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Council Cuts Rent For Some St. Petersburg Pier Tenants

Tribune file photo

Altogether, the Pier has 28 tenants.

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By RUSSELL RAY | The Tampa Tribune

Published: January 23, 2009

To prevent the loss of more downtown businesses, the St. Petersburg City Council voted Thursday to reduce rent for several shops and restaurants at the Pier.

The council voted 7-1 to cut rent by about $37,000 a year for five Pier tenants struggling to make ends meet in a sluggish economy. Lease agreements for three other tenants were renewed at a lower market rate, cutting their annual rent by $30,000.

"It's proactive on our part," said Chris Ballestra, the city's director of downtown enterprise facilities. "Clearly, we do not want dark stores at the Pier."

Altogether, the Pier has 28 tenants. One tenant, New York Pizza, closed its doors last month because of poor sales.

"Everybody else is viable," Ballestra said. "They're not having any major trouble. There's no risk of having boarded up storefronts at the Pier."

Five tenants requested lower rents to offset anticipated losses caused by a sickly economy. Other tenants may follow suit, Ballestra said.

"Just because somebody asks for it doesn't mean that they get it," he said. "They have to hit certain industry standards relative to revenues and expenses to qualify."

Reporter Russell Ray can be reached at (813) 259-7870.

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