SUCCESS STORYSouthwest Florida

THE REVITALIZATION OF PROMENADE AT BONITA BAY | BONITA SPRINGS, FL

“ ”Centrally located along the Lee and

Collier County border, Promenade is once again a destination that is

drawing visitors from throughout Southwest Florida and beyond.

Don DeLucaVice President | R.L.R. Investments

COLLIERS INTERNATIONAL | SOUTHWEST FLORIDA is proud to share the success story of the Promenade at Bonita Bay. The multi-story outdoor center was once a premier shopping destination in Southwest Florida. Now, largely due to the efforts of one persistent commercial real estate broker, this jewel of a property is now shining again. Read the full story inside.

Karen Johnson-Crowther is a seasoned retail specialist who has been building an impressive portfolio of clients since 1987. Karen’s commercial real estate experience includes tenant representation, project leasing, site selection, build-to-suit, and project management. Karen’s track record of success has made her a retail real estate genie, because when she touches a project... magic happens.

If you are seeking to lease or purchase retail commercial property, contact Karen and let her work her magic on your commercial real estate needs.

Karen Johnson-CrowtherManaging Director | PrincipalRetail Services+1 239 418 0300karen.crowther@colliers.com

Colliers International | Southwest Florida13241 University DriveSuite 101Fort Myers, Florida 33907

Southwest Florida

PRESORTEDSTANDARD

RATEPERMIT

NO. ####

Promenade at Bonita BayBonita Springs, Florida

TEAM

Karen Johnson-CrowtherDannielle Robinson

STATISTICS

106,454 RSF 80,000 RSF Retail Space26,000 RSF Office Space24 Tenants## % Occupied

SERVICES PROVIDED

Redevelopment ConceptProject Leasing

www.colliers.com\southwestflorida

Promenade at Bonita Bay

Southwest Florida

Bonita Springs, Florida

CHALLENGEPromenade at Bonita Bay was once a premier shopping destination in Southwest Florida. The multi-story outdoor center with cascading waterfalls and archways, located in Bonita Springs, was booming in the early 2000’s.

During the economic downturn, the property began to lose tenants due to the recession and competition from new centers. By the time the property was sold at auction in August of 2012, the 106,454 square-foot center was vacant and in disrepair. Then Karen Johnson-Crowther had an idea.

STRATEGYKaren analyzed the value of the property based on a proforma offering low base rents with additional percentages at break points. She presented this proforma to Don DeLuca, Vice President of R.L.R. Investments, the lifestyle center’s owner.

Karen proposed the idea of revitalizing the center as a gourmet market and boutique fashion destination, similar to a successful development in South Florida. She chartered a small plane and flew a reluctant DeLuca to the West Palm Beach project where an established gourmet market development was flourishing. After seeing the success of the concept, DeLuca was on board. He proceeded with a major renovation of the property.

SERVICES While the improvements were taking place, Karen set out to lure tenants to the property. The unique gourmet market concept and low base rent appealed to the retailers whose demographic market included upscale shoppers with refined taste in fashion and cuisine. Three former tenants returned to the center, and a dozen other tenants have opened doors in the past year.

DeRomo’s, the gourmet food market opened on October 13th, along with an adjoining 200-seat restaurant serving lunch and dinner. Additionally, at Karen’s suggestion, the ownership acquired a liquor license and took control of the open-air bar located in the center, formerly occupied by Bennigan’s. The new bar is tied in with the gourmet market concept and offers live entertainment.

RESULTS The redevelopment is a huge success. Since opening in October, the restaurant has had a consistent waiting list for lunch and dinner dining. Twenty four tenants now occupy the property, with more scheduled to open soon. The center is also home to the Bonita Springs Farmers Market, offering locally grown and crafted goods every Saturday morning from October through April.

The revitalization of Promenade at Bonita Bay has spurred an economic resurgence in the community, providing hundreds of jobs in an area hit hard during the recession. The redevelopment success has drawn the attention of several media outlets which have covered the story.