The unfortunate recent trend of restaurants enjoying short-lived stints due to skyrocketing rental rates has claimed another victim. While the Kublai Khan at 3017 Milam Street is still up and running after opening just months ago, that space is now listed for lease to anyone can afford it.
Owner Tian Zheng tells Eater that comps are priced at $30 to $35 per square foot, and that his 4900-square-foot property (which includes a 1000-square-foot outdoor patio) is actually relatively cheaper at $28/SF/Year. Still, the rent is too damn high. "We have enough money to pay our rent, but the rent is too high and we have [already] spent so much on this property," Zheng says.
There are four years left on the lease, and he is trying to sublet this property as soon as possible. He is also selling all of the equipment and furniture that fills the kitchen and dining area.
· Kublai Khan [Official Site]