This report addresses the feasibility of designing and constructing an asymmetric B‐Factory—based on the PEP storage ring at SLAC—that can begin operation at a luminosity of 3×1033cm−2s−1and could ultimately reach even higher luminosity. Such a facility, operating at the &Ugr;(4S) resonance, could be used to study mixing, rare decays, and CP violation in the BB system, and could also study tau and charm physics. The essential accelerator physics, engineering, and technology issues that must be addressed to successfully build this exciting and challenging facility are identified, and possible solutions, or R&D activities that will reasonably lead to such solutions, are described.