Plans for a mixed-use building to rise up to six stories in height upon on the parking lot parcel at 425 Broadway, which actually wraps around the three-story Crowbar and residential hotel building on the corner of Broadway and Montgomery, have been drafted by Ian Birchall and Associates.
Dubbed ‘Montgomery Place,’ the proposed development would leverage California’s Density Bonus law to yield 48 residential units over 2,600 square feet of ground floor retail space fronting Broadway and a 92-car garage, which would act as both a commercial garage as well as providing 23 dedicated parking spaces for residents, with its entrance adjacent to the building’s lobby on Montgomery.
A non-density bonus version of the project would rise to a height of 40 feet and yield a total of 38 residential units over a 15-car garage. But in either case, as designed, only seven (7) of the residential units would be required to be offered at below market rates.
We’ll keep you posted and plugged-in as the plans progress.