WINTER PARK, Fla. – It’s the end of a nearly decade-long journey for The Coop in Winter Park, known for its fried chicken and southern comfort food.
It’s shutting its doors for good on Sunday.
Sandra Voneschenbach stood in a long line Friday evening, waiting to get her last meal from the popular spot.
“We’ve loved coming here over the years. It’s one of our favorite places to eat,” Voneschenbach said.
She was shocked to learn the business was closing.
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John Rivers owns The Coop and the 4 Rivers restaurant chains statewide, but he’s not immune to the issue that plagues hundreds of thousands right now: inflation.
In a Facebook post, Rivers wrote, “A testament to the vibrancy of the Winter Park market, current market rates are unfortunately well beyond what our little business can justify in renewing the lease.”
Chris Creegan, broker and owner of Creegan Group said the state is attracting business owners and future homeowners.
“Everyone wants to move here,” Creegan said.
That’s one reason Florida is being named the inflation epicenter.
Miami-Fort Lauderdale-West Palm Beach area has the highest inflation rate of metro areas, with more than 2.5 million residents.
Not to be confused with the recent high level of inflation in the U.S. (where prices are rising as currency devalues due to federal government spending), this type of inflation involves goods becoming more expensive as a growing number of consumers increases the demand for them.
The state’s growing population has been pushing up this sort of inflation across the board, and it’s impacting housing prices — and in The Coop’s case, commercial rent.
“We have people moving here from all across the country for tax reasons, political reasons and our weather,” Creegan said.
He said high demand and low supply of housing and other developments cause rent increases in Metro-Orlando.
“As leases run out, they’re increasing in a big way for new leases, and people are paying that,” Creegan said.
Oftentimes, those people are from cities or states with a higher cost of living.
Data from the Census Bureau shows Florida’s population grew most of any state from July 2021 to July 2022 because of high domestic migration.
Creegan said for the population boom to slow in Florida, other states have to become more desirable places to live and build.
The Coop officially closes its doors this Sunday at 2 p.m.
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