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HORSHAM, Pa., Nov. 21, 2013 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (
www.Tollbrothers.com ), the nation's leading builder of luxury homes, through its Toll Brothers Apartment Living® subsidiary, announced today they have commenced construction of River Parc, a 287-unit luxury rental apartment project located in the Capitol Riverfront area of Washington, D.C. While Toll Brothers has a long history of development in surrounding areas, River Parc is Toll Brothers' first project in Washington, D.C.
The site at 1011 1
st Street SE is located in the vibrant Capitol Riverfront area, just a one-block walk from the Navy Yard Metro station on the Green Line, and two blocks north of Nationals Park baseball stadium. It is less than 10 minutes by Metro to the major city hubs including Capitol Hill, L'Enfant Plaza, and Gallery Place. The project, which will include a 179-space below-grade parking garage, is within walking distance of attractions such as Yards Park, the Anacostia Riverwalk Trail, Boilermaker Shops, Capitol Hill, a soon-to-open Harris Teeter Supermarket and other conveniences.
Toll Brothers Apartment Living® will oversee the building's marketing, leasing and property management. Toll Brothers City Living will oversee development with Tishman Construction Company as general contractor. The project, a joint venture, is being financed through a construction loan facility from PNC Bank, National Association.
"We're extremely excited to be launching the Toll Brothers Apartment Living brand in the Nation's capital," said Charles Elliott, Managing Director of Toll Brothers Apartment Living. "River Parc is sure to be a great addition to the wonderful Capitol Riverfront neighborhood."