Monday, August 3, 2015

Toll Bros.: Country club deal is dead

Philmont won't sell 52 acres after all

Toll Bros.: Country club deal is dead

0 comments
Toll Brothers´ proposed purchase of 52 acres from the Philmont Country Club won´t happen. (Photo credit: Curt Hudson)
Toll Brothers' proposed purchase of 52 acres from the Philmont Country Club won't happen. (Photo credit: Curt Hudson)

Toll Bros.' proposed purchase of 52 acres at Philmont Country Club, on the Pine Road side of the Huntingdon Valley golf and tennis center, has been cancelled. "It is no longer under contract, we are not moving forward," Toll chief marketing officer Kira Sterling confirmed to me this morning. She wouldn't say why. Philmont general manager Ed Rubin didn't return a call seeking comment. 

As I reported in January, homebuilder Toll had agreed to buy the property, a few minutes from its offices, enabling the club to retain 27 holes and its clubhouse, pending a final sale agreement. Toll has been ramping up suburban construction as the high-end housing market strengthens. (Neither side would confirm a source's claim that the Philmont price approached $12 million.)

The recession was tough on country clubs: Toll is moving ahead with other golf-course-turned-home redevelopments, including the Barbin family's former Horsham Valley Golf Club in Montgomery County and the former Hercules Inc. country club near Greenville, Del. Developers have also purchased the Woodcrest (Cherry Hill, NJ) and Brandywine (Wilmington, Del.) country clubs, founded like Philmont by Jewish families during the old days of social segregation on the links.  

 

0 comments
We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy:

Philly.com comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by Philly.com staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
 
comments powered by Disqus
About this blog

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.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
Also on Philly.com:
letter icon Newsletter