With the Boyd project, Wheeler and his company are once again in the news - this time as the savior and protector of the historical landmark, the now-shuttered 2,350-seat art deco mecca on Chestnut Street.
"You fall in love with a piece of real estate," Wheeler said. "I love art deco. To me, it's a great era, and it's coming back."
He envisions a $95 million project that includes a hotel and entertainment complex, incorporating a nearby lot that runs along 20th Street and backs up to Sansom Street. Live Nation Inc., a partner, would run the theater, and another company, Kimpton Hotel & Restaurant Group Inc., a San Francisco operator of boutique hotels, would lend its Monaco brand to the 250-room hotel.
"We're in the feasibility stage now," Wheeler said. "Then there's the public-funding component. And then in 90 to 120 days, we'll be able to buy the property."
Wheeler and his brother joined forces in 2003 with the northern New Jersey development firm ARC Properties Inc. to create the joint-venture ARCWheeler focusing on urban projects.
Last time Wheeler made headlines, his critics did not see him as a preserver or protector. Instead, they lambasted Wheeler for demolishing most of the old Rittenhouse Club on Rittenhouse Square, although the facade remains. They also protested the demolition of four modest structures on nearby 18th Street, including the home of old Rindelaub's Bakery, filing suits to stop the project.
The fight, which began in the 1990s, got nasty, and at one point, Wheeler's company turned around and sued the critics - a lawsuit that ultimately settled out of court as the critics fell silent.
Meanwhile, the project, Ten Rittenhouse Square, a $250 million mixed retail and residential 33-story tower is nearing completion.
Wheeler said he was able to turn his attention to Boyd partly to maintain some influence over what happens in the neighborhood.
