Yes, we all know Wynwood Miami is blowing up, but is it the victim of a bubble? Last week, we were at a meeting talking about new restaurants & bars in the Wynwood Miami area. One of the people there, a pretty astute businessman, said he’d never invest in a restaurant or bar in Wynwood because of this “bubble”.
According to him, the rate at which Wynwood Miami restaurants & bars are opening is unsustainable. He points to the lack of nearby residences. “Where do people live who come to Wynwood? Not in Wynwood Miami.” True, but Brickell is pretty damn close and there are PLENTY of people who live there. We countered that Miami is a very mobile city. We are not pedestrian friendly for the most part. Almost everyone gets in their cars when they want to hit up the newest bar or resto. And once you are in the car, what’s the big deal between heading to Wynwood Miami, Brickell or Coral Gables? It’s just a few minutes difference no matter what location you choose.
He added that with the lack of daytime businesses, there was going to be a real battle for the lunchtime crowd. There are no big office complexes or centers for business. Per square mile, it’s actually quite depressing how many actually work in the Wynwood Miami area. And he feels this lack of lunch crowd will really make it a long haul for small restaurants. “Almost every place here will have to rely on dinner service,” he commented. “Not a cost-effective solution.” To this point we really had no counter. He is right. There aren’t a lot office or high density employers in the Wynwood Miami area – not like other areas like the Grove, Brickell or the Gables. But we think the restaurants and bars that are opening up realize this and plan accordingly.
In the end the group was pretty much split about the Wynwood Miami Bubble. Maybe people are a bit bubble-shy from the recent real estate bubble and all the heartaches that caused us. Or maybe people are just “haters” on Wynwood and all the action we are seeing in our neighborhood. Whatever the case, we’d love to hear you comments.
Is there an economic “bubble” in Wynwood Miami?