Horsham, Pa.-based homebuilder Toll Brothers Inc. has paid $30.1 million for a development site in NoMa, the publicly traded company's second development acquisition in the District as it seeks to expand its footprint in the Washington region.
An affiliate of Toll Brothers (NYSE: TOL) acquired the 1.25-acre site from K Street Developers LLC, the development team that developed the Loree Grand at 250 K St. NE, according to D.C. land records. Those records indicate the site is part of the second phase of K Street's planned Union Place project, slated to include an additional 500 apartment units and 10,000 square feet of retail space.
Toll Brothers representatives could not be reached for comment. Ron Cohen, president of the Cohen Cos. and part of the K Street development team, also could not be reached for comment. Cohen had planned to develop the remaining portions of Union Place with backing from New York-based TIAA-CREF, but the two severed their relationship over a dispute now playing out in D.C. Superior Court.
The sale is the second transaction between Cohen and Toll Brothers. Cohen previously sold a 0.65-acre development site on Half Street in Southeast D.C. to Toll Brothers for $24 million. That site was also part of a larger projecy Cohen had planned to develop after building the Velocity condominiums at 1025 First St. SE in the same block.
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