Palladino's restaurant space on East Passyunk is on the market

Palladino's opened in late 2014 at 1934 E. Passyunk Ave.

The Passyunk Avenue Revitalization Corp., the nonprofit agency that owns properties and oversees some public maintenance in the restaurant-rich neighborhood, is searching for a restaurateur to take over what was, until last summer, the chic Palladino's on Passyunk.

Before it was Palladino's, the restaurant at 1934-36 E. Passyunk Ave. (where the street bends northeast at Juniper Street) had been Columbo's, which was damaged by fire in 2012. PARC bought the eyesore in early 2014 and rehabbed it.

PARC was involved in a series of other rehabs-to-restaurants on the street, including Will BYOB, Brigantessa, NOORD, Black N Brew, and Izumi.

Palladino's opened in December 2014 to critical acclaim but overall slow business. Meanwhile, the rest of restaurateur Luke Palladino's empire crumbled.

PARC is searching for an operator with at least two years' experience. The building, with 2,250 square feet of space on the first floor, has a granite bar at the front portion with dining along Juniper Street and at the center of the building. The restrooms and the kitchen are at the rear.  A liquor license is expected to be made available to the tenant.

PARC's request for proposal does not disclose the rent sought. According to the lease filed in connection PARC's lawsuit against LP Passyunk Inc., the rent for the restaurant was about $8,500 a month for the first three years, and about $9,400 a month for the fourth and fifth years. 

(For a restaurant paying rent of about 6 percent of sales, a rent of $8,500 translates to about $1.24 million in annual business.)

Deadline for bids is 3 p.m. Nov. 10.