Toll Bros.' proposed purchase of 52 acres at Philmont
Country Club, on the Pine Road side of the Huntingdon Valley golf and tennis
center, has been cancelled. "It is no longer under contract, we are not
moving forward," Toll chief marketing officer Kira Sterling confirmed to
me this morning. She wouldn't say why. Philmont general manager Ed Rubin didn't
immediately return a call seeking comment.
As I reported in January, homebuilder Toll had agreed to buy
the property, a few minutes from its offices, enabling the club to retain 27
holes and its clubhouse, pending a final sale agreement. Toll has been ramping
up suburban construction as the high-end housing market strengthens. (Neither
side would confirm a source's claim that the Philmont price approached $12
million.)
The recession was tough on country clubs: Toll is moving
ahead with other golf-course-turned-home redevelopments, including the Barbin
family's former Horsham Valley Golf Club in Montgomery County and the former
Hercules Inc. country club near Greenville, Del.
Source: Philly.com
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