Toll Brothers Coming To Headhouse Square in Society Hill?
Society Hill – According to Philly.com, Toll Brothers has until August 31st to exercise an option to acquire a site of the NewMarket restaurant and retail center, between Front and Second, Pine and Lombard, on the east end of Society Hill, for a condominium development.Philadelphia Real Estate – Toll Brothers Headhouse Square
New Market, as it was originally known, also known as Headhouse Square is a historic street market in the Society Hill neighborhood of Center City Philadelphia. Toll Brother’s proposed to the Society Hill Civic Association and other neighbors in recent meetings, a four-story complex of 73 brick-fronted wood-frame condos, no stores or restaurants, with 90 underground parking spaces. Units would start in the $400,000 price range for one-bedroom spaces and work is expected to begin before 2012. The Stamper proposal is opposed by some neighbors who prefer the peace and quiet they’ve been afforded since NewMarket faded in the 1980s, and the project was delayed when financing proved hard to get after the 2008 credit crisis. Toll Brothers are optimistic and they report steady sales at Naval Square in the Graduate Hospital neighborhood.
Toll Brothers seem to be bullish on the Philadelphia real estate market. Sales haven’t even concluded at Naval Square and we’re hearing about two potential large scale projects – one at 2400 South Street and the Stamper Square project.
At 2400 South Street, Toll Brothers plans to knock down the existing buildings and build 122 units consisting of town homes and condos with at least one parking space per unit. Here’s what the Toll Brothers’s website says about the South Street Project:
2400 South is a Community of Luxury Town Homes and Condominiums. Conveniently located within walking distance of Center City, and University City. Exciting home designs ranging from 1530 sq. ft to 2165 sq ft.with fine interior finishes. 2400 South offers easy access to commuter routes and all the cultural, and recreational venues Philadelphia has to offer.
Clearly Toll Brothers feel good about the future prospects of Center City Philadelphia. Very exciting!
Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106