Wood Tavern Closes Its Doors: The Rising Costs of Running a Business in Wynwood

Wood Tavern, a cherished establishment in Wynwood, has sadly shut down its doors for good. 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 trendy neighborhood due to rising prices and demand.

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. He noted 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.

The closure of Wood Tavern is just one example of how rising prices and demand are affecting local businesses in Wynwood. The community is discussing whether this trend will continue and if it will lead to more closures like Wood Tavern.

Felix Bendersky believes that there is a need for more affordable housing options for people working and living in Wynwood to help stabilize prices and prevent further business closures.

Yanni Kralievits agrees with Felix’s assessment that rising rents are becoming unaffordable for many small business owners like him. He hopes that city officials will work with property owners to find solutions that keep both residents and business owners happy.

As Wynwood continues to grow and change, it’s important to consider how these changes affect local businesses and residents alike. Only time will tell what happens next, but one thing is certain – Wynwood will continue to be a vibrant part of Miami’s cultural scene for years to come.

In conclusion, Wood Tavern’s closure has sparked a discussion on whether local businesses are being pushed out of trendy neighborhoods due to rising prices and demand. The community is concerned about how these changes may impact local business owners who have been an integral part of Wynwood’s charm for years. As such, it is important to ensure that affordable housing options exist for those working and living in these areas so that they can remain stable while still allowing businesses to thrive.