Luxury Apartments to Replace Student Housing at Broad and Chestnut

Capital Grille and Olive Garden are here to stay, though.

Avenue of the Arts building

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
– Clubroom
– Roof deck
– Renovated elevators

The companies plan to keep Olive Garden and Capital Grille. The project has a target completion date of early 2016.