Colonnade to convert Tribeca warehouse to mixed use

Tribeca-centric developer Colonnade Group wants to convert the landmarked former warehouse for the Pearl Paint home-improvement and craft store into a mixed-use building.

The developer paid $9.2 million for the five-story building at 42-46 Lispenard Street, between Church Street and Broadway, in October. Plans call for the red 13,216-square-foot building to gain ground-floor retail. Four full-floor apartments will have ceilings of at least 12 feet, with 24-foot ceilings for the penthouse.

The project is set to break ground early next year, according to BuzzBuzzHome.

Colonnade is at work on a three-unit residential conversion at 174 Duane Street, which would add one story to the four-story building, as previously reported. [BuzzBuzzHome] — Mark Maurer