PHILADELPHIA (CelebrityAccess MediaWire) — ARCWheeler has agreed to buy the Boyd Theatre in Philadelphia from promoter Live Nation to rehab it into a live performance venue.
According to the Philadelphia Business Journal, ARCWheeler plans to renovate the theatre, add a 250 room Kimpton Monaco hotel and two restaurants located on different levels of the building. The deal also provides for Live Nation to handle bookings at the venue.
Built in 1928, the Boyd is a prime example of a historic art-deco theatre and has been listed on the Philadelphia Register of Historic Places, making it an historic landmark.
The theatre was acquired in 2005 by Clear Channel but a planned $31 million refurb of the property never materialized and the property ended up in the hands of Live Nation.
ARCWheeler is a joint venture between ARC Properties, Inc., of Clifton, New Jersey and Wheeler Brothers Holdings, LLC, a Philadelphia-based company. Combined, the principals of ARCWheeler have been responsible for the acquisition and development of more than 150 projects with an aggregate value in excess of $3 billion.