Orlando developer Kuhn submits only bid for Church Street Station
» April 5,2007 - Orlando
Jack Snyder
Sentinel Staff Writer
April 5, 2007, 10:56 AM EDT
Orlando developer Cameron Kuhn submitted the only bid this morning for the former Church Street Station complex owned by Lou Pearlman's crumbling business empire.
Kuhn offered $34 million, the minimum required by the bankruptcy court judge overseeing the property's disposition.
Kuhn vowed to revive the property, which two decades ago was one of the largest tourist draws in Florida. He didn't offer specifics on just what he'll do, but it will be entertainment/restaurant oriented, he said, as was the original Church Street Station.
"I want to return it to its glory," Kuhn said. "I'll have more to say once I close on it."
The deal is not quite done: The judge is to consider it during a 2 p.m. court hearing. There was talk around the court this morning that a late wire transfer was coming in from a bidder who missed Wednesday's 9 a.m. deadline for placing a bid deposit. The judge could reopen the auction if another bid arrives and is higher than Kuhn's.
Kuhn initially offered $40 million for the property but then withdrew that bid and waited for the auction. Tom Cook, Kuhn's long-term commercial broker, said the developer has been talking about the property for months. Kuhn said the possiblity of new downtown arena being built nearby was a plus but not a driving factor in his making a bid.
Bob Snow, who created the original Church Street Station 30 years ago, attended the auction and said he hopes Kuhn does right by the property. He noted the property, which has suffered as Pearlman's financial problems have mounted, has nowhere to go but up.
About Kuhn Companies
Customer service is truly important to us and we strive daily to make sure each building and every space is perfect for our tenants and their guests. Kuhn Management has been adding to the development of Orlando for the last twelve years by purchasing old, rundown properties and turning them into unique buildings with distinct personalities.
Our goal is to create spaces that allow our tenants to be successful by creating an atmosphere that allows them to focus on their businesses without worrying about the buildings.
