Toll Brothers to build 47 townhomes in Naples, Florida
Construction on the development set to begin in the fall
A new Toll Brothers development is coming to Naples, Florida.
The luxury home builder announced last week that it’s building Juniper Pointe, a development that will be composed of 47 two-story townhomes between 2,000 and 2,400 square feet, according to a press release.
Construction on the development, which will be just a few minutes away from the beach and the city’s downtown area, is set to begin sometime this fall. The development is just one of several in Naples for the Toll Brothers, including Abaco Pointe and Azure at Hacienda Lakes.
The home builder has been extremely active of late. Last week, for example, Toll Brothers rental subsidiary along with partner CrossHarbor Capital Partners announced that they broke ground on a 13-story, 501-unit multifamily apartment complex and mixed-use development in Washington, D.C.
The Toll Brothers Apartment Living’s development, called the Vermeer, is being financed by a Bank OZK construction loan and is expected to be completed sometime next year.
The Vermeer is the fifth Opportunity Zone project developed by Toll Brothers Apartment Living in the U.S., including Piper, which is a six-story, 393-unit multifamily complex in South Norwalk.
That project, which will have 356 market-rate and 37 affordable units, with a parking garage with nearly 600 spaces, is being financed with a $136 million construction loan from Wells Fargo and TD Bank.
Piper is the second large project in southeastern Connecticut. The first, Julius, is a 356-unit luxury complex at 777 Summer Street in downtown Stamford. The development has 334 market-rate apartments, plus 22 set aside as affordable.
In addition, the Pennsylvania-based company is planning to build 81 homes at Storyrock in Scottsdale, Arizona, following the $24.7 million purchase of 100 acres at the luxury master-planned community.
It’s the largest homebuilder sale in terms of price since last May, the Phoenix Business Journal reported, citing Storyrock Development Vice President Chase Emmerson.
— Ted Glanzer
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