Toll Brothers Buys Velocity Phase II
Toll Brothers announced this morning their purchase of property adjoining Velocity Condos. The proposed project will be 250 residential units. It is not yet know if they will be apartments or condos, but during a recent sale at Velocity I was told by a representative that an adjacent building would be rentals. Toll's townhome product is not likely to be an option since the subterranean parking has already been developed on the site. Toll is known in the DC Metro area mostly for their single family luxury home and townhome products. The $24M property was purchased from Cohen Companies, who bought the land in 2005, with the intent of expanding Velocity Condos in Phase II. Phase I completed in 2009 and is still selling. It consists of 200 residential units, along with 1500 square feet of retail space. Justin's Cafe is located on the ground floor.