ARCWheeler Announces Plans to Purchase Iconic Boyd Theatre from Live Nation.

Philadelphia developer to reopen historic theatre and develop a Kimpton Monaco Hotel

PHILADELPHIA -- ARCWheeler, a Philadelphia real estate investor and developer, has announced that they intend to purchase the Boyd Theatre from Live Nation. The project will entail a historic rehabilitation of the theatre, development of a 250 room Kimpton Monaco Hotel, and development of two restaurants located on different levels of the building. ARCWheeler plans to enter into a booking agreement with Live Nation to provide live entertainment at the famed theatre.

"The rehabilitation of the Boyd Theatre represents a revitalization of Chestnut Street, which will bring much needed jobs and commerce to the area," said Hal Wheeler, Principal of ARCWheeler. "The unique concept of this project will offer one-of-a-kind entertainment and hospitality that will complement the current cultural options Philadelphia already offers. The programs and environment of the Boyd Theatre will be unlike any other in the country."

The fully renovated Boyd Theatre will host 50 to 60 live acts per year similar to the light musical entertainment currently booked in Atlantic City venues. In addition, the theatre will host comedy and lecture events, films, first run movies and movie premiers. The venue will also have the ability to offer a "supper club" format where patrons can take in a cabaret style show while seated at individual tables enjoying an exquisite meal. The main theatre will seat 2500 and will have the flexibility to reduce in size for smaller, more intimate gatherings of 250 or less and will be available for private or corporate events.

"This project fits nicely with the expansion currently underway at Convention Center by providing a marquee entertainment, dining and hospitality venue for conference attendees. In addition, the project will have the capacity to host smaller, more intimate events like corporate break-out sessions for larger conventions and tradeshows," added Wheeler.

The Boyd Theatre made headlines earlier this year when the National Trust for Historic Preservation listed the theatre as one of the 11 Most Endangered Sites in America. In August, the Philadelphia Historical Commission--responding to a nomination submitted by the Preservation Alliance for Greater Philadelphia -- added the Boyd Theatre to the Philadelphia Register of Historic Places, thereby designating the theatre as a local historic landmark.

ARCWheeler plans to apply for historic tax credits in connection with the preservation of the interior portions of the theatre. In addition, ARCWheeler is currently exploring various avenues of public, private and nonprofit financing to make this important project come to fruition. ARCWheeler's plans for the theatre have enjoyed support from local preservation groups and advocates such as Friends of the Boyd, Inc. and the Preservation Alliance for Greater Philadelphia.

"ARCWheeler is to be commended for creating a very imaginative plan for the preservation of the Boyd Theatre," said John Gallery, Executive Director, Preservation Alliance for Greater Philadelphia. "This is the first plan that has combined a faithful restoration of the art deco theatre with a sound economic approach to its operation."

The famous theatre first opened in 1928 and has long been considered the most elegant and last standing theatre from Hollywood's heyday. Bought by the Sameric Corporation in 1971, the theatre was renamed the Sam Eric. The theatre was then sold again in 1988 and has been closed since 2002.

About ARCWheeler

ARCWheeler is a Philadelphia-based company specializing in multiple real estate products in major metropolitan markets. 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. ARCWheeler's primary focus is to develop competitively in urban growth markets that have evolved over the last five years due to general population shifts back to major cities.