The building at the corner of Chestnut and Broad will be converted from student housing for the Art Institute of Philadelphia students to a "super luxury product", according to its buyer, MRP Residential. The firm intends to add luxury amenities to the building, including a screening room (for movies), a fitness center, and a roof deck.
According to MRP, the target market for the new units is millenials, empty nesters, and those who can afford the "super luxury" they're hoping to create. There's no word yet on the rent range, but given the building's location they're likely to be expensive.
· Ave. of Arts building sells for $33M, plans call for luxury apartments [Philadelphia Business Journals]