The study focuses on the development path of a tourism destination area centered around a special nature reserve and adjacent rural communities in the northern part of Serbia. Utilizing evolutionary economic geography (EEG) as an increasingly present theoretical and conceptual framework in the studies of tourism, this research project employs key EEG concepts of ‘path dependence’ and ‘co-evolution’. ‘Path dependence’ examines different social, economic, institutional and sectoral factors that direct, propel and/or hinder destination development, while ‘co-evolution’ analyzes causal and relational exchanges of stakeholders within and associated with the destination. The objective of this study is to trace developmental and relational trajectories of the nature reserve, tourism enterprises in its vicinity, and the place and role of public sector in these processes. The study, therefore, aims to analyze: (1) how the concept of ‘path dependence’ applies to the tourism development path of the nature reserve; (2) the dynamics of co-evolutionary and relational exchange processes in the nature reserve destination area, namely those occurring between actors operating in both public and private sectors. The two combined EEG approaches, previously not applied within the outlined geographical context, serve to illustrate and explain overall development mechanisms within a tourism destination, relevant economically, socio-culturally as well as environmentally for its region and on the tourism market of Serbia. When methodology is concerned, the study is in form of a case study, with primary data drawn from semi-structured, in-depth interviews and supported with complementary data from relevant scientific articles, government documents, web sites and other publications. The study findings show that the nature reserve in its tourism growth displays a path dependence determined by two seemingly diverging factors: (1) rules and regulations pertaining to protected areas such as nature reserves dictate tourism development and (2) the reserve management entrepreneurial skills play a noteworthy role in shaping its tourism growth. Apart from path dependence, the tourism development path associated with the nature reserve displays path plasticity, which represents a new direction in tourism growth based on the existing infrastructural and managerial framework. Moreover, the study outcomes indicate that levels, directions and intensity of co-evolutionary and relational exchanges among all stakeholders included demonstrate several different patterns. While there is detectable relationship between the nature reserve and most local tourism-related stakeholders, relationships among local stakeholders themselves are rather uneven. Similar patterns are found regarding the involvement of public sector. Public sector is closely linked with the nature reserve, however, its association with other tourism stakeholders in the destination area is uneven.  These findings support the idea that each destination area stands as a unique and complex entity, with various endogenous and exogenous factors shaping its growth.