from here (full read):
http://changingskyline.blogspot.com/...r-part-ii.html
Saving the Boyd Theater, Part II
This will be a big week in the life of Chestnut's Street's Boyd Theater. Having narrowly escaped a threatened demolition, the theater is now being used as the means to leverage a glamorous new hotel on Sansom Street that will operate under the Kimpton's Monaco flag. The project's developer, Hal Wheeler, will be making stops at the Planning Commission Tuesday (1 p.m.) and the Zoning Board of Adjustment on Wednesday to seek the city's blessing for the curving, 320-foot hotel tower.
There's a lot to like about the design, by Martinez + Johnson Architects, who are known for their theater restorations. They did a huge amount of research on the theater when they were employed by Live Nation, which had planned to convert the movie house to a venue for Broadway-style shows. They even uncovered some decoration that had been masked by previous renovations. When developer Hal Wheeler agreed recently to buy the building and build the hotel, he wisely took on the same architects. Their beautifully detailed renovation drawings promise good things for the neglected theater. You can read some of the recent saga here and here in my columns, or go to the Friends of the Boyd website
Given the frozen state of real estate, you can't help but wonder how the developer expects to pull off this $130 million project. But the Boyd project actually has more going for it financially that some other recently proposed designs (ie. ACC). For starters, the financial world is likely to look more kindly on hotel projects because of the anticipated need for more guest rooms after the expanded convention center is finished in 2011. Wheeler's strategy for financing the project also taps into a variety of money pots. He plans to have the project qualify for federal historic tax credits. More immediately, he is applying for a $12 million grant from a state fund devoted to cultural projects. He's looking for additional federal tax credits for projects in blighted areas, which, believe it not, includes Center City.
All in all, Wheeler says he feels confident that he can start construction in late 2009. He's even considering opening the theater first, before the hotel tower is completed.