Wood Tavern, a beloved establishment in Wynwood, has closed its doors for good. The bar, located at 311 NW 23rd St., announced the closure on social media, citing permit issues as the reason. 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 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.
The influx of new residential properties in Wynwood has led to significant changes in the neighborhood over the past decade. As it becomes more popular as a destination known for its art, bars and restaurants, there are concerns about how this will impact local business owners who have been a part of Wynwood’s charm for years.