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If the standard BMW 3-Series isn’t quite sporty enough for you, but the extraordinary M3 is out of your reach, we have good news for you. There is a new, not-quite-an-M3 version of the 3-Series headed for our shores.

The 2011 BMW 335is, Autoblog reports, will “make its formal debut at the New York Auto Show in late March.” It will be available in coupe or convertible models, which prices hovering well above the more pedestrian 328 and 335, but below the stratospheric M3 — $50,525 for the coupe, or $59,075 for the drop-top.

What does that investment get you? Motor Trend repots that the 335is carries a revised version of the twin-turbo inline-six cylinder engine found in the 335, this time putting out 332 horsepower – a 20 hp boost over the old 6. The turbos have been engineered to provide a seven-second burst of “overboost” for a burst of acceleration. But it shouldn’t be as fragile as some aftermarket systems available for the old 335. Motor Trend notes, “BMW upgrades the cooling system substantially…to preserve manufacturer-warranted durability.”

In fact, the success of aftermarket modifications to the 3-Series is what led BMW to build the new, hotter version, MT says. “The mission of this North America-only model is to cut the factory in on some of the action BMW owners have been giving companies like Dinan, Hartge, AC Schnitzer, et al. in search of a bit more performance and exclusivity.” It includes external aerodynamic enhancements as well, but no modifications to the suspension since the existing 335 already carries the same suspension as the M3.

Edmunds Inside Line adds, “The car channels its power through a standard six-speed manual transmission, although an optional seven-speed dual-clutch automated manual will also be offered. The seven-speed tranny also offers launch control, which allows the engine to achieve a 10-second burst of up to 370 lb-ft of torque.” The combination, Inside Line reports, allows the coupe to “close the 0-60-mph gap in 5 seconds flat.”

The car’s existence leads Jalopnik to ask “Why’s there an M3 again?” They note that the two cars even look very similar. BMW “put the M-sport appearance package on the car…tweaking the headlights, front and rear fascia and putting new wheels on it.”

If you’re in the market for a new car, check out the U.S. News rankings of this year’s best cars as well as this month’s best car deals.