Built in 1921 by BofA founder A. P. Giannini the building presently houses a 30,000 sq. ft. BofA branch and 60,000 square feet of bank offices. The purchase and renovation is expected to cost more than $30 million, according to Meany, who is in charge of the project.
Plans for the transformation include the creation of 40,000 sq. ft. of retail space and 50,000 sq. ft. of Class A office space. Meany said the developer is looking for an international anchor to take 25,000 sq. ft. on what is considered one of the most significant corners in the city.
BofA has the option to open a smaller branch of about 10,000 sq. ft. in the renovated building, but no decision about returning has been made, according to Harvey Radin, BofA spokesman.
The renovation is expected to be finished in about two years. The renovated building will be renamed 1 Powell. It will be the second Market Street project for Wilson Meany, which has a history of working with BofA.
Since Bank of American's acquisition by Charlotte's NationsBank in 1998 there has been some effort to move away from real estate ownership, according to Radin. NationsBank is also selling its 50 percent interest in 555 California Street, a more recent former BofA headquarters.
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