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Chadwick: I want to ‘raise the bar’ for Floridian Social Club

Bill DeYoung

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The Floridian Social Club, 687 Central Ave. Photos provided.

Kevin Chadwick. File photo.

The Floridian Social Club will not be sold for another office building or condo tower. Realtor Kevin Chadwick, who has more than $6 million tied up in 687 Central Ave., wants St. Petersburg to know that.

(Built in 1924 as the Alexander National Bank, the completely renovated art deco building is a designated Local Historic Landmark, so the walls won’t be tumbling down any time soon.)

Chadwick bought the building – then the run-down State Theatre – in 2019, for $2.1 million.

Since Chadwick’s announcement this week that the hugely popular nightclub/theater is on the market (with no asking price listed), the rumor mill has been in overdrive, speculating on his reasoning.

So we asked him.

 

St. Pete Catalyst: So what’s going on with the club?

Kevin Chadwick: We have had what I think is an enormous amount of success in three years. We have literally been profitable since day one. It really is a multi-event venue, and after three years you start looking at it and you say ‘You know what, our community has changed, even in the short time I’ve owned the theater.’ Downtown St. Pete is attractive internationally, for people that live here and bring their businesses here.

We have such a great staff. I’ve been saying to them ‘Guys, what would happen if I could find a world-class operator – a world-class group or individual that knows the industry inside and out? And they really want to elevate what we’re doing?’

This theater has the potential to do that. There’s nothing else like it in Tampa Bay. Nothing.

 

That still doesn’t answer the question – why are you stepping away?

Here’s the thing: I may not be stepping away. I’m looking for an operator, and the only way to find that operator is by putting it out on the market. I have to be willing to step away, but I’m not going anywhere. I live in St. Petersburg. I was born and raised here. I just think it would be exciting to get my ego out of the way, and let’s go find a real operator to really turn the theater into something remarkably special.

I’ve had a lot of successes in my world, and I only want to see what the potential is. And I think the Floridian has the potential to be on the national scene. As a multi-event venue, it can be so many things.

 

Are you saying ‘It can’t happen with me running the place’?

I don’t really run the place anyway. I’m the owner/operator, and we’ve got a great staff. It’s not ‘beyond my expertise,’ it’s truly finding someone day in, day out to really be able to raise the bar. And you’ve got to find the right person to do that.

 

But why sell it? Why not just go find another operator?

In order to find that person, they’re going to want an equity interest in it. They’re going to want to be an equity partner. And quite frankly, I think in order to attract that person, you’re going to have to be willing to sell them the whole business, in hopes that you can stay in it. I am happy – in fact, I’m more than happy – to stay in as a partner.

I really want to see where what we have created can go. Think about it. Think about if we found a world-class operator that everybody knew their name. A celebrity to put their name on it and say ‘OK, we’re gonna really take this venue to its next level.’ Downtown St. Pete can attract that.

I’m so proud of the work that we’ve done up to now. And now I want to find someone that can really, I think, create some magic.

 

I think what you’re saying is that you’re a facilitating shepherd. You got it this far and you want it to go further …

If that doesn’t sound hokey, that’s exactly what it is. I have been approached by so many people over the three years about different ways to program it. We’re never had a better staff and leadership than we do right now. My people are having fun; they’re knocking it out of the park. I want to truly attract somebody that can wow them, and wow our community. And I think that person’s out there. And I think St. Pete can attract it.

 

You’ve got your critics on social media. What do you say to those people who say you took away the State Theatre, and now you’re selling the Floridian – to turn a profit?

There’s always going to be critics. When we started, the people who liked the State Theatre hated me. And they made it clear they hated me. And I can tell you that after the first year I had dozens of them saying ‘Thank you so much.’ So many of them reached out to me and say ‘OK, I didn’t get it, I apologize.’ And I mean the biggest critics, that were the worst.

They’d say ‘I was just in for State Theatre Sundays. So cool, I’m glad we were able to find our niche still there. The place looks amazing.’

I’m trying to create something remarkable here. I’m so happy to stay in it, though. I’ve accomplished a hundred percent of everything I wanted to do with the theater. A hundred percent. And after three years, you get it. You really see what it could be, what the potential could be with the right world-class operator. I know that person is out there.

If they are ‘staunchy’ about having to buy the entire theater, business and real estate, then I’ll have to give a hard thought to that. But I’d like to be able to find the right person and still stay in as a partner to that person.

 

 

 

 

 

 

 

 

 

 

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