Pearl Properties has paid $7.5 million to acquire a long-vacant — and controversial — Jewelers’ Row parcel from Toll Brothers Inc. 

The Philadelphia developer of high-end apartment buildings has not publicly commented on the transaction but property records now show the deal has closed. News of Pearl Properties potentially taking over the site at 702-710 Sansom St. surfaced toward the end of 2022, though the purchase price was not clear at the time.

The Washington Square West property has sat vacant since Fort Washington-based Toll Brothers (NYSE: TOL) knocked down six buildings in the historic district in late 2019 with plans to build 63 condominium units in a 24-story tower. The Preservation Alliance and other groups pushed back on the demolition and preferred saving the historic buildings. Plans were approved for the development and Toll began to take down the structures at the end of 2019.

*Article courtesy of Philadelphia Business Journal

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