West 8th: “Shoe City” no more

West 8th Street won’t be called “Shoe City” for long as brokers and property owners bring in higher-end retail and restaurants. As the street’s shops struggle, several upscale developments are in the works, like Cho-Cho, a Japanese grill, and Elatteria, an Indian gourmet restaurant, as well as several boutiques. To spur development, brokers are encouraging business owners to opt out of their leases. Rents in the area have doubled from $80 to $160 per square foot since 2006. Rents in the area have doubled from $80 to $160 per square foot since 2006, when The Real Deal reported on the demise of the street’s shoe stores.