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PHILADELPHIA-Developer ARCWheeler got approval recently from the Philadelphia Historical Commission to renovate the historic Boyd Theatre here at a price tag of $135 million. The locally based firm will renovate the 2,500-seat theater and add a hotel and two restaurants to the site.

A 250-room Kimpton Monaco Hotel is planned for the Boyd, which is located at Chestnut Street between 19th and 20th streets. The restaurants, for which operators have not yet been announced, will be located on different levels of the building.

ARCWheeler is purchasing the theater from event producer Live Nation. ARCWheeler’s management hopes to attract entertainment about 50 live entertainment acts a year that are now taking place in Atlantic City.

The Boyd Theatre was opened in 1928 and has changed hands several times before closing in 2002. ARCWheeler is applying for historic tax credits to restore the facility’s interior. ARCWheeler has built several projects across commercial property types throughout the Northeast, totaling $3 billion in all. Last year the firm launched “10,” its own hotel line.

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