Someone bought that former Hibernia Bank and Social Security building at 22nd and Valencia streets for $11 million, and now there's scuttlebutt they hope to turn it into a combination restaurant, bookstore, and upstairs event space.There has been much activity around the long-vacant and unused Hiber nia Bank space at Jones and Market Streets, reborn in recent years as an eclectic event space and rave venue. But we will remind you that there is another long-vacant and unused Hibernia Bank space, at Valencia and 22nd streets, which last served as a Social Security Administration branch office. But the SF Business Times reported in December someone bought that former Hibernia Bank building for $11 million, though the somewhat-anonymous new owner was hush-hush about their plans for the place.A historic, vacant building in the trendy Valencia Street retail corridor has sold. https://t.co/h4UPjdduxA— San Francisco Business Times (@SFBusinessTimes) December 23, 2025 Though as they are wont to do, Mission Local did some digging. They found that the new owner is called Alio Management Group, LLC, though there is basically zero public information about this group. But Mission Local also discovered that their attorney has submitted plans to the SF Planning Department to transform the space into a combination restaurant, bookstore, and event venue, with the building's upper floor serving as the event venue component.A mysterious new LLC just bought the historic Hibernia Bank building at 22nd Valencia.They’re mum on details, but plans for a restaurant, bookstore, events space have been sent to the city.https://t.co/TBCLQwD5M6— Mission Local (@MLNow) January 16, 2026 Mission Local reviewed the new floor plans submitted to the Planning Department, which are currently just proposals, and nothing has been approved. The Planning Department has asked the decveloper and project sponsor for more information before granting new approvals.Image: SF Association of RealtorsBut I bet I’m not the only person who is just now learning that there even is an upper floor to that space, and a pretty sweet one at that. The second floor is proposed to get a stage and entertainment area, and there is apparently an impressive skylight up top to be restored, with the restoration (among most other changes) being handled by the respected architecture firm Page Turnbull who tend to specialize in historic restoration jobs. Image: SF Association of RealtorsOh and there is also an outdoor parking lot hiding in that space, which is slated to become outdoor gardens and bicycle parking. Again, I never realized that parking lot was there despite living near the place for decades, for I have never been a Hibernia Bank customer nor a Social Security benefit recipient. Image: SF Association of RealtorsMission Local describes the new owner Alio Management Group as a “mysterious LLC,” which is technically true, but there does not appear to be anything shady afoot here. The owners have simply declined all opportunities to comment publicly, even through realtors or intermediaries. The only public comment Mission Local was able to get was from Ritual Coffee owner and Valencia Merchants Association president Eileen Rinaldi, who called the unnamed proposal “promising — unless it’s formula retail.”Unless this thing is going to be the second coming of Barnes Noble, this proposal does not sound like a formula retail chain. And it would represent one less vacancy on Valencia Street. It would also represent a new potential trend no one saw coming, which would be an SF vibe shift where the hottest new venues are all just abandoned Hibernia Banks.Related: Watch The Hibernia Bank Get Graffiti Bombed [SFist]Images: SF Association of Realtors ...read more read less