Small Businesses Brace for Closure in Wynwood: Rising Rent Prices Cause Concerns

Felix Bendersky of F + B Hospitality Brokerage has expressed concerns about the turnover rate of businesses in Wynwood. The demand for space in the trendy neighborhood far exceeds the available inventory, predicting that between 50 to 100 restaurants could be closing in the coming months if the current trend continues. Yanni Kralievits, owner of Smugglers Cocina Cubana, shares his worries about the rising costs of renting space in Wynwood. Prices have tripled in just six years, making it increasingly difficult for local business owners to keep up with the competition.

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. However, as the neighborhood evolves, there are concerns about how this will impact local business owners who have been a part of Wynwood’s charm for years.

Sadly, Wood Tavern has closed 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 Wynwood due to rising prices and demand.

The closure of Wood Tavern is just one example of how businesses are struggling to keep up with changing market conditions in Wynwood. As prices continue to rise and competition intensifies, it is becoming increasingly difficult for small business owners to survive in this popular destination.

Yanni Kralievits noted that prices have tripled in just six years while Felix Bendersky predicts that between 50-100 restaurants could be closing if current trends continue. These predictions raise questions about whether Wynwood is sustainable as a hub for small businesses or if it is becoming too expensive and competitive for them to thrive.

As Wynwood continues to evolve into a popular residential destination with increased property values and higher rents, there are concerns about how this will impact local businesses who have been an integral part of its charm for years.

It remains uncertain how many other businesses will close their doors or move out due to rising costs and competition but one thing is clear; Wynwood’s future as a hub for small businesses may be at stake.