Toll Brothers has purchased the 46-acre site of the former Saint Basil Academy in Jenkintown for $9.5 million, writes Paul Schwedelson for the Philadelphia Business Journal.
The Fort Washington-based luxury homebuilder plans to transform the former school grounds into a 150-home age-restricted carriage home community for buyers 55 and older.
The property, located at 711 Fox Chase Road across from Manor College, was once home to Saint Basil Academy, which operated for 90 years before closing in 2021 due to pandemic-era challenges and declining enrollment. The land was sold by the Sisters of the Order of Saint Basil the Great, who announced the transfer in February.
Plans for the new neighborhood include a clubhouse and a pool, with Abington Township signing off on the development in May 2024.
While Toll Brothers has been a bit more selective with land purchases—CEO Douglas Yearley Jr. mentioned the company is “pumping the brakes a little bit”—they’re still staying active in the Philadelphia suburbs. In addition to the Jenkintown project, Toll is building in Collegeville and King of Prussia, and just spent $7 million on a 61-acre Bucks County site.
Read more about Toll Brothers and the former site of St. Basil’s Academy in the Philadelphia Business Journal.
