Wynwood, a trendy neighborhood in Miami, has seen the closure of Wood Tavern, a beloved establishment. The bar, located at 311 NW 23rd St., made the announcement on social media, citing permit issues as the reason for their closure. This closure has sparked a discussion on whether local businesses are being pushed out of the neighborhood due to rising prices and demand.
Felix Bendersky of F + B Hospitality Brokerage expressed concerns about the turnover rate of businesses in Wynwood. He predicts that between 50 to 100 restaurants could be closing in the coming months if the current trend continues. Yanni Kralievits, the owner of Smugglers Cocina Cubana, shared his worries about the rising costs of renting space in Wynwood. Prices have tripled in just six years, making it increasingly difficult for small business owners to keep up with the competition.
Wynwood has undergone significant transformations over the past decade, becoming a popular destination known for its art, bars, and restaurants. With the influx of new residential properties in the area, changes are inevitable. As the neighborhood evolves, there are concerns about how this will impact local business owners who have been a part of Wynwood’s charm for years.
Local residents and tourists alike have flocked to Wynwood’s vibrant streets for years to experience its unique offerings. However, as more and more people move into the area and demand for space continues to rise, it is clear that there may be some challenges ahead for those who call Wynwood home.
Despite these challenges, many people remain optimistic that Wynwood will continue to thrive as it has over the past decade. The neighborhood’s rich cultural heritage and diverse range of businesses make it an incredibly special place to live and visit.
It remains to be seen what impact this closure will have on other local businesses in Wynwood. However one thing is certain; this neighborhood will always be known for its unique character and charm.