BETHESDA, MD-Toll Brothers Inc. has announced plans to build its first condominium project in the Washington, D.C. market in downtown Bethesda.
The project, part of its Toll Brothers City Living Division, is being launched with the purchase of a development site at 4915 Hampden Lane between Woodmont Avenue and Arlington Road. The plan calls for a seven-story building with 60 luxury condominium units and underground parking.
The company hopes to begin construction this fall, with a projected sales opening in the spring of 2014.
“We are enthusiastic about the Washington, D.C. metro area. With significant capital on hand, we are positioned to close quickly on deals in prime urban locations,” said Stephen Alfandre, director of acquisitions for Toll Brothers City Living D.C. “The new site on Hampden Lane is a prime example and we are actively looking for more development sites to complement it.”
Toll Brothers owns two adjacent development sites along the Capitol Riverfront in downtown Washington, D.C., which will become rental communities under the company’s new Toll Brothers Apartment Living brand, company officials state. See story in the Wall Street Journal.