Quote:
Originally Posted by PHLtoNYC
The part I don't get is how Toll doesn't see the value in developing this land. There is a strong market for high-end rentals (City Living division of Toll) and even high-end condos. Toll would have hit the sweet spot with condos because their pricing is high, but not stratospheric like The Laurel (starting at $2M). Condos starting around $1M in an A+ location would draw in a lot of buyers. Seems more like a typical underscore of the Center City buying market vs. a smart business move.
Meanwhile the City Living sector of Toll sees money at Broad & Noble...
But agree, there is some misplaced blame. Once again the city seems to escape blame for this mess... similar to the U City Townhomes mess.
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Just to Clarify,
City Living is Toll’s
Condo division:
https://www.tollbrotherscityliving.com/about
…and
Toll Brothers Apartment Living® is Toll’s rental apartment division:
https://www.tollbrothersapartmentliving.com/leadership/
Broad & Noble is by their Apartment Living division. The Jewelers’ Row condo plan was a City Living project.