Toll Brothers Inc. has upped how tall of a tower it wants to build along Jeweler’s Row in Philadelphia and is now proposing a 29-story building to loom over the historic street.
The homebuilder had initially sought to construct a 16-story structure that would rise from six parcels it controls along the 700 block of Sansom Street.
However, after having bought the air rights to three additional neighboring properties, Toll Brothers (NYSE:TOL) is now able to boost the number of floors it plans to build, said Brian Emmons, a vice president at Toll Brothers. The properties that Toll Brothers have under agreement are expected to close early next year.
By proposing a project along Jeweler’s Row, Toll Brothers is making a move into the most historic diamond district in the country. The initial construction plans had already sparked a battle led by the Philadelphia Preservation Alliance to stop what would be deemed as a desecration of history.
Others view it differently.
Some of the property owners along the street see the project as one way to finally revitalize it after years of decline, sporadic crime, rising vacancies and a general sense of being ignored by the city.
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