Toll Brothers Buys Velocity Sibling Site, Will Build Residential

Toll Brothers Buys Velocity Sibling Site, Will Build Residential

I've learned today that mega-developer Toll Brothers has purchased the Square 699N land directly north of the Velocity Condos building on 1st Street SE for $24 million, with the intention of building a 250ish-unit residential building.

This land has been owned by the Cohen Companies since their purchase of the entire block bounded by 1st, Half, K, and L in 2005.

In fact, the garage and below-grade structure for the Toll Brothers lot is already built--that's why you see all the funny beige boxes on the land, covering vent shafts and other infrastructure items. Cohen had planned to move forward with a sibling for Velocity soon after it completed the condo building, but that never came to fruition.

This would be Toll Brothers's first building in DC proper, I believe, but they have plenty of offerings in the Metro area. And, as I found out today, they don't just do single-family homes (White Flint Station is an example of a condo building of theirs in the area). UPDATE: SWill from across the way mentions in the comments that TB bought White Flint Station after it was completed and converted it to condos from apartments. Apologies for the assumption.

More to come on this, I'm sure. And it will no doubt be seen as another indication of the strength of Near Southeast's residential market.

[And I should add that Cohen still owns the third lot on the block, along Half Street.]

5/2/12 11:08 AM | Comments (10)

Comments:

ZoolanderANDtheBoYz says: (5/2/12 1:29 PM)
I was hoping they would build a four or five start hotel. What do Toll brothers know about building a condo in a city any way. The one they built in white flint looks horrible link

sggunase says: (5/2/12 1:48 PM)
Interesting, I wonder if it will still be condos given the success of the rentals in the area.

SWill says: (5/2/12 2:18 PM)
BTW - Toll Brothers didn't build White Flint Station - they purchased the apartment complex and converted it to condos.

JD says: (5/2/12 2:20 PM)
Ah, thanks for the clarification.

ZoolanderANDtheBoYz says: (5/2/12 4:13 PM)
Interesting @Swill. So, they never built a big condo building like Velocity?

JD says: (5/2/12 4:24 PM)
No, they've built a number of them.

And I bet this might be the sort of branding this Square 699N project might come under:
link

ZoolanderANDtheBoYz says: (5/2/12 5:08 PM)
WOW awesome. Check this one out link It looks amazing.

Maelstrom says: (5/3/12 7:39 AM)
That looks like I'll never afford it. :P In other new (?) news, I rode past DPW last night (Wednesday) and it looked like teardown equipment is being lined up there that I had not noticed previously. It could be going down soon.

BillP says: (5/3/12 9:21 AM)
good find JD, the locations in manhattan and brooklyn should answer any concerns that they are not capable of building high quality projects in urban areas. one of the brooklyn projects is even certified LEED gold. clearly, cohen was not in a hurry to start phase 2. however, since toll made this purchase, we can infer they have a more aggressive timeframe in mind.

MJM says: (5/3/12 9:45 AM)
Yay! No more sculpture garden!

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