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Mirror Lake Lyceum

 
 


Revenue

  • About $25,000/mo (expected to require 15-16 events/mo but actually working on 10-11/mo.)
  • 2003 revenues - about $275,000 (increase of 9% per year for 2003 and 2002)
  • Wilder considers this as 5-6% on the cash invested (not sure how this is computed)
  • One fulltime manager (salary + performance incentives - total about $50K/yr)
  • Maintenance through contractors
  • Part-time staff for events (parking, doorman, elevator operator, 1-2 event facilitators)
 

St. Petersburg, FL

www.mirrorlakelyceum.com

The following are notes on the "Mirror Lake Lyceum" in St. Petersburg, Florida -- a former church converted to a "historic meeting and special event venue." This project appears to have many points in common with the Dutch Reformed Church in Newburgh and its possible adaptive re-use. The information comes from emails and a telephone conversation with Brian Wilder, a partner in the firm that restored the building and operates the facility. [JH 2/23/04]

Restoration

  • Originally the First Christian Church of St. Petersburg, built in 1926.
  • Purchased from the city for land value.
  • Restoration cost - about $ 1.2 million
  • Partnership consists of Mr. Wilder (45%), another 45% partner, and 10% partner.
  • Restoration was done with no historic tax credits, no public funding.
  • Main floor is above ground - built 48 ft-long access ramp. Has elevator.

Size

  • Large - building has 10,800 sq-ft "footprint"
  • About 28,000 sq-ft over three floors (the third floor is the balcony)
  • "Grand Hall" (former sanctuary) - 3400 sq. ft
  • "Ballroom" - a spillover area to the side of the Grand Hall - 2740 sq fit (can be treated as one space)
  • Lower floor - 3750 sq ft

Facilities

  • Grand Hall - licensed for 500, usually 400 for fundraisers (8/table)
  • Catering kitchens on 2 levels (one is 16 x 16 ft, other is 800 sq ft)
  • 2 walk-in coolers; ice machine; convection oven (no cooktop - means tighter fire code rules)
  • Rolling wet bars (subcontracted to a single supplier)
  • Storage for tables, chairs, etc.

Rentals

  • Sliding scale of rates for renting facility, based on space needed, duration, type of event, etc.
  • High end: Saturday night wedding, $3,000
  • Charge 10% of the marked-up services from catering firms.
  • Over 400 events in first three years (2001-04).

Maintenance

  • Budget for $2,000/mo - contractors
  • Energy — 90 tons of AC, but not running all the time — costs about $1600-1700/mo.
  • Insurance, through the National Trust: $10-11K/yr

Other

  • City of St. Petersburg owns another, larger public assembly space, the Coliseum, only a block away.