February 3, 2004
New Plan Excel Realty Trust Inc., which owns and operates Pointe Orlando shopping and entertainment center on International Drive, unveiled plans for the building formerly occupied by FAO Schwarz.
The 141-year-old children's toy and educational product retailer is owned by King of Prussia, Pa.-based FAO Inc., which, also owns The Right Start and Zany Brainy.
All landed in U.S. Bankruptcy Court in mid-January. FAO cited intense competition from discounters such as Wal-Mart in a weak economic environment as reasons for its retail troubles.
Restructuring plans called for shutting nearly one out of every three stores and selling its toys through Saks department stores.
FAO
has closed its New York City and Las Vegas flagship stores as well, with plans to reopen the redesigned locations this summer, according to the company's Web site.
Pointe Orlando took repossession of the FAO Schwarz space on Jan. 31.
That particular part of Pointe Orlando between the 2.2 million-square-foot Orange County Convention Center West building and the new North/South Building is visible to 1 million conventioneers and more than 4 million visitors annually, notes General Manager Christopher Ralph.
He says New Plan will split the building into three restaurant/retail spaces totaling 30,000 square feet.
Ralph says the shopping and entertainment centers has received inquiries from several regional and national restaurateurs.
However, the center has not yet inked a deal with tenants to occupy the space, says Marketing Director Susan Godorov.
"Splitting up the space would be based on the configuration of the interested tenant," she adds.
It is not known when new tenants might move in.
Ralph says New Plan will tie the prime space in with its property redevelopment. The company spent more than $2 million over the last year to improve the center's common areas.
New York City-based New Plan is a real estate investment trust with 404 properties nationally and $3.5 billion in assets.
http://orlando.bizjournals.com/orlando/stories/2004/02/02/daily14.html
Derzeit:
FAO Schwarz is back. The iconic New York toy retailer suffered a miserable 2003—two bankruptcies in 11 months and the threat of liquidation. But on Thanksgiving Day, the life-size toy soldiers who man the doors reassumed their posts in front of the flagship store, nine months after it had shut...
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