Luxury Apartments to Replace Student Housing at Broad and Chestnut
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.