Toll Brothers buys former Catholic school for $9.5 million, plans to build a 55+ community
The company is set to construct 150 carriage homes, a pool, and a clubhouse on the 46 acres in Montgomery County.
Toll Brothers has purchased the site of a former Catholic school in Jenkintown and plans to start construction on a 55+ community on the property.
The Fort Washington-based home builder paid $9.5 million, according to Montgomery County officials, for 46 acres that was the longtime home of St. Basil Academy. The 90-year-old Ukrainian Catholic girls school closed during the pandemic, citing declining enrollment and financial pressures.
According to Abington Township records, Toll Brothers plans to demolish the existing buildings at 711 Fox Chase Rd. and construct 150 carriage homes, a pool, and a clubhouse on the property, as first reported Monday by the Philadelphia Business Journal. Demolition could begin as soon as next week, according to the Glenside Local, citing a letter sent to nearby residents.
Toll Brothers’ February purchase came at a precarious time for home builders.
The company — which calls itself “America’s Luxury Home Builder” — fell short of sales and earnings projections in the first quarter of fiscal year 2025. In a February interview, CEO Douglas C. Yearley Jr. said he attributed the miss to lower asset values and “a delay in the pending sale of an apartment property that is now expected to close later in year.”
But new challenges loom for the industry. President Donald Trump’s tariffs on imports are expected to drive up the cost of home building, according to the National Association of Home Builders, a trade group that represents more than 130,000 residential construction professionals.
In February, before all of Trump’s tariff plans were announced, Yearley expressed optimism, telling The Inquirer: “The long-term outlook for the new home market is very positive, especially for our luxury niche.”
Toll Brothers did not return a request for comment for this article as of Wednesday afternoon.
For the Sisters of Saint Basil, the sale of the school property is a godsend.
As of February, when ownership was transferred, two dozen sisters of Saint Basil still lived at the order’s motherhouse across the street from the closed school. The women have an average age of 84, with “virtually zero income” to help cover their increasing medical costs and other needs, they said in a statement posted to their chapter’s website.
“The sale to Toll Brothers will allow the Sisters to pay for their health care and other basic living expenses for the next several years,” the sisters wrote. “A portion of the proceeds from the transaction will be tithed to support Sisters of Saint Basil around the world, the Ukrainian Catholic Church, and community organizations.”