Business in downtown Knoxville is booming.
With more than 80 restaurants, 30 nightlife spots and 47 stores, the area is growing quickly.
"Downtown Knoxville is a very vibrant place to be," said Michele Hummel, director of Downtown Knoxville. "We're seeing more activities going on in the downtown area, we're seeing more people move downtown, more restaurants and retail venues popping up."
But as the city grows, so do the rent prices for downtown businesses.
Business leaders say Market Square is now the most expensive part of downtown. Businesses pay between $23 and $28 per square foot for rent each month.
On Gay Street, rent is going for between $15 and $21. In the Old City, most shops and restaurants pay between $12 and $20 per square foot.
The ice and custard shop had been open for nine years. The owner said the rent prices have gotten too high for them to continue to operate.
"Rents are definitely on the rise. Old City is starting to get gentrified so a lot of people are wanting to come down here," said Caitlin Riley, co-owner of Pour Taproom, a new bar on Jackson Avenue. "As the area of town, we figured this is the place to be."
Still, Riley said the higher prices are worth it.
"People are coming down all the time just saying, 'Hey, my friend told me about this place,' or 'I was walking by and I had heard about it,' so people are still discovering us," Riley said.
In the past few months, six new businesses have opened up in the downtown area.
Three more are scheduled to open in the next few months, including a Starbucks on Gay Street.