When Ann Taylor Loft left Palm Beach’s Clematis Street in January 2010, Principal of WGCompass Realty Jonathan Satter had trouble attracting a new tenant to the space. Sixteen months later the storefront is still empty and the West Palm Beach Downtown Development Authority has offered a helping hand.
The DDA is launching a contest Friday called The Great Shop Showdown in which applicants will be invited to submit a video proposal detailing their business concept. A committee will review business plans and finalists will give presentations. The winner will enter into a five-year lease with one year’s free rent, with DDA and Satter footing the bill for six months each. They will also receive complimentary retail marketing services, startup business consulting and a loan of up to $25,000 from First Bank of the Palm Beaches.
“This is a giant kick-start for either a new concept that really knocks everyone’s socks off, or a concept that is new to the area that we don’t have here,” said Raphael Clemente, interim executive director of the DDA. [SFBJ]