SAN DIEGO, June 24, 2022 (GLOBE NEWSWIRE) -- Toll Brothers Apartment Living(TM), the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), the nation's leading builder of luxury homes, today announced the groundbreaking of The Lindley, a 37-story, 422-unit luxury high-rise apartment building on the edge of Little Italy in San Diego. Totaling more than 800,000 square feet, including more than 12,000 square feet of ground-floor retail space, The Lindley will be one of the largest multifamily projects ever developed by Toll Brothers in the decadelong history of the firm's Apartment Living business and serves as the firm's new flagship multifamily development in California.
The June 23 groundbreaking celebration was attended by senior executives from Toll Brothers Apartment Living, The Lindley's development partners, local elected and appointed officials, and members of the media.
"The Lindley proudly announces our firm's arrival to the thriving San Diego market," said Charles Elliott, President of Toll Brothers Apartment Living. "This project will represent the very best of what Toll Brothers Apartment Living can build, and as one of our flagship properties, it will embody a new standard of luxury development in this city; a standard which we're already building across the country."
The Lindley was designed by the renowned Joseph Wong Design Associates. Site development and construction began in early 2022 and is anticipated to be completed by late 2024. The Lindley will be situated at the corner of Columbia Street and Ash Street in San Diego's business district of Columbia. Located just steps away from endless dining and entertainment opportunities in Little Italy, Harborview, Embarcadero, and the Gaslamp Quarter, The Lindley offers convenient access to PETCO Park, Balboa Park, the Santa Fe Rail Station, and the San Diego International Airport.
"The Lindley is going to set the bar for what San Diegans can expect from urban luxury apartment living in their city," said Michael McCann, Southern California Regional Director of Toll Brothers Apartment Living. "From the quality of the materials to the extraordinary amenity offerings, The Lindley demonstrates that we are ready to compete with the most luxurious rental offerings available anywhere in the market."
The Lindley will include studio, one- and two-bedroom floor plans, as well as penthouse and townhouse residences. The building will feature an above- and below-grade structured parking garage with 561 parking spaces and capacity for 222 EV (electric vehicle) charging stations. The first-floor grand lobby and mezzanine host the onsite property management, concierge, mail, and secured package room. Throughout the property, residents will enjoy high-end finishes, secured keyless entry, Wi-Fi, and more than 22,000 square feet of interior and exterior amenity space. Most amenities will sit atop the building's seventh-floor podium and feature an outdoor pool and spa, barbecue grills, pet spa and dog walk, indoor/outdoor fitness center, massage rooms, yoga spaces, sauna, coworking spaces, game room, club room, lounge, and wine bar. Rooftop amenities include a rooftop lounge, demo kitchen, and sky deck providing excellent views of downtown San Diego.
The apartments will feature LVT flooring, European-style cabinetry, quartz countertops with tile backsplashes, stainless steel appliances, energy-efficient LED lighting, and smart thermostats. The penthouse and townhouse residences, located exclusively on floors 35-37, will feature higher ceilings, hardwood flooring, quartz backsplashes, upgraded appliances, and automatic shades. All residences will have private balconies, with four of the townhouses featuring additional private rooftop patios.
The Lindley will earn LEED Gold certification. To achieve this standard, all demolition materials were responsibly recycled, and sustainably sourced materials will be employed throughout. Rainwater will be collected from the site and passed through biofiltration processes before entering stormwater drainage. Environmentally friendly cleaning products will be exclusively used in the building's operations. Residents will be able to enjoy EV fast-charging stations. The Lindley will also meet Type 1 construction standards, which utilizes a noncombustible, fire-resistive concrete and steel structure.
Affordable housing is also a critical part of the development project. As part of The Lindley's entitlement agreement, Toll Brothers Apartment Living is making a significant contribution toward the development of affordable housing off-site, which helps to fulfill the city of San Diego's initiative of increasing affordable housing opportunities for its residents. This contribution will directly support the construction of 42 affordable housing units in downtown San Diego, which will be developed by Trestle.
The Lindley marks the first Toll Brothers Apartment Living project to break ground in San Diego, and the third to break ground in California following Cameo in Orange, California, which was sold in 2021, and Rafferty in Santa Ana, California, which is scheduled to open its doors to residents in early 2024. The Lindley represents the continued expansion of Toll Brothers Apartment Living in California, with the firm currently poised to have nearly 1,300 residences within three projects actively under construction in Southern California before the end of 2023.
In 2021, the firm's platform expanded dramatically nationwide, as well. Toll Brothers Apartment Living began construction of 3,621 units located in more markets than ever before, an increase of 416% over the previous year, which marked the greatest single-year growth period in its history. Toll Brothers Apartment Living is ranked as the 11th largest multifamily developer in the United States by the National Multifamily Housing Council's (NMHC) 2022 NMHC 50.
For more information about The Lindley visit LiveTheLindley.com.
About Toll Brothers Apartment Living(TM)
Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (NYSE: TOL), an award-winning FORTUNE 500 company, and the nation's leading builder of luxury homes. Toll Brothers Apartment Living brings the same quality, luxury, and service for which Toll Brothers is known to its exceptional rental and mixed-use communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix, and Washington, DC. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, design, and the expertise of America's Luxury Home Builder(TM). In 2022, NMHC ranked Toll Brothers Apartment Living the 11th largest apartment developer in the United States. Today, the firm has developed nearly 8,500 units, has nearly 4,500 units under management, and controls a national pipeline of more than 20,500 units. For more information visit TollBrothersApartmentLiving.com.
About Toll Brothers
Toll Brothers, Inc., a FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company was founded 55 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, golf course development, smart home technology, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations.
Toll Brothers was named the World's Most Admired Homebuilder in FORTUNE magazine's 2022 survey of the World's Most Admired Companies(TM), the seventh year it has been so honored. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.
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Sent by Toll Brothers via Regional Globe Newswire (TOLL-REG)
Andrew L. Gagliano
Toll Brothers Apartment Living
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