Popular Upper King Street restaurant Chai’s Lounge & Tapas (462 King St.) announced it will be closing after New Year’s Eve. According to general manager Palmer Quimby, Chai’s will host a big New Year’s Eve event before closing its doors and relaunching a new project.

“We have a new concept that we will be putting into place, as well as giving the place a small face lift.,” says Quimby. “We are hoping that everything will take no more than a month and a half. We have really appreciated the love and support everyone has showed us throughout the years. The concept will be revealed in the near future.”

Since opening in 2005, Chai’s has been a swanky happy hour and late-night hotspot for specialty cocktails, wine, craft beer, and Asian-style fare and tapas prepared by Executive Chef Derek Falta and his team. The outside patio hosted numerous events and parties —from jazz and reggae bands and DJs to beer and wine dinners.

Chai’s New Year’s Eve Masquerade on Fri. Dec. 31 will feature live blues-rock from local duo Whiskey ‘n’ Ramblin’, a live DJ, burlesque, belly dancing, Venetian masks, a balloon drop, a champagne toast, and more. Stay tuned for updates on the new concept.