Wednesday, May 27, 2015

Students out: Art Institute dorm up for grabs

Avenue of the Arts Building: 200,000 sq ft + for sale

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.

About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano