Center City's shuttered Midtown II restaurant has been sold to an investor who plans to put a high-end restaurant at the site, brokerage Rittenhouse Realty Advisors, which marketed the property, said in a release Wednesday.
The new owner paid $3.85 million for the property at 122 S. 11th Street on Dec. 30, Rittenhouse Realty managing partner Ken Wellar said in an interview.
Weller identified the new owner, who wished to remain otherwise anonymous, as being in the restaurant business. The owner may redevelop the site with residential units over the planned new eatery, he said.
The property was marketed as being able to accommodate 76 two-bedroom apartments under the area's zoning guidelines.
The Midtown II's longtime operator, Gus Hionas, closed the restaurant in June, citing financial difficulties. The new owner purchased the property from an affiliate of Hionas' mortgage provider, Lane Capital Partners, which had assumed the building as part of a bankruptcy plan, Wellar said.