HAINES CITY
Investor Likes Area's Potential
Leary Management Group, which owns historic Train Depot, aims to target tenants who will draw in foot traffic.
By MICHAEL W. FREEMAN
The Reporter editor
Published: Sunday, April 18, 2010 at 12:01 a.m.
Last Modified: Tuesday, April 20, 2010 at 11:04 a.m.
HAINES CITY | Steve Leary likes downtowns - older, historic downtowns in particular.
Leary Management Group, the company he runs with his brother, Bill, owns properties in downtown Winter Park and Mount Dora. It also owns Vista del Lago, a time share resort in Four Corners.
"Our investments are in historic downtowns," Leary said. "We like historic downtowns. We're big believers in historic downtowns. It's a gut-feel belief."
That love for historic neighborhoods is the main reason why Leary Group purchased three buildings in downtown Haines City - the next neighborhood, Leary thinks, that's likely to go through a strong and vibrant revitalization.
"There is potential for Haines City," Leary said. "I think the city has shown its willingness to invest in Railroad Park and Lake Eva Park. The investors who get in there now and can ride out the next few years are going to do very well."
Revitalizing Haines City's historic downtown has been a top priority for the city, which hired Ronni Wood to head the Downtown Haines City Main Street and Merchants Association to handle that task after Wood worked on a similar revitalization effort in downtown Winter Haven. The Haines City/Northeast Polk County Chamber of Commerce is looking for ways to pull more motorists off U.S. 27 and to get them to visit the downtown.
Leary owns the historic Train Depot near the railroad tracks that run through downtown, and two buildings across the street at 141 and 143 N. Sixth St.
"We're looking to rent those out," he said. "We're always looking for good investments, and the depot is a unique building that doesn't exist anywhere else."
But Leary isn't in a rush to get a tenant into any of the three buildings. He really wants to find just the right occupants - businesses that will attract people who want to visit downtown, walk around, window shop, and spend some time there, the way people do in downtown Mount Dora or along Park Avenue in Winter Park.
Leary invested in Mount Dora property well before the Lake County city revitalized its downtown to make it a popular tourist spot with antique shops, specialty restaurants, nightclubs and theater.
"The struggle is to get people to go downtown and make downtown a place to go to, a destination," Leary said. "I think Haines City is hoping when you get downtown, you get out of your car and walk around for three hours. I'd love to see a hotel downtown. But I'd also love to see some businesses downtown that bring people there. I would love to see that kind of foot traffic."
One possibility for his buildings, Leary said, would be to attract a family-owned restaurant that can build up a reputation for high-quality food.
"I want a nice restaurant that will pull people off (U.S.) 27, and after they eat, they can walk around downtown," he said.
He also thinks the historic nature of the Train Depot leaves open a lot of interesting possibilities.
"People have interest especially in the depot because it's such a unique building," Leary said. "I want to use the depot to create something special. I'm trying to get in touch with folks in the arts community to get an art cooperative in downtown. I love small towns, and the surest way to get a quick revitalization of a downtown is to get artists there - and youth."
He thinks Haines City has a good future if it sticks with a strong vision for the downtown.
"The city has struggled to get people off (U.S.) 27," he said. "The city could put a library in the downtown, adjoining the shops."
Leary thinks Haines City and the rest of Central Florida need to ride out the slow recovery and to wait for credit to loosen up, and then he expects a stronger and brighter future for this region in years ahead.
"We're still very positive on the market in general," he said. "But that's not to say there's not good investments out there now. There's great investments to be had."