Toll Brothers Inc. is set to move forward with the
construction of the Reserve at Chester Springs, a residential community with 61
single-family houses in Downingtown, Pennsylvania.
The developer plans to begin selling the houses this
September, roughly two years after it received approval for the project. The
project will rise at 380 Little Conestoga Road. Houses will range from 3,100 to
more than 4,200 square feet.
This comes on the heels of Toll recently closing on the
acquisition of a 7.8-acre property at 381 Little Conestoga Road from the Frame
family, according to Chester County records. The property, a field bound by
Little Conestoga on one side and the Pennsylvania Turnpike on the other, traded
for $3.77 million.
The property at 381 Little Conestoga along with 380
Little Conestoga Road and 55 Green Valley Road make up a larger 100-acre tract that
that the Frame family sold and became part of Toll's (NYSE: TOL) overall plans.
In 2013, the developer sought approval to build the
Reserve at Chester Springs on 44 acres at 380 Little Conestoga. It received
final land approval in 2014 for that project. As part of that process, Toll
Brothers committed to keeping 50 acres along Green Valley as open space and the
7.8 acres at 381 Little Conestoga would be dedicated to Upper Uwchlan as open
space and for a new sanitary sewer pump station.
Source: Philadelphia
Business Journal
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