Central Square bar and music venue the All Asia is indeed closing, as has long been rumored, but it will live again as Prospect Lounge, says Cambridge Day. The paper reports that the change, which would relocate the venue to Prospect Street and Mass Ave, "seems all but certain" and would result in a significant identity overhaul for the "cheerfully grubby, cramped space." In its new life, Prospect Lounge would be "53,000 square feet with upscale cuisine and the ability to attract national acts." The new incarnation of the All Asia was previously thought to be called Valhalla. Meanwhile, one square over, The Sinclair, which will also be a music venue and restaurant, has yet to announce an official opening date after delays that have resulted in cancelled shows.