flannel Gallery
• Katy Rose Oilery
• Knot Awl Beads
• Little Bookworms
• Main Street Bazaar
• Obsessories
• Sarasota Film Society (Lakewood Ranch Cinemas)
• Vanessa Fine Jewelry
• Village Bikes
• Viking Culinary School
• Wish on Main

Services
• Ana Molinari Salon & Spa
• Barbary Shoppe
• Main Street Travel
• Prudential Lakewood Ranch Realty
• Regions Bank

Restaurants
• Big Olaf Creamery
• Ed’s Tavern
• El Lago Ranchero
• MacAllisters Grill and Tavern
• Main Street Trattoria
• Paris Bistrot
• Polo Grill & Bar (with Fete Catering/Ballroom)
• Saijio Sushi Restaurant
• Starbuck’s

ST. ARMANDS CIRCLE VS. LAKEWOOD MAIN STREET
St. Armands Circle, on which the plaza Main Street originally was modeled, the retailer-restaurant mix focuses more on retail spaces than restaurants when compared to Main Street.

St. Armands Circle
Retail shops ... 106 (76%)
Restaurants or food related shops ... 24 (17%)
Financial or real estate companies ... 10 (7%)

Lakewood Main Street
Entertainment or specialty shops ... 14 (41%)
Restaurants ... 9 (26%)
Services ... 6 (18%)
Fashion ... 5 (15%)

Contact Pam Eubanks at [email protected].