Toll Brothers Apartment Living continues to expand as it pursues a Boston, Mass., project, and breaks ground on a project in the metro Atlanta, Ga., market. The Atlanta project represents its first foray into this market.
In Boston, Toll is pursuing a Chapter 40B apartment development planned for 770 Broadway that will feature a mix of 300 units including studio, one-bedroom, two-bedroom and three-bedroom apartments. On March 27, representatives for the developer conducted a site visit on the 46-acre parcel where Saugus Residential LLC intends to build a four-story apartment complex called Saugus Ridge.
Otto Weiss, a project manager with Toll Brothers Apartment Living, told a group of town officials and department heads who participated in the site walk that the development would take up approximately 25 acres. He noted that the land is currently under agreement for purchase.
First Atlanta Project to Open Summer 2019
In Atlanta, Toll has broken ground on a new 348-unit apartment building named Oleander in Executive Park in Brookhaven, Ga.. The new residential units are slated to open next summer on Executive Park West.
Emory University purchased 60 acres of Executive Park in 2016 and teamed up with the Atlanta Hawks to build a state-of-the-art Atlanta Hawks/Emory Healthcare training facility. The new Oleander apartments will be located adjacent to the facility.
Across the street, Children’s Healthcare of Atlanta is undertaking an 80-acre expansion of its North Druid Hills campus including a new $1.3 billion hospital.
“Oleander will be a key piece of the master plan by bringing in a luxury residential component,” said Stephen Bates, Atlanta’s Director of Acquisitions and Development, Toll Brothers Apartment Living..
Toll planned to build apartments two years ago at Pill Hill’s now stalled Peachtree Dunwood Pavilion redevelopment. Some of those apartments were going to be designed for hospital workers.
Oleander will be a 5-story wood-framed building featuring 348 luxury apartment homes. There will be an on-site 551-space parking garage and the complex will include a resort style pool, a state-of-the-art fitness center, a club room with a coffee bar, a dining room and courtyards. Co-working spaces will be available. There will also be a pet spa and a dog park.
Toll Targets Early 2019 Construction Start in Boston
If all goes according to plan, Weiss said he would like to see construction begin on Saugus Ridge in early 2019. It typically takes between 18 months and two years of construction for a Toll Brothers project, he added.
The developer wants to construct two buildings that join in a center lounge/lobby area. Weiss said that his team is looking at possibly having a pool on the property. A majority of the apartment units would face south to provide views of the Boston skyline, according to Toll Brothers.
Weiss told the group the proposal calls for the development of an access road that connects the apartment buildings to Route 1 on Route 1 North.
Town Meeting member Thomas Traverse asked if Toll Brothers intends to have any other access to the apartment buildings. Traverse said that residents have expressed concern over potential access to Saugus Ridge via neighborhood streets. The parcel under Saugus Residential LLC’s control extends to the border of Prankers Pond.
Weiss responded that there is no access through neighborhoods planned for the development. He pointed out that a traffic study is being prepared.
Weiss said that the site visit is only step one in pursuing a Chapter 40B project. The developer is in the process of trying to secure a project eligibility letter from MassHousing.
In a letter sent to the town, Jessica Malcolm of MassHousing spelled out that Saugus Residential LLC is planning to apply for a comprehensive permit under Chapter 40B, a state statute that allows local zoning boards of appeals to approve affordable housing developments under flexible rules if at least 20 to 25 percent of the units have long-term affordability restrictions.
The developer’s intent is to set aside 25 percent of the rental units as affordable housing and to offer the rest at market rate.
Comments from the town about the Saugus Ridge proposal were originally supposed to be submitted to MassHousing by March 30. However, Malcolm said MassHousing granted an extension requested by the town, which now has until April 30 to offer comments pertaining to the Chapter 40B proposal.
Toll Brothers Apartment Living has completed major urban rental projects in the New York City and Washington, D.C., markets as part of a nationwide rental community pipeline in both urban and suburban markets totaling 14,500 units either completed, in construction, under development, or in planning.
Toll develops and operates for-rent apartments through joint ventures. At October 31, 2017, both wholly owned or through joint ventures, Toll controlled 43 land parcels as for-rent apartment projects containing approximately 14,450 units. These projects, which are located in the metro Boston to metro Washington, D.C. corridor; Atlanta, Georgia; Dallas, Texas; and Fremont, California are being operated, are being developed or will be developed with partners under the brand names Toll Brothers Apartment Living, Toll Brothers Campus Living and Toll Brothers Realty Trust.
Reported by WickedLocal North of Boston (March 28, 2018)
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