Well, that didn't take too long. Longtime Canal Street institution Pearl Paint officially closed two years ago, and was listed for sale not long before that. Apparently it found a buyer in Trans World Equities, which recently filed plans with the Department of Buildings to convert the former art supply store into a new mixed-use building. (h/t 6sqft)
According to the plans on file, the developers want to combine the buildings at 308 and 310 Canal Street and plop a two-story addition on top; the first floor would hold retail, while the second through sixth floor would be devoted to apartments. Paul Castrucci is the architect of record; his firm is known for its work on passive house architecture, and is behind the forthcoming revamp of ABC No Rio, among other eco-friendly structures.
One thing that may stand in the way: the Landmarks Preservation Commission, given that the building is within the Tribeca East Historic District. The structure at 308 Canal was built around 1864, and 310 was constructed in 1879.