Toll Brothers Inc. has paid $14.1 million to buy a site at Broad and Noble streets in Philadelphia, according to Philadelphia property records, where it plans to develop an 18-story building with 344 apartments.
The Horsham-based homebuilder bought the site from the Church of Jesus Christ of Latter-Day Saints. The purchase involved several properties including: 427-433 and 435-443 N. Broad St. along with 1327-1331 Noble St. It is now being used as a surface parking lot.
The property went through the approval process and Toll Brothers plans anticipates breaking ground on the project early next year, said John M. Piedrahita, a company spokesman in an email.
Toll Brothers (NYSE: TOL) will do the project in partnership with Sundance Bay, a Salt Lake City, Utah, private equity fund that buys multifamily properties. Matt Romney, a managing partner at Sundance Bay, is the son of U.S. Senator and former presidential candidate Mitt Romney.
In addition to apartments, the project will have 10,500 square feet of ground floor retail, 12,000 square feet of amenity space of which most will be located on the penthouse level and a 5,000-square-foot courtyard that will be positioned adjacent to the retail space and have access to the rail park.
Alterra Property Group is planning a 410-unit apartment project on the 500 block of North Broad Street. The $180 million project, known as LVL North, will include 110,000 square feet of commercial space over the first and second floors. The Philadelphia company bought the surface where LVL North will rise for $28 million from Parkway Corp. in February.
*Article courtesy of Philadelphia Business Journal
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