Toll Brothers purchases former Catholic school for .5 million to develop a new 55+ community.

Toll Brothers Inc., a prominent home builder based in Fort Washington, Pennsylvania, has acquired the site of the former St. Basil Academy in Jenkintown for .5 million. This 46-acre property was home to the Ukrainian Catholic girls school for over 90 years before it closed its doors during the COVID-19 pandemic due to declining enrollment and financial challenges.

The acquisition comes at a pivotal moment for Toll Brothers, as the company has ambitious plans for the site. According to Abington Township records, the firm intends to demolish the existing structures at 711 Fox Chase Road and construct a senior living community targeted at those aged 55 and older. The development will include the construction of 150 carriage homes, complemented by amenities such as a community pool and clubhouse. Demolition activities are anticipated to commence imminently, with reports suggesting that initial work could begin as soon as next week.

While the acquisition reflects Toll Brothers’ ongoing expansion efforts, the timing underscores the challenges currently facing the residential construction industry. The company has encountered hurdles in meeting sales and earnings projections, as seen in their first-quarter results for the fiscal year 2025. CEO Douglas C. Yearley Jr. has attributed these shortfalls to lower asset valuations and delays in pending sales.

Moreover, the housing market grapples with larger economic challenges, particularly regarding the impact of tariffs on building materials, which are forecasted to increase construction costs significantly. The National Association of Home Builders has cautioned that these tariffs will strain builders, already navigating a complex market environment.

Despite these challenges, Yearley maintains a positive outlook on the luxury housing sector, expressing confidence in the long-term prospects for new home markets, particularly within their niche.

Meanwhile, for the Sisters of Saint Basil, who have lived in the motherhouse adjacent to the school site, this sale represents a critical financial lifeline. With an average age of 84 and limited income sources, the proceeds from the sale are expected to alleviate their financial burdens, enabling them to cover rising healthcare costs and support their community initiatives. They indicated that a portion of the proceeds will also be allocated to assist the Ukrainian Catholic Church and various charitable organizations.

As construction plans unfold in Jenkintown, the recent acquisition by Toll Brothers highlights both the resilience of the real estate market and the ongoing evolution of community needs in suburban Philadelphia.