CAMERON KUHN SUBMITS $34M CHURCH STREET STATION BID
04.05.2007
Cameron Kuhn has submitted the only bid for downtown Orlando's Church Street Station complex. The complex was put up for auction as part of bankruptcy procedures involving owner Lou Pearlman's fledgling Trans Continental corporation.
Kuhn's bid of $34M was the minimum amount required for the property. An earlier bid of $40M was made by Kuhn initially when the bankruptcy was announced earlier this year, however was withdrew in order to wait for the auction. There is also rumor of a possible second bid that may have been made past the deadline that the bankruptcy judge may be considering to allow, especially if the amount is above Kuhn's $34M bid.
Kuhn, developer of the nearly completed and nearby "Plaza" complex on Orange Avenue, promises to revamp the Church Street Station complex, reportedly planning to invest $10M in renovations, even though much renovation has already taken place over the past few years under Pearlman's watch, including the opening of Pearl Steakhouse, The Exchange Lounge, Too Jays Deli, Club Paris, and Absynth restaurant. It is reported many existing tenants will have to vacate, though it is not clear specifically which will leave and which will stay, if any.
The complex, once one of the largest nighttime entertainment tourist destinations in FL, has been forced to shift its focus over the years as mega complexes such as Downtown Disney and Universal's City Walk took claim to the former Church Street Station tourist clientèle. Kuhn promises a new vision for the complex that is anticipated to be in-line with downtown's current explosion of downtown residential and urban living. Kuhn's nearly finished Plaza complex that includes residential condos, restaurants and a movie theater, can perhaps serve as a sign of Kuhn's thinking for the Church Street Station complex, which itself is located across the train tracks from the 400+ unit, 32-story "55 West" residential condo that is currently under construction.
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