CHARLOTTE, N.C. -- Cast Iron Waffles closed it's South Park location, Wednesday, to avoid a 5-fold increase in rent.

  • Cast Iron Waffles closed its South Park location Wednesday.
  • Owner says it was because surging rent prices.
  • Locals worry raises in rents may soon have larger impact. 

According to owner Chris Duggan, several restaurants in the area have shut down because of surging lease rates.

Cast Iron Waffles is keeping it’s Ballantyne location open, but Duggan worries the city’s affordable housing crisis may extend to businesses.

"The city overall really started to grow and the commercial rents have gone right along with it, and even outpaced it in some areas,” Duggan said.

 Experts say rates at prime retail spaces in the area can rent as high as $45 a square foot.

"You're just one lease renewal away from no longer being able to exist,” Duggan said.