Students out: Art Institute dorm up for grabs

Floors 4 through 17 of the Avenue of the Arts building, 1338-48 Chestnut St. (upstairs from the local Capital Grill outlet), are for sale to the highest bidder, who will be free to "upgrade the existing units or demolish current layout and redesign the space to more efficient residential or hotel layout" when the Art Institute's lease expires next September, writes brokerage Jones Lang LaSalle here.

Once the students are out of the way, "the Avenue of the Arts Building presents a remarkable value enhancement opportunity to reposition the Property as a best-in-class, ultra-luxury residential or hospitality asset that takes advantage of the live-workplay environment" to boost rents for the many well-off adults who've been moving to Center City, etc.

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