Horsham-based Toll Brothers has purchased a parcel in Center City for $14.1 million and is planning on developing an 18-story apartment building at the site, writes Natalie Kostelni for the Philadelphia Business Journal.
The luxury homebuilder acquired the plot from the Church of Jesus Christ of Latter-Day Saints (The Mormons). The deal involved several properties, including 427-433 and 435-443 N. Broad Street and 1327-1331 Noble Street.
The site is currently being used as a surface parking lot.
The property has already gone through the approval process. Now the developer is expecting to break ground on the 344-unit building early next year, according to John M. Piedrahita, a company spokesman.
For the project, Toll Brothers has partnered with Sundance Bay, a private equity fund that purchases multifamily properties.
Other than the apartments, the building will also have 10,500 square feet of retail on the ground floor. Additionally, there will be 12,000 square feet of amenity space mostly on the penthouse level, and a 5,000-square-foot courtyard position next to the retail space.
The courtyard will include access to the rail park.
Read more about Toll Brothers at the Philadelphia Business Journal by clicking here.
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