The closure of Wood Tavern in Wynwood has raised concerns about the trend of local businesses being priced out of the neighborhood. The owner announced on social media that the bar will not be reopening due to permit issues. This news has sparked discussions about the challenges faced by restaurants and small businesses in the area.
Felix Bendersky from F + B Hospitality Brokerage highlighted the difficulties faced by local businesses in Wynwood. He predicted that 50 to 100 establishments could close in the next 30 to 60 days due to rising costs and limited inventory. Yanni Kralievits, owner of Smugglers Cocina Cubana, expressed his worries about the increasing cost of renting a space in Wynwood.
The rapid turnover of businesses in Wynwood reflects the high demand for commercial properties in the area. With its vibrant art scene, trendy bars, and bustling restaurants, Wynwood has become a popular destination. However, as more residential properties move in, changes and challenges for local businesses are inevitable. The closure of Wood Tavern serves as a reminder of the shifting landscape of this dynamic neighborhood.
Wood Tavern’s closure is just one example of how rising costs and limited inventory can make it difficult for small businesses to survive in an area like Wynwood. As more people move into these trendy neighborhoods, local businesses may struggle to compete with larger chains or more established businesses.
Despite these challenges, many entrepreneurs continue to open new restaurants and other small businesses in Wynwood. They see potential in this vibrant community and hope to contribute to its ongoing growth and success.
However, as Wood Tavern’s closure shows us, even with all their passion and hard work, local businesses may still struggle to stay afloat amidst rising costs and changing market demands.
It’s important for policymakers and business owners alike to address these challenges head-on if they want to preserve Wynwood’s unique character and ensure its continued success as a popular destination for both locals and tourists alike.
