Wood Tavern Shuts Down: Wynwood’s Struggles with Commercial Property Price Hikes and Increasing Rent

The closure of Wood Tavern, a popular establishment in Wynwood, has sparked 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, which highlights the challenges faced by restaurants and small businesses in the area.

Felix Bendersky, from F + B Hospitality Brokerage, has noted the difficulties that local businesses face in Wynwood. He predicts that 50 to 100 establishments could close in the next 30 to 60 days due to rising costs and limited inventory. Yanni Kralievits, the owner of Smugglers Cocina Cubana, shared his worries about the increasing cost of renting a space in Wynwood.

The rapid turnover of businesses in Wynwood is a reflection of 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.