Biz News: Costa Mesa tea bar to close

Seventh Tea Bar in Costa Mesa will close Dec. 31 after nearly two years in business.

The bar opened in January 2013 in OC Mix, part of the South Coast Collection shopping center on Hyland Avenue. The bar is owned by Jeff and Christa Duggan, who also own Portola Coffee Lab and Theorem in OC Mix.

Seventh Tea Bar products will be available at Portola.

The Duggans said in a statement that Seventh Tea Bar “was able to emerge and grow as a brand, but after the first year of business, it became apparent that in its current location, Seventh would always be in the shadow of sister concept Portola Coffee Lab.... After much research and due diligence, we determined that relocating the brand … is the only way for the brand to flourish in the way we are confident it can.”

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Habit Burger IPO brings in $92.4 million

Irvine-based The Habit Restaurants Inc., parent company of The Habit Burger Grill, on Tuesday announced the close of its initial public stock offering of 5.75 million shares, five days after the stock price surged nearly 120% in its Nasdaq debut, closing at $39.54 a share Nov. 20 after opening at $18.

The Habit said it received about $92.4 million from the offering. The shares, which trade under the symbol HABT, were priced at $32.42 on Friday.

The Habit Burger Grill has more than 110 restaurants, the majority of them in California. Sales were up nearly 50% in the first three quarters of the year compared with the same period in 2013, and net income was up more than 60%.

This summer, readers of Consumer Reports magazine named The Habit the best fast-food burger chain in the country.

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Urban-style housing open for sales

A new urban-style housing development in Costa Mesa opened recently for sales and home tours.

Superior Pointe, at West 17th Street and Superior Avenue, contains 49 live-work homes of 1,944 to 2,048 square feet. The three-story homes, priced from the upper $700,000s, have two to three bedrooms, ground-floor office spaces and rooftop decks.

The area had been used for light manufacturing and warehouses.

The developer is Arizona-based Taylor Morrison, which also built the similar-style Level 1 about two blocks south along Newport Boulevard. Level 1 contains 60 three-story homes that start in the mid-$700,000s.

Superior Pointe is “really an ideal community for people who value staying connected to the world outside their front door,” Phil Bodem, president of Taylor Morrison’s Southern California division, said in a news release.

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Low-calorie restaurant opens at Spectrum

Lyfe Kitchen, a national restaurant chain that serves meals of fewer than 600 calories, has a new location at the Irvine Spectrum Center. Hours are 8 a.m. to 9 p.m. Sundays through Thursdays and 8 a.m. to 10 p.m. Fridays and Saturdays. For more information, call (949) 727-1252.