Friday, December 9, 2011

Toll Bros. buys New Market property for $5 million

by Natalie Kostelni
Toll Brothers Inc. paid $5 million to buy the former New Market Pavilion site in Society Hill and plans to move forward with a new condominium project there.

The derelict property at 410 Front St. has been an eyesore for two decades even though it sits in one of the fanciest neighborhoods in Philadelphia. Attempts to develop it over the years have failed. Toll continues to work with the Society Hill Civic Association and other city agencies to complete the approval process.
The company is going through the approval process to construct a multiphased residential complex on a deteriorating parking garage at 24th and South streets that it bought five years ago. The estimated $60 million development would have 127 units in a mix of condos and townhouses, Emmons said. If all goes according to plan, it will demolish the garage and break ground this January or February on the first phase. The project is expected to take three years to complete depening on market conditions.
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