Toll Brothers has purchased a 22-acre site in Downingtown with plans to construct 89 townhouses on the property, writes Paul Schwedelson for the Philadelphia Business Journal.

The Fort Washington-based homebuilder bought the parcels at 1130 and 1136 Horseshoe Pike from ELU Planebrook Guthriesville for $6.23 million. The property is located two miles from Route 30 and Downingtown Middle School.

The company plans to commence on-site improvements in the next several weeks. The townhome community will be called Stonemill Village. According to John Dean, Pennsylvania and Delaware division president for Toll Brothers, the company expects to start selling homes there by next spring.

The homebuilder has been expanding its presence in the Philadelphia suburbs in the past months.

Earlier this spring, Toll Brothers bought the Stone Meadows Farm in Bucks County for $40.5 million, where it plans to construct a 55-plus community. Meanwhile, the developer also acquired a 21-acre site near Phoenixville in November for $2.64 million.

Chester County is currently the most expensive county in the Philadelphia region for homebuyers with a median sale price of $499,900 in March.

Read more about the project in Downingtown to build townhouses at the Philadelphia Business Journal.

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