MIAMI – A staple in Wynwood has officially closed its doors.
Wood Tavern, located at 311 NW 23rd St., announced on social media that it will not be reopening again.
The owner cited permit issues in the social media post.
The closure comes as part of a larger conversation: Are local businesses being priced out of the trendy neighborhood?
“Unfortunately, the demand outweighs the inventory tremendously, so, for every single place that closes, a lot of people don’t really feel it, because it turns over so fast,” Felix Bendersky, with F + B Hospitality Brokerage, said. “Restaurants and small business owners are nervous because if we have a summer like we did in 2023 a lot aren’t going to survive.”
Bendersky said he’s “personally forecasting anywhere between 50 to 100 restaurants closing in the next 30 to 60 days.”
Yanni Kralievits, the owner of Smugglers Cocina Cubana at 170 NW 24th St., is worried about his business
“My space, to get a space like my space now, is three times the price that I paid six years ago,” he said.
There’s no question, Wynwood has become a main attraction over the last decade.
Known for its art scene, bars and restaurants and with more residential properties moving in, changes are almost expected.