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Valencia Group Cancels Downtown Restaurant and Lounge Project

Earlier this week, downtown blog Angelenic reported that the Valencia Group, a Los Angeles-based restaurant management firm, canceled its plans to turn the historic Union Bank into the Union Bank Restaurant & Lounge. Developer Meruelo Maddux is in negotiations with another restaurant to take over the 10,000-square-foot space, which features '20s decor created by Killefer Flammang Architects and an underground lounge area housed in the former bank vault. Previous coverage—including a rendering of the former proposal—is here.