HUNTINGDON VALLEY, Pa., Jan. 21, 2004 (PRIMEZONE) -- Toll Brothers, Inc., (NYSE:TOL) (www.tollbrothers.com), the nation's leading builder of luxury homes, and Pinnacle Downtown, a Pinnacle Ltd. company, today announced that they have entered into a joint venture to develop an 832-home luxury condominium community on the Hoboken, New Jersey waterfront. The joint venture purchased the property from Gotham Partners, L.P.
The community will be known as Maxwell Place on the Hudson. Located on the Hudson River on the former Maxwell House manufacturing facility with spectacular direct views of Manhattan, the community will include a combination of high-rise and mid-rise luxury condominiums, approximately 1,500 parking spaces and approximately 206,000 square feet of commercial space. The project will include a beautiful waterfront park, a full-service spa and fitness center and 24-hour concierge service. Revenues from the sale of the condominiums are expected to be approximately $500 million. Pre-sales are anticipated to commence this summer.
The 24-acre site, which enjoys 1,000 feet of frontage on the Hudson River, is directly across from midtown Manhattan and is served by local and regional train and bus lines, and ferries to midtown and downtown Manhattan. It is easily accessible from the New Jersey Turnpike and the Lincoln Tunnel to the north and the Holland Tunnel to the south, both of which lead directly into Manhattan. The site is located just one block east of Washington Street in the heart of Hoboken's commercial district, an area known for its restaurants, nightlife and elegantly restored historic brownstones.
Robert I. Toll, chairman and chief executive officer of Toll Brothers, Inc., stated, "We are very excited to have joined together with Pinnacle Downtown to develop what we believe is one of the finest parcels of waterfront real estate in the United States. This project represents another major step for us as we expand our presence in affluent urban areas where our brand name reputation and success in high barrier-to-entry markets can add value to our buyers, our partners and our shareholders. We view the urban development market as one with tremendous opportunity in the 21st century."
Brian M. Stolar, president and chief executive officer of Pinnacle Ltd., stated, "Pinnacle Downtown believes that this project is a once-in-a-lifetime opportunity to bring a new standard of excellence to the urban marketplace and build a new center of commerce for Hoboken. We're delighted to be teaming up with Toll and equally thrilled to be continuing to build in Hoboken, a city we have invested in for over fifteen years. We are very pleased to have the continued involvement of Daniel Gans and George Vallone, who were instrumental in gaining local approvals and coordinating community involvement in this project. Together, we will turn this historic site into a world-class destination."
Pinnacle Ltd., which includes Pinnacle Communities, Pinnacle Custom and Pinnacle Downtown, is among the most respected real estate development and investment companies in the New Jersey and Connecticut markets. The award-winning company has built an enviable reputation in custom and luxury housing, active adult, rental, office and retail markets. Since the company's founding in 1984, Pinnacle has built in excess of 3,000 luxury attached and detached homes. The newly formed Pinnacle Downtown has already built an enviable track record in the urban marketplace and is currently redeveloping in New Jersey the former Hahne's building site in Montclair, Epstein's building in Morristown and the Maxwell House complex in Hoboken.
For more information on Pinnacle Ltd., visit their website at www.pinnaclecommunities.com or contact their Millburn headquarters at 973-379-1900.
Toll Brothers, Inc. is the nation's leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange and the Pacific Exchange under the symbol "TOL". The Company serves move-up, empty-nester, active-adult and second-home home buyers and operates in 21 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Massachusetts, Maryland, Michigan, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas, and Virginia.
Toll Brothers builds luxury single-family and attached home communities and master-planned luxury multi-product residential golf course communities principally on land it develops and improves. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, home security, landscape, cable T.V. and broadband Internet delivery subsidiaries. The Company also operates its own lumber distribution, and house component assembly and manufacturing operations.
Toll Brothers is the only publicly traded national home building company to have won all three of the industry's highest honors: America's Best Builder from the National Association of Home Builders, the National Housing Quality Award and Builder of the Year. For more information visit www.tollbrothers.com.
Certain information included herein and in other Company reports, SEC filings, statements and presentations is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning anticipated operating results, financial resources, changes in revenues, changes in profitability, interest expense, growth and expansion, anticipated income from joint ventures and the Toll Brothers Realty Trusts Group, the ability to acquire land, the ability to secure governmental approvals and the ability to open new communities, the ability to sell homes and properties, the ability to deliver homes from backlog, the average delivered price of homes, the ability to secure materials and subcontractors, the ability to maintain the liquidity and capital necessary to expand and take advantage of future opportunities, and stock market valuations. Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other Company reports, SEC filings, statements and presentations. These risks and uncertainties include local, regional and national economic conditions, the demand for homes, domestic and international political events, uncertainties created by terrorist attacks, the effects of governmental regulation, the competitive environment in which the Company operates, fluctuations in interest rates, changes in home prices, the availability and cost of land for future growth, the availability of capital, uncertainties and fluctuations in capital and securities markets, changes in tax laws and their interpretation, legal proceedings, construction defect and home warranty claims and the availability of adequate insurance at reasonable cost, the ability of customers to finance the purchase of homes, the availability and cost of labor and materials, and weather conditions.