Toll Brothers has announced a new capital and asset management venture, according to the Philadelphia Business Journal and a release from the company. The venture is in partnership with a “large institutional investor” who is yet unnamed, and its goal is “to provide builders and developers with land banking and joint venture capital.”
The venture will be managed by Gibraltar, the Horsham-based Toll Brothers’ subsidiary for capital and asset management. It will have $400 million of funding, with 75% coming from the mystery investor and the other 25% from Toll Brothers. The venture will focus on providing third party builders and developers with the necessary funds. Read more »
Northwest corner of Broad and Washington, December 2014 | Photo: James Jennings
Stop us if you’ve heard this one before: there is a proposal to develop an enormous lot on the corner of Broad and Washington into a mixed-use apartment and retail complex. The next logical question is: oh yeah, which one?
By now, you know all about Bart Blatstein’s plans to turn the northeast corner into a retail/residential project (with possibly two apartment towers), but Naked Philly spotted an interesting listing on LoopNet that sheds some light on the lot on the northwest corner.
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Master Plan for the Central Delaware | Photo via the Delaware River Waterfront Corporation.
The Delaware River Waterfront Corporation sent out notice in February that they were looking for expressions of interests regarding the redevelopment of the Festival Pier, an 11-acre site at Spring Garden Street and Columbus Boulevard. Today, it looks as though they’ve whittled down the field from eight companies to three, each will be required to incorporate a residential component into their plans.
Natalie Kostelni of the Philadelphia Business Journal reports that the DRWC has “shortlisted” these three groups:
- Jefferson Apartment Group (McLean, Virginia) and Haverford Properties Inc. (Haverford, Pennsylvania)
- RAL Companies (New York)
- Toll Brothers (Horsham, Pennsylvania)
Kostelni reports that a “residential component will be the anchor” of the site and the DRWC “narrowed it down by considering experience and financial capacity to complete a large-scale, mixed-use project.” The development of Festival Pier is seen as a precursor of sorts to the process of redeveloping Penn’s Landing.
Each company now has until Read more »
The former Please Touch Museum Site at 208-212 N. 21st St. | Photo: James Jennings
Here’s an interesting nugget of information found in a document of the January minutes of the Logan Square Neighborhood Association (LSNA). As you’ll read in topic #7 under the Zoning Committee report, Toll Brothers has “an agreement” to buy the former Please Touch Museum site at 208-212 North 21st Street (near Race). Fast forward to February, where minutes show that a meeting with near neighbors took place on January 28. Initial plans called to knock down the building in favor of a five-story (58-feet high) condo building housing “approximately 35 units” with balconies and underground parking accessed from Van Pelt Street.
Unsurprisingly, the proposal was met with “unanimous opposition” from near neighbors, who also deemed it “unacceptable” due to its size and it being “out of character with the rest of our neighborhood,” according to the doc. Ed Panek, LSNA’s zoning committee chair, would not comment on the project. When asked about the project, Michael Duff, marketing director at Toll Brothers, said, Read more »
The Philadelphia area has gotten a lot of national attention recently. Hot on the heels of the New York Times’ travel list and Conde Nast ranking Philly super-high in the global shopping sphere, The Wall Street Journal takes a look at the former site of John du Pont’s mansion at Foxcatcher Farms in Newtown Square–the place where du Pont murdered wrestler David Schultz and the setting for the movie ‘Foxcatcher’ starring Channing Tatum and Steve Carrell.
It’s also the site of the latest project from nearby Toll Brothers, who is transforming the over 200-acre site into their latest “luxury development” called Liseter. While they’ve already sold 123 of the upcoming 449 homes, The Wall Street Journal is paying particular attention to the restored carriage barn, the prior home to award-winning thoroughbreds:
A newly restored carriage barn, with a soaring foyer and large stone fireplace, is the centerpiece of a communal area that includes a fitness center, outdoor pool, tennis courts and a separate recreation center.
Toll Brothers originally planned to tear down the two silos on the barn, but designer Mary Cook, president of Mary Cook Associated in Chicago, made one into an entranceway and found creative ways to reuse original materials to transform the barn into a $4.5M club with a retractable wall providing views of the estate:
Old wooden partitions between horse stalls became wainscoting. A barn door became a sliding door to a conference room. A stone wall is now the backdrop to a lavish bar. An old tack trunk is now an end table. Ms. Cook discovered more than 1,000 ribbons from prizewinning horses and framed several hundred.
The story also states that Toll Brothers hasn’t “shied away” from the notorious past of the property and, in turn, that hasn’t kept buyers away, either.
• Du Pont Estate Remade With Luxury Homes [Wall Street Journal]
More on the DNC and other Philly area headlines
Toll Brothers, the Horsham, PA-based megadeveloper, has found late-career success in the unlikeliest of places: bustling cities. The company has done projects throughout New York City, as well as the remarkably successful 600-unit Naval Square in Graduate Hospital. Now Toll Bros. is pushing its latest Philadelphia offering: the still-under-construction 410 at Society Hill, the luxury condo complex on Headhouse Square that replaces the large hole where Newmarket once stood.
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Screenshot via Google Street View.
Last December the Philadelphia Business Journal reported that Toll Brothers Inc. was interested in the long-vacant — loooong vacant — property at 1911 Walnut Street. The luxury homebuilder’s plans for the undeveloped site included a 50-story tower for condos and hotel and retail space, which made sense for Rittenhouse Square.
Except now, they’ve pulled out.
PBJ’s Natalie Kostelni says the Toll Bros. have decided to walk away from the project for reasons for which are, as of press time, unknown. More from the Journal: Read more »
“Left unsaid was an ever-so-slight inferiority complex: The Keystone State is grand, but the Empire State, grander.” This is an actual sentence penned by the New York Times’ Trip Gabriel in an article about Pennsylvanians and Philadelphians going to New York, which, as Simon Van Zuylen-Wood notes, perpetuates rather tired stereotypes that all we want for Christmas is a trip (Trip!) to Barneys in the Big City.
Additionally, Gabriel misquotes his own newspaper when he says, “If Pennsylvanians were inclined to feel a little like a sixth borough when contemplating New York City…” The article to which he refers was not about the state as a sixth borough, which would be the largest borough in known history, but the city of Philadelphia as a sixth borough. And its point, actually, was that New Yorkers were moving to Philadelphia because it was more affordable and manageable than New York is. It had nothing to do with inferiority.
And there’s more…
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Photo: Angelly Carrion
How can we possibly step inside the rooms at 410 at Society Hill, you say? The old Newmarket spot remains a concrete wasteland! Fortunately, the sales office has replicated, with utter precision, many rooms in the Toll Brothers’ upcoming luxury condo developments. Photos below were taken by Angelly Carrion.
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A rendering of the Second Street entrance. Via Toll Bros.
It’s official: The construction and marketing of Toll Brothers 410 At Society Hill — aka THE DEVELOPMENT THAT WILL FINALLY RECLAIM THE GIANT NEWMARKET/WILL SMITH/STAMPER SQUARE WASTELAND — has begun in earnest: brochures, floorplans, renderings, a construction timeline, and the opening of a sales office where huge chunks of sample apartments are installed, IKEA-style, in order to demonstrate what, for instance, the kitchens in the luxury Toll Brothers units will look like.
The end date for construction has been set at 18 to 24 months from now. The luxury condos will have 55 units, ranging from one- to four-bedrooms, each with a minimum of 1,000 square feet. There are six different unit designs, but all with have at least one private terrace.
Newmarket was a kind of funky shopping mall, very Marimekko, in 1975, but it tanked. It was too cool for Headhouse’s historic school. Said tanking took a long time. At some point, Will Smith got excited about the space and planned to turn it into a W Hotel. Will, come on! The Philly boy should have known better. Most recently, developer Marc Stein had this crazy idea to build a high-rise there called Stamper Square. No dice.
In more recent years, homeless men have found it a comfortable place for a nap. See arrows.
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