Five Points’ Cozy Tea is closing its doors Saturday. According to its Facebook page, the lease is coming to an end and the restaurant has been “forced into closing due to a massive rent hike.”
Cozy Tea posted this message on Facebook:
“To all our amazing guests, thank you all for your continued support over the past eight years, you are the best customers anyone could ask for. Sadly, our lease is coming to an end and we have been forced into closing due to a massive rent hike. The last day Cozy Tea will be open for business is Saturday, 06/17/17. We have decided to take some time out to spend with family and have chosen to wait to secure an alternate location at present. We will keep you all posted on any future progress on our Facebook page so please keep an eye on it for news updates. A very sincere Thank You from Shika Patel and family.”
Sally Suslak, a longtime Riverside real estate broker said the demand for commercial and residential space is up in Riverside and Park Street has had some activity recently.
“They paid pretty steep prices. To make it worth their investment, they would have to raise the rent,” she said. “Property values are going up. Landlords or property owners have to pay property taxes. They have to pay insurance. The values go up."
Action News Jax asked the landlord of the property for some insight on the “massive” rent hike, but were told there is no comment.
© 2018 Cox Media Group.