Palomino Closed Permanently in San Francisco
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The Embarcadero staple has officially closed, permanently. A source close to the restaurant told www.brokeassstuart.com, “Palominos went from making $4.5 million annually to maybe scraping $2 million this year. They have been at that location for close to 20 years, and the landlord is unwilling to work with the company in any way, in order to save the business. Palamino’s lease was up and the landlord wanted to double the rent.”
The Palomino’s SF website confirmed the news, and wrote this goodbye on their site today:
“We’re sorry to announce Palomino San Francisco is permanently closed. We are thankful to have hosted so many of your celebrations and to have been a part of this wonderful community.” – palomino.com
Palomino Facebook Page yesterday:
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This most recent closure comes on the heels of a slew of long-standing restaurant closures in the area of Giant’s Stadium, including Amici’s Pizza (2004-2019), Pete’s Tavern (2007-2019, Pedro’s Cantina 2010-2019 all closed on King St. in September 2019 Tony Gemignani’s Slice House on 2nd St. (2015-2019) also closed in August. All venues blamed rent hikes and poor attendance levels to Giants games as reasons for shutting down. The opening of the new Chase Center in the area has caused already high real estate prices to skyrocket, more closures in the area can be expected, as the baseball season comes to an end.
It may be a coincidence that Palomino shared the building with Google’s SF HQ. The last SF business that shared a building with Google was The Punch Line SF, and they had to get City Hall and public outrage involved to help keep them from getting kicked out. 345 Spear St. 1st floor is represented by Colton Commercial Partners, and a Morgan Stanely investment group owns Hills Plaza.