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<\/a>Zakir said when he first purchased the business in the heart of North Park, he paid $1,200 for rent. He now pays $3,500 for the 2,344-square-foot space, which includes a 400-square-foot storage area and a 550-square-foot mezzanine.<\/p>\n
Dana Kuhn, a real estate development lecturer at San Diego State, said the store\u2019s closure is a sign of the gentrification process the neighborhood is undergoing.<\/p>\n
\u201cIt\u2019s a story that\u2019s repeated across the country,\u201d Kuhn said. \u201cInner cities are fallen into secondary preference, but as new communities are built, then people start to realize that they can be closer to things so they move back to those inner cities. This, of course, causes higher values and the demographics change. It happens all over the place.\u201d<\/p>\n
Kuhn said those who have lived in North Park for a longer period may move to less costly areas such as City Heights, thus affecting the businesses serving residents.<\/p>\n
\u201cA dollar store can no longer survive in North Park,\u201d Kuhn said. \u201cThe businesses need to cater to the young, more affluent people coming to the area.\u201d<\/p>\n
Despite the increasing costs to live and sell in North Park, Kuhn expects commercial rent to plateau in two years as residential rent has now reached its limits.<\/p>\n
\u201cApartment rents in North Park are unbelievably high,\u201d Kuhn said. \u201cI can\u2019t see anyone paying more than $2,000 for an apartment, so we\u2019re close to the end on the market rents. The revival starts with residential then goes to commercial.\u201d<\/p>\n
Until that time comes, Zakir suspects that his current space can be rented out for as much as $10,000.<\/p>\n
\u201cIt\u2019s the best location in North Park,\u201d Zakir said.<\/p>\n
Strom Commercial Real Estate\u2019s Nate Benedetto, who is overseeing the 30th and University space, declined to state the exact cost for rent but that it is \u201cnegotiable.\u201d He did say the company is reaching out to \u201cstrong\u201d tenants.<\/p>\n
\u201cWe are open to doing a restaurant deal here but would also love to see offers from strong retailers,\u201d Benedetto said. \u201cWe are reaching out to many of the top groups within San Diego and beyond and hope to find the right fit soon.\u201d<\/p>\n
The type of business that moves in is a concern for surrounding business owners.<\/p>\n
Lee and Becki Kaplan, who opened Kaleidoscope in May, said they are always \u201cconcerned\u201d about who their neighbors will be.<\/p>\n
On the other hand, Ken Gabbara, owner of Para News, said he appreciates the changes happening to North Park.<\/p>\n
\u201cThe area is developing nicely and it\u2019s definitely helping my business,\u201d Gabbara said. \u201cIt is becoming like a second Downtown but the daytime business is picking up.\u201d<\/p>\n
North Park Main Street\u2019s executive director Angela Landsberg said the overall changes are positive for the neighborhood.<\/p>\n
\u201cThese are all good signs for North Park,\u201d Landsberg said. \u201cWe\u2019re seeing a drastic increase and improvement of the economy here.\u201d<\/p>\n
Landsberg, who grew up in the area, said North Park is becoming what it once was in the 1970s: a destination for San Diego\u2019s visitors.<\/p>\n
\u201cI shopped here with my grandma when I was a little girl,\u201d Landsberg said. \u201cThe malls were still pretty new and people were still used to shopping in urban areas. It\u2019s nice to see it turning back into that.\u201d<\/p>\n
As far as what\u2019s next for Zakir \u2014 the longtime business man said he may open another restaurant, and it may be in North Park.<\/p>\n