Image via MRP Realty.
Two real estate companies made an announcement yesterday of a joint purchase of most of the 17-story Avenue of the Arts building, which has the Olive Garden and Capital Grille on the ground floor, and Art Institute student housing on floors 4 through 17.
Washington, D.C.-based MRP Residential and the commercial Principal Real Estate Investors plan a “comprehensive redevelopment” of the building into a luxury apartment complex. The deets:
- 220 Class A residential units
- New building lobby
- Leasing office
- Fitness center
- Theater room
- Interior landscaped courtyard
- Roof deck
- Renovated elevators
The companies plan to keep Olive Garden and Capital Grille. The project has a target completion date of early 2016.
A rendering from Rafael Viñoly Architects website.
Back in September 2013, Rafael Viñoly Architects — best known locally for the Kimmel Center — announced that the firm would be handling the adaptive reuse of the Atlantic Building at Broad and Spruce, which was purchased by the Post Brothers in the summer of 2012 for $22 million. The plan was to turn the high-rise into a mixed-use retail/residential space, with construction by Vinoly & co. to begin at the end of last year.
While construction (or demolition, depending on your point of view) is under way — scaffolding went up more than a year ago, in fact — neither Viñoly nor the Post Brothers’ Matt and Mike Pestronk have been talking up the progress. Yet between the architect, the developer, the location, and the building, this is a major project. Why the quiet?
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The Parkway Corporation and the Hanover Company Design Collective have plans to build two large mixed-use residential/commercial buildings on the site of two surface parking lots Parkway owns at Broad and Callowhill streets.
The larger of the two buildings will sit on the lot at the southwest corner of Broad and Callowhill. It will contain 229 studio, one- and two-bedroom apartments, 11,024 square feet of retail space, 256 parking spaces (130 for building residents) and 77 bicycle parking spaces.
The smaller building at the southeast corner will contain 110 studio, one- and two-bedroom apartments, 6,122 square feet of retail space, 114 parking spaces (58 for residents) and 38 bicycle parking spaces.
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Last July, I wrote about an episode of HGTV’s House Hunters that featured Bill and Antonio, who were looking for a house in downtown Philly “on a whim.” Their budget was $2 million, and hunting took them to the Rittenhouse Grande at 19th and Spruce and the Residences at the Ritz-Carlton on Broad and Walnut. The couple ended up buying a three-bedroom, three-and-a-half-bath, corner unit at the Ritz — in the rear, facing the W Hotel parking lot — for $1.535 million. Nice going with the budget, gentlemen!
The unit features customized Jeld Wen closet doors, electronic window blinds and custom window treatments, two walk-in closets, and one-car parking — along with being in the Ritz and so offering everything the Ritz has to offer, which is a lot.
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A skyline with Avenue Place imagined by Bradley Maule. Via Hidden City.
Yesterday Hidden City broke the news that developer Carl Dranoff has a new project planned: Avenue Place, a 40-story mixed-use hotel-condo tower on the corner of Broad and Spruce. Hidden City’s Bradley Maule suggests that both the building that once held Utrecht Art Supplies and Philadelphia International Records (301-309 S. Broad) may be demolished as well as the building across Cypress Street (311 S. Broad).
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3D rendering of an extended stay suite at the Doubletree Hilton Hotel.
Jay Barnett, a partner in the group that owns 237 S. Broad Street — home to the Doubletree Hilton Hotel — tells us construction has been quietly in progress on an addition to the property: an extended stay complex with 48 rooms. The crane being utilized for construction has to be removed from Juniper Street by Oct. 30th. The target opening date is Jan. 1, 2014.
Residents of the extended stay suites will not have to use the hotel lobby; instead they’ll be able to enter directly from the garage after they’ve checked in to make the experience feel more like apartment living. There will be an upgraded roof deck and fitness center, and a center courtyard is being planted with fast-growing bamboo to afford residents privacy by obscuring the windows.
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First Madewell–J. Crew’s sister store–chose Walnut Street for its newest location. And now J. Crew Factory–the store’s outlet–comes to the ’burbs.
The commercial real estate group PREIT has announced that the Factory will open at the Plaza Shops at Plymouth Meeting Mall in the fall. Imagine: 6,000 square feet of J. Crew–but less expensive.
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Courtesy of Redditor paultrigg: “A lady in my office spotted this gentleman walking down Broad Street today.” That was yesterday, but today is Friday. So let this glorious image carry you into the weekend.
Broad Street’s getting a new theater. Except it’s not exactly new. Well, whatever, we’ll take anything we can get here in screen-starved Philadelphia. (How’s that Roxy renovation going, guys? We’re waiting…)
The 650-seat Perelman Theater in the Kimmel’s Broad and Spruce Streets complex has been outfitted with a high-def digital video projection system with 3-D capability and surround sound audio. In cahoots with Sharon Pinkenson and the Greater Philadelphia Film Office, the plan is to book major studio events, local filmmaker premieres, offer its screen up for film festivals and college and university programs, along with other public and private bookings.
For more, check out Philly Mag’s recent list of the best and worst theaters in the city and burbs. [Inquirer]