Horsham-based Toll Brothers is pausing work on its condo projects in city centers due to the economic uncertainty caused by the coronavirus pandemic, writes Jacob Adelman for The Philadelphia Inquirer.
This includes the 24-story tower the developer planned to erect on Philadelphia’s Jewelers Row shopping street.
According to the company’s chief executive Douglas Yearley, Toll Brothers “has chosen not to start” projects planned to be constructed on land held by its City Living division “in this environment.”
“We do have some land for future buildings where we have not started any construction,” said Yearley. “And right now we are just sitting on the land.”
The decision means that the vacant, fenced-off lot on Philadelphia’s Jewelers Row which used to house four buildings that have been demolished for this project may remain empty for a long time to come.
“As is true for most development in this region, Toll Bros.’ Sansom Street project has been impacted by COVID-19,” said Toll City Living spokesperson Timothy Spreitzer. “We are still proceeding through the permitting process, and we look forward to bringing a beautiful project to Jewelers Row.”
Read more about Toll Brothers at The Philadelphia Inquirer by clicking here.
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