In recent news, Wood Tavern, a well-loved establishment in Wynwood, has permanently closed its doors. The bar, located at 311 NW 23rd St., made the announcement on social media, stating that permit issues were the reason for their closure. This unfortunate event has sparked a discussion on whether local businesses are being pushed out of the trendy neighborhood due to rising prices and demand.
Felix Bendersky of F + B Hospitality Brokerage expressed concerns about the high turnover rate of businesses in Wynwood. He believes that the demand for space far exceeds the available inventory, predicting that between 50 to 100 restaurants could close in the coming months if the current trend continues. Yanni Kralievits, owner of Smugglers Cocina Cubana, shared his worries about the rising costs of renting space in Wynwood. He noted that prices have tripled in just six years.
Over the past decade, Wynwood has undergone significant transformations and has become a popular destination known for its art, bars, and restaurants. With an influx of new residential properties in the area, changes are inevitable. As Wynwood continues to evolve, there are concerns about how this will impact local business owners who have been a part of its charm for years.
In conclusion, Wood Tavern’s closure is just one example of how rising prices and demand can push out local businesses from popular neighborhoods like Wynwood. There are concerns about how this will impact local business owners who have been a part of Wynwood’s charm for years as it continues to evolve into a hub for art and culture.
The closure of Wood Tavern highlights the challenges faced by small businesses trying to survive in popular areas with high demand and limited space options. The rise in rent prices has made it increasingly difficult for these businesses to maintain profitability or even stay afloat altogether.
As Wynwood continues to grow and change over time, it remains uncertain what impact this will have on local businesses and their ability to continue operating successfully within this trendy neighborhood.