PHILADELPHIA, PA - Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), the nation’s leading builder of luxury homes, along with joint venture partner Sundance Bay, and general contractor Clemens Construction Company, have topped out Broad & Noble, a new 18-story, 344-unit luxury mixed-use apartment community in Philadelphia, Pennsylvania.
Toll Brothers Apartment Living recently hosted a topping-out celebration at the property for its development partners, construction workers, and local officials. Broad & Noble’s construction started in July 2021 and initial occupancy is anticipated in summer 2023. The project is being financed through a $100.2 million construction loan facility from Wells Fargo. The debt and equity were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development, marketing, and property management.
“Toll Brothers Apartment Living is thrilled to develop Broad & Noble, our first luxury apartment community in Philadelphia,” said Charles Elliott, President of Toll Brothers Apartment Living. “We have developed for-sale residential communities here for decades, but Broad & Noble will be our first high-rise apartment community in the heart of the region where Toll Brothers was founded 55 years ago.”
Designed by Barton Partners, a Philadelphia-based integrated design firm, Broad & Noble will offer a mix of studio, one-, and two-bedroom floor plans, and 44 penthouses ranging from studios to two bedrooms. The property features an underground access-controlled parking garage with 106 parking spaces, including EV (electric vehicle) charging stations, and bike storage.
Residences at Broad & Noble will feature high-end luxury finishes and more than 13,000 square feet of best-in-class indoor amenities, including a package concierge, a state-of-the-art fitness center, music, media, and podcasting rooms, a conservatory and private dining rooms, a yoga and cycling studio with video classes, a pet spa, a private storage area, a sky lounge with outdoor deck area and views of the Philadelphia skyline, and a landscaped plaza adjacent to 10,440 square feet of ground-floor retail space.
“We are excited to partner with Sundance Bay and Wells Fargo on this landmark project for our company,” said Bryan Oos, the Northeast Regional Director of Development and Acquisitions for Toll Brothers Apartment Living. “We are also proud that Broad & Noble will introduce the elevated resident living experience we are known for nationwide to this energetic and evolving neighborhood.”
“Sundance Bay is looking forward to delivering this project to meet the needs of this rapidly growing and vibrant community,” said Ryan Baughman, Partner and Senior Managing Director of Sundance Bay. “We are grateful to be involved with such high-quality partners and have full confidence in Toll Brothers managing the project through successful completion.”
Located at 435 N. Broad Street in the Loft District of the eclectic Callowhill neighborhood, Broad & Noble is situated on a one-acre site in the heart of the North Philadelphia submarket. Just a 10-minute walk to Philadelphia’s City Hall and the Center City financial corridor, Broad & Noble is located only a few blocks from Spring Garden Station and the entrance of Philadelphia’s Rail Park. With a WalkScore of 95 and a TransitScore of 100, Broad & Noble residents will enjoy convenient access to several award-winning restaurants and breweries, specialty grocers Whole Foods and Trader Joe’s, upscale retail on Walnut and Chestnut Streets, and cultural arts destinations such as The Met Philadelphia. Located in an Opportunity Zone, Broad & Noble is one of several projects Toll Brothers Apartment Living is developing in Opportunity Zones nationwide.
In addition to its luxury apartment residences coming to Broad & Noble, Toll Brothers Apartment Living’s Parc community is in nearby Plymouth Meeting. The community offers one- and two-bedroom apartments and features an 11,000 square foot clubhouse, luxurious amenities, and easy access to Interstate 476, Interstate 276, and Philadelphia. Toll Brothers Apartment Living is headquartered in nearby Fort Washington, Pennsylvania.