Wynwood’s Wood Tavern, a local favorite, has announced its closure. The bar, located at 311 NW 23rd St., made the announcement on social media, citing permit issues as the reason for their shutdown. This closure has sparked a discussion about whether the rising prices and demand in the trendy neighborhood are pushing out local businesses.
Felix Bendersky of F + B Hospitality Brokerage expressed his 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, noting that prices have tripled in just six years.
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 the local business owners who have been a part of Wynwood’s charm for years.