Luxury home builder Toll Brothers on Monday said it plans to build nearly 900 homes in West Virginia’s Martinsburg market, a suburb of Washington, D.C.
The builder has plans to build 895 homes in five single-family and town home collections located off Delmar Orchard Road in Martinsburg, targeting those who work near D.C. The master-planned community of Martinsburg Station is slated to open in early 2006.
The Horsham, Pa.-based company has been building homes in the Washington, D.C., area for more than a decade, Chairman and CEO Robert Toll said.
West Virginia is linked to the major employment centers of the metro D.C. area, including the I-270 Technology Corridor in suburban Maryland and the Dulles Technology Corridor in suburban Virginia, by an excellent transportation network, including I-81 (north/south) and I-70 (east/west) and the MARC commuter train to downtown D.C.
Toll Brothers serves move-up, empty-nester, active-adult and second-home buyers and operates in 20 states.
The company earlier this month cut its national sales forecast for 2006, citing moderating home prices, softening demand and a tougher regulatory environment. The company estimates delivering between 9,500 and 10,200 homes in fiscal 2006, down from its previous guidance of 10,200 to 10,600 homes.
After falling 4.2 percent at stock market close Monday, Toll Brothers shares (NYSE: TOL) were up 4.1 percent this morning, trading at $36.44.
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