NASHVILLE, Tenn. (WTVF) — Crowds came out to support MAFIAoZA's in 12South on one of their last weekends.
We didn't want to believe it when we got word last week that MAFIAoZA's is closing in October. Because of rising rent, the restaurant can no longer sustain itself.
"We can't raise our prices. No one will come in," Michael Dolan said. "I can't charge $50 for a pizza. It just won't happen, and we weren't going to do that."
According to founder Michael Dolan, contributing to the growth of 12South is part of what led to the demise of MAFIAoZA's.
Back in 2003, soon after opening, Dolan and others went to the city and advocated for funding to revitalize the neighborhood and help property values.
"The success of all the streetscape improvements, all the things we were able to do, the market penetration in this area — just enabling businesses to grow and people to move here and this entire residential community to develop — that's what we wanted. That's what we did," Dolan said.
Over the years, the property values in the area have skyrocketed. MAFIAoZA's sits at 2400 12th Ave S. In 2003, its appraised value was $472,800. In 2021, it was appraised for $4,197,500. That's nearly an 800% increase.
The founder of the popular pizza place said they would've loved to buy the building, but that's out of the question.
"We've tried 100 times... Our landlords are not interested in selling it... Their number was north of $10 million. That's quite a return for someone who didn't really do much, except have title to the property. I feel like we built all that," Dolan said.
The restaurant's rent went up 50% in 2022. And after the pandemic, that was a lot to ask.
When the restaurant closes in early October, Dolan suspects a corporate company will swoop in.
"We're getting beat out by the corporations. The people who have a lot of capital. They can fund losses for a lot of time and not worry about it. We can't do that," he said.
No matter what happens, Dolan hopes sublets Embers Ski Lodge, Molly Green, and FWD Clothing Co. continue to thrive.
Do you have thoughts to share? You can email hannah.mcdonald@newschannel5.com.
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