Saturday, August 29, 2015

Brandywine picks Toll to build Plymouth apartments

Instead of offices

Brandywine picks Toll to build Plymouth apartments

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With office demand still slow, office landlord Brandywine Realty Trust has been branching into the apartment business to move properties companies aren't leasing, including a property in Plymouth Meeting, as I reported back in June.

Today Brandywine said it has formed a 50/50 joint venture with Toll Bros., Horsham, on a $77 million project "to build 398 residential units in seven buildings at 134 Plymouth Road, Plymouth Meeting, PA" on a 20-acre site where Brandywine earlier hoped to build offices.

There'll be a 10,000 sq ft clubhouse, pool and about 9 acres of open space with trails and "drought-resistant landscaping." 

Brandywine is also looking to build housing at 1919 Market and is trying to find buyers or developers for other, mostly suburban sites.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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Joseph N. DiStefano
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