Toll Brothers JV Breaks Ground on DC Luxury Project
This Opportunity Zone project is scheduled for completion next year.
Toll Brothers’ rental subsidiary, Toll Brothers Apartment Living, and joint venture partner CrossHarbor Capital Partners have broken ground on Vermeer, a 13-story, 501-unit mixed-use community in Washington, D.C.’s Buzzard Point neighborhood.
Site work on Vermeer, which is located within the Capital Riverfront Business Improvement District, began in late 2022. Completion of the property is expected by 2024.
The community will be the firm’s fourth project in Washington, D.C., marking the firm’s continued expansion. Toll Brothers has more than 3,000 units online or under construction in the District. Its other properties in the area include Parc Riverside, a 595-unit community also situated in the Capitol Riverfront Business Improvement District, as well as Union Place, a 14-story, 525-unit luxury community in the NoMa neighborhood and Banner Lane in NoMa, a neighborhood north of Massachusetts Ave. Vermeer is also the firm’s fifth Opportunity Zone project.
The project is being financed through a construction loan from Bank OZK. Additional information pertaining to the financing could not immediately be learned.
Designed by KTGY, Vermeer is set to achieve LEED Silver certification. The property is adjacent to Audi Field, home to the D.C. United and Washington Spirit, the city’s respective men’s and women’s professional soccer teams.
A rooftop courtyard will give Vermeer residents unobstructed views into the stadium. The transit-oriented development will be within walking distance of the Navy Yard and Waterfront Metro stations. The property includes a 267-space below-grade parking garage with electrical vehicle charging stations. Approximately 37,000 square feet of ground-floor retail space will also be available.
Apartment floor plans will range from 461 to 1,556 square feet, with a unit mix of studios, junior one-bedrooms, one-bedrooms with and without dens, junior two-bedrooms, two-bedroom units with and without dens and three-bedroom units. Features include keyless Latch door locks, LED lighting, movable kitchen islands, mudrooms and closets with custom closet organizers. Select units will have private balconies and terraces with views of the Potomac and Anacostia rivers and Audi Field.
Community amenities include a rooftop pool, a fitness center with a hydration bar, a lounge area, an outdoor lounge with a firepit, a game room, a private dining room with a bar, a great room, an outdoor grill area and tiered seating overlooking Audi Field. Additional features include courtyard lounges, a pet spa, coworking space, conference rooms, bicycle storage and tenant storage space.
Earlier this month, Toll Brothers and joint venture partner Pondmoon Capital USA opened Notion, a 290-unit luxury property in the Atlanta suburb of Decatur, Ga. The joint venture partners are also developing Mirra, a 285-unit apartment community in Frisco, Texas, near Dallas. The first move-ins are expected in the fall of 2024 with completion slated for spring 2025.
Toll Brothers already has several multifamily communities in the Dallas-Fort Worth metro, including Kilby, Remy and Ferro, another project developed with Pondmoon Capital.