As St. Pete's Edge District heats up, rising rents push one restaurant back to 4th Street
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jul 12, 2016

Rents are rising in one of St. Petersburg's up-and-coming urban districts, pushing one local restaurant to move back to 4th Street N.

Ricky P's Orleans Bistro said Tuesday that it will close its restaurant at 1113 Central Ave. at the end of July and relocate to a smaller space in Bayview Plaza at 11002 4th St. N. It will rebrand as Ricky P's Creole Kitchen.

The Edge District, once plagued by vacant and derelict storefronts, has become a destination for some of the coolest new bar and restaurant concepts in the region. Hawker's Asian Street Fare, Green Bench Brewing, Red Mesa Mercado, Bodega and Enigma have all moved there in recent years.

When Ricky P's moved to the Edge District four and a half years ago, the restaurant was a pioneer in the neighborhood, said co-owner Lisa Parsons.

"We were expecting an increase, but it felt a little unreasonable," Parsons said Tuesday. "With $10 sandwiches and $8 bowls of gumbo, it's just hard to do."

Parsons declined comment on any specific rental rates, as did landlord John Warren, who said he has owned real estate in the Edge District dating back to the early 1970s. Both Warren and Parsons said the parties had been working for a year to come to favorable terms.

"There's a lot of excitement right now," Warren said. "There has been probably on two or three occasions, but nothing like now."

Beyond the district's revitalization into a vibrant, walkable area, the camaraderie between businesses there also drives demand, Warren said.

"That's a significant thing," he said. "Frequently you don't find that on main streets."

He said businesses in the district are seeing sales that justify the rents landlords are seeking.

"Rent is only a measurement of success," Warren said, "and strong businesses are less concerned about the rent than with the infrastructure."

At Ricky P's new location, corporate catering and delivery will be a major focus, Parsons said. Even though it's smaller - 2,600 square feet compared to 3,000 on Central Avenue - its kitchen has a more efficient setup.

Ricky P's launched in 2008 at the city's Saturday Morning Market, with Ricky P's Po Boy Shop on Fourth Street opening shortly after that. While waiting for the right space to expand his brand, founder Rick Parsons operated the cafe in Bob Lee's Tires for two years before opening the current full-service restaurant in early 2012.

"We put a lot of blood sweat and tears in that area and building," Parsons said, "and there's a lot of things I'm going to miss about a historic really cool building."

Ashley Gurbal Kritzer is senior reporter for the Tampa Bay Business Journal.