Osito, a restaurant celebrated for its Michelin-level accolades and helmed by Chef Seth Stowaway, will shut its doors after this weekend. The imminent closure is attributed to unsustainable rent costs, which Stowaway cited as a contributing factor in an interview with SF Standard reporter Sara Deseran.

Industry-Wide Economic Concerns

This unexpected announcement comes at a precarious time for the restaurant industry in the Bay Area. Many acclaimed establishments are facing similar financial challenges, leading to closures. A notable example is Michelin-starred Aphotic, which ceased operations late last year. Chef-owner Peter Helmsley highlighted ongoing economic pressures, specifically referencing the unfavorable environment for high-end dining experiences.

“We’ve definitely seen a downtick in a more happy-go-lucky, free-wheeling kind of clientele,” stated Helmsley.

Challenges for Osito

Although Osito has maintained a busy atmosphere throughout its three-and-a-half-year tenure, Stowaway revealed that the $15,000 monthly rent was becoming untenable. Attempts to negotiate with the landlord proved fruitless, with no adjustments to the rental terms being made.

Stowaway indicated that the resurgence of fine dining post-pandemic has been lackluster, prompting him to introduce more affordable menu options alongside his premium $295-per-person prix fixe menu.

The Future of Osito

With the closure set for this Sunday, Mother’s Day, there remains a possibility for a change in circumstances if negotiations with the landlord resume. If no resolution occurs, Stowaway plans to continue his culinary career at a different location.