First off, we saw an ad for "Flo and Santos" in our monthly coupon book we get in the mail and it sounds like they're planning on opening up in the spring. For those of you who don't remember here is a link to an old post.
However to sum up, this is a new restaurant that is going in next to Gioco at the old Howie's spot (1310 S. Wabash). Although their website is live, there is only a logo. We're not 100% sure, but we've heard and suspect that this spot has some relationship with Zapatista across the street (ie the owner of Zapatista is partially behind this new restaurant).
Regardless, should be a good addition to the hood!