Toll Brothers Moving Quickly on Midtown Phoenix Apartment Project

Article originally posted on Phoenix Business Journal on August 19, 2021

Toll Brothers Inc. (NYSE: TOL) is moving quickly on its latest project that will bring more apartment units to the Valley.

Through its Toll Brothers Apartment Living rental subsidiary, the Pennsylvania-based luxury homebuilder is already going vertical with construction on a 403-unit luxury apartment community in central Phoenix.

Known as Callia, the project at the high-profile northwest corner of Central Avenue and Indian School Road is expected to open in summer 2022. The Business Journal first reported that Toll Brothers acquired the land for the project in December 2019. The large parcel had been sitting vacant since 2009, when the buildings on the site were razed.

Todd Bowden, regional director of acquisitions and development for Toll Brothers Apartment Living, said it’s too early to define rental rates for that community.

“Midtown Phoenix has seen significant growth, and we’re excited to be a part of the vibrant neighborhood,” he said.

Callia is partnering with Boston-based The Davis Cos. on this project.

While he wouldn’t disclose total development costs for the project, Thomas Brophy, research director at Colliers International, estimates a project of this size to cost more than $70 million.

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