Montgomery Realty Group, the developer behind a planned 18-story hotel in San Francisco, has filed for chapter 7 bankruptcy, The Real Deal reported. The petition comes just a day before a scheduled foreclosure auction of the site from the firm’s lenders. The site, located at 447 Battery Street in the Financial District, contains the remnants of the Jones-Thierbach Coffee Company. In May 2022, the three-story, 27,000-square-foot commercial property was designated a city landmark owing to “its association with the San Francisco coffee industry and with reconstruction of downtown San Francisco following the 1906 earthquake and fires,” according to Planning Department records. Montgomery first submitted development proposals for the property in 2017. Initial plans called for a 19-story building with 182 hotel rooms, eight condos and a 4,700-square-foot restaurant. The proposal for the site later changed into an 18-story property with 198 hotel rooms, nine residential units and two restaurant spaces totaling nearly 7,500 square feet. Montgomery, headed by Rajendra Maniar, filed its bankruptcy petition on Oct. 4, according to records from California’s Northern District court. The firm estimated its liabilities between $10 million and $50 million.
