Downtown Revitatization Is Bringing Business In, But Is It Also Forcing Small Business Out?

By: TriCities Staff | TriCities.com
Published: November 18, 2008

Downtown Revitalization in all of the Tricities have proven to be good for bringing new business into the area. But in downtown Kingsport, some businesses say with that new business, comes higher rent that is pricing them out. All Oriental Rug Gallery in downtown Kingsport plans to close the doors for good, in the coming months. Owner John Faiz, says his rent has gone up once already, and now there is talk of another increase. He believes with the renewed interest in downtown, landlords are pumping up prices. The Boat Yard Diner closed its doors last weekend, they too say they tried to find another location in the downtown area to reopen, but rents were just too high. The City of Kingsport disputes the notion that bringing in more business is anything but good for the area. City Manager John Campbell says the downtown area especially reaps the benefits of a revitalization program. Rents in the downtown area don't typically include special fees that you would see if you rented retail space at the mall or in a shopping center. He says many family businesses use retail space in the downtown area because its cheaper and they can build off of it.
Both Johnson City and Bristol Tennessee have revitalization projects underway, and both say they have seen more then 20 new businesses between them, open over the last year.

Downtown Revitatization Is Bringing Business In, But Is It Also Forcing Small Business Out?

Share This:

More from this channel:

Reader Comments

Deal of the Day

Most Popular

Things to Do