HORSHAM, Pa., Jan. 16, 2013 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) ( www.tollbrothers.com ), the nation's leading builder of luxury homes, today announced the expansion of its successful Toll Brothers City Living® division into the Washington, D.C. urban market, which includes Bethesda, with the purchase of a development site in Downtown Bethesda, Maryland. The site, located at 4915 Hampden Lane, between Woodmont Avenue and Arlington Road, is only 3 blocks from the Bethesda metro station. The Company's plans call for a 7-story building with approximately 60 luxury condominium residences and underground parking. Construction is expected to begin in the fall of 2013, with projected sales opening in the spring of 2014.
Douglas C. Yearley, Jr., the Company's chief executive officer, stated, "We are extremely excited to be expanding the Toll Brothers City Living brand into the strong and highly-desirable Greater Washington, D.C. market. D.C is a natural expansion of our City Living brand from our great success in New York City, and we are excited to grow the group around Greater D.C."
This acquisition occurs in conjunction with the opening of a new Toll Brothers City Living Greater D.C. urban office in Downtown Bethesda. With its already significant brand and more than two-decade long presence in suburban Virginia and Maryland, it is a natural evolution to bring Toll Brothers City Living to the Greater Washington, D.C. urban market. The new division office, with a full-time, dedicated team, has been assembled to acquire, develop and build luxury urban residences.