Designed by architect Mark Stevens of Architecture & Light, the restaurant will be Left Bank's second in Menlo Park, and is based on a similar establishment on San Jose's Santana Row.
Roland Passot, proprietor and chief culinary officer of Left Bank Brasserie, is leading the project.
Signature dishes may include a 24-ounce steak with a choice of sauces, and macaroni and cheese spiced with truffles.
The exact date for the grand opening of LB Steak will be determined by how long it takes to get through Menlo Park's permitting process, Mr. Walton said.
The restaurant takes the spot formerly occupied by Marche, which closed in March after failing to negotiate a new lease, according to the restaurant's general manager William Redberg. In an interview with the Almanac shortly before Marche closed, Mr. Redberg noted that the current Left Bank restaurant in Menlo Park served about three times the number of diners as Marche, attributing that to the more casual and affordable atmosphere.