US-based Toll Brothers Apartment Living (TBAL), a rental division of Toll Brothers, has formed a joint venture (JV) with real estate investment firm Sundance Bay to develop a mixed-use rental apartment community in Philadelphia, Pennsylvania.

The new project, called Broad & Noble, will be an 18-storey structure, and feature 344 rental apartment units. It will be built utilising a $100.2m loan from Wells Fargo.

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Sundance Bay managing partner Ryan Baughman said: “We could not be more enthusiastic to partner with Toll Brothers and deliver these vibrant and modern apartment homes to a community that is rich with history, culture, amenities and growth potential.”

With a provision of 106 underground parking spaces, the project will feature 16,176ft2 of amenity space and 10,440ft2 of street-level retail area.

Amenities at the Broad & Noble project also include fitness centre, music andpodcast rooms, private dining rooms, yoga as well as cycling studio and a sky lounge with outdoor deck area.

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The project will also have a landscaped plaza, private storage areas, access-controlled garage with bike storage, and pet spa.

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Broad & Noble will be developed at a location close to Philadelphia’s City Hall and the Center City financial corridor.

TBAL will be responsible for the project’s development, marketing, and property management.

TBAL president Charles Elliott said: “Toll Brothers is thrilled to develop Broad & Noble, our first luxury apartment community in the Philadelphia region, where our company was founded over 50 years ago.
“We are excited to bring the elevated living experience we are known for to this vibrant and growing neighbourhood.”

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Broad & Noble will be an 18-storey structure with 344 rental apartment units. Credit: Toll Brothers, Inc.