Luxe retail or new restaurant? Here's what could backfill Goody Goody's prime corner in Hyde Park Village
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 24, 2024

Goody Goody’s departure from Hyde Park Village leaves vacant one of the best retail properties in Florida — and it likely won’t stay dark for long.

Goody Goody’s parent company, 1905 Family of Restaurants, said Monday that it plans to close Goody Goody on Sept. 29. Known for its burgers and diner-style breakfasts, Goody Goody is an iconic Tampa brand that 1905 President Richard Gonzmart purchased in 2014. The restaurant opened in Hyde Park Village in 2016.

Commercial real estate observers say there’s no shortage of possibilities for Goody Goody’s space at the corner of West Swann and South Dakota avenues, surrounded by some of the highest household incomes in the Tampa Bay region. It could easily become a different restaurant.

Luxury retail has been a recent focus for the owner of Hyde Park Village, Boston-based WS Development, and the corner is strong enough to attract an international luxury brand. Goody Goody’s exit could also offer a redevelopment opportunity for WS Development. If it were able to negotiate exits with other tenants on that block — which is also home to movie theater CineBistro — some real estate experts say it could be a prime spot for a midrise, mixed-use redevelopment.

WS Development, which has owned Hyde Park Village for over a decade, has brought several luxury retail brands to the property in recent years, including Stoney Clover Lane, which opened over the summer. In 2023, it announced three high-end fashion boutiques would open in the village — one in the space previously occupied by Wine Exchange, a locally owned restaurant.

Gonzmart was adamant that Goody Goody was not being pushed out to make way for a more luxurious brand, calling WS Development a “champion” of the brand.

“WS Development worked closely with us, exploring several creative solutions to remain, but as this chapter comes to a close, we’re excited for the future and the new opportunities ahead,” Gonzmart said in a statement.

Despite Tampa Bay’s explosive population growth in recent years, several luxury brands still don’t have a physical storefront here — think Cartier, Hermès and Bottega Veneta. Commercial real estate observers have said for years those brands are the luxury level that WS Development is targeting, and some think the Goody Goody corner could be a prime spot for a luxury retailer.

Luxury brands that already have a Tampa presence — Louis Vuitton, Tiffany and Co., Saint Lauren, Gucci, Versace and others — might also be interested in an urban retail village rather than a mall environment. Ballard Designs, for example, left International Plaza for Midtown Tampa.

Willow Ferrelli, managing partner and broker at ACRE Commercial Real Estate in Tampa, said the space could remain a restaurant, and it would receive multiple offers from local and out-of-market restaurateurs.

“If you look at Tampa’s demographics, we have some of the highest incomes in the state,” Ferrelli said. “We have billionaires who can support super luxe retail, let alone the international tourists who are coming here.”

Melissa Riccardi, vice president at Colliers in Tampa, agreed that the space has potential for restaurateurs and luxury retailers.

“It makes sense to keep a restaurant in the space, given the amount of money that went into the food and beverage infrastructure for that space,” Riccardi said. “But it is a prime corner, and with WS working to elevate the tenant mix, they could also make it a flagship retail location for a luxury brand.”

In a statement, WS Development President Samantha David reiterated the developer’s support for Goody Goody.

“Goody Goody has been an extraordinary partner for us over the last eight years,” David said. “We often reflect on the special atmosphere they brought to Hyde Park from the very beginning, and we had hoped to see that continue for many more years. We are deeply saddened to see such a cherished landmark close, but we fully support the Gonzmart family in their decision and remain committed to cheering them on from afar.”