News

Matrix Announces Toll Brothers to Build Residences at Octagon Center in Bucks County, PA

Land Located in Lower Makefield to be developed for an Active-Adult Community

LOWER MAKEFIELD, Pa. (June 1, 2010) – Matrix Residential, a division of Matrix Development Group — one of the Northeast’s most respected real estate investment and development companies — has announced that Toll Brothers (TollBrothers.com) has purchased approximately 100 acres of property to build out the residential component of Octagon Center, Matrix’s dynamic master-planned, mixed-use community in Bucks County, Pa. The property will become Regency at Yardley, a luxury active-adult community.

The announcement comes on the heels of Matrix’s receipt of land development approvals to build 356 age-restricted residences — 180 carriage homes and 176 single-family detached — along with additional lifestyle amenities, on the property.

“Our decision to build out the residential component of Octagon Center is a testament to the improving conditions in the housing market, and specifically the demand that exists for active-adult housing in Bucks County,” stated John Mangano, Group President of Toll Brothers. “The incredible location and amenities planned drew us to this property and we are confident that Octagon Center will provide the lifestyle benefits that today’s buyers demand.”

“This first-class Toll Brothers community will feature a clubhouse with indoor and outdoor pools, tennis and bocce courts, a state-of-the-art fitness center, walking trails, award-winning floorplans and low-maintenance living,” said Mangano. For more information on Regency at Yardley, please call 215-938-8195.

In addition to the homes that Toll Brothers will offer, Octagon Center features retail and office space, including 40,000 square feet of medical office space that straddles the border between Lower Makefield Township and Middletown Township, and is currently available for lease.

Last year, Matrix announced that CVS Pharmacy, America’s largest retail pharmacy, committed to leasing 15,000 square feet at the development. Simultaneously, Matrix undertook $5 million in road improvements as part of an agreement with the Lower Makefield Township to help positively impact the local community. The first phase of road improvements primarily addressed access to and from Big Oak Road and Oxford Valley Road, which provide direct access to the development, particularly the retail component. The master-planned community will enable the $4-5 million worth of road improvement projects to be constructed, and is estimated to generate significant tax ratables to the community.

Matrix Development Group purchased the 186-acre property in December 2006 and has been working with the local officials and residents to ensure the development’s success in meeting the quality of life, fiscal and social needs of the surrounding community.

“Progress at Octagon Center has been possible because of the collaboration amongst Matrix, the Township and its residents to create a great place that represents a true asset to the community,” stated Russell Tepper, vice president of Matrix. “We are extremely pleased to continue the progress at the development, which will generate significant tax ratables for the local community and contribute to the enhanced quality of life here by providing a vibrant live, work and play environment.”

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About Matrix Development Group

Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The Company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and mid-Atlantic regions. Since its founding in 1979, the Company has developed real estate valued in excess of $1 billion and has been recognized for its leadership by numerous charitable, community and real estate organizations.

For more information on Matrix Development Group, please contact the company’s Cranbury, New Jersey office at 732-521-2900 or visit www.matrixcompanies.com.

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 under the symbol "TOL." Toll Brothers, a Fortune 1000 company, recently received the #1 ranking in FORTUNE Magazine's 2010 World's Most Admired Companies Survey among home building companies, and is honored to have won the three most coveted awards in the home building industry: America's Best Builder, the National Housing Quality Award, and National Builder of the Year. For more information, visit TollBrothers.com.

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Land Located in Lower Makefield to be developed for an Active-Adult Community

LOWER MAKEFIELD, Pa. (June 1, 2010) – Matrix Residential, a division of Matrix Development Group — one of the Northeast’s most respected real estate investment and development companies — has announced that Toll Brothers (TollBrothers.com) has purchased approximately 100 acres of property to build out the residential component of Octagon Center, Matrix’s dynamic master-planned, mixed-use community in Bucks County, Pa. The property will become Regency at Yardley, a luxury active-adult community.

The announcement comes on the heels of Matrix’s receipt of land development approvals to build 356 age-restricted residences — 180 carriage homes and 176 single-family detached — along with additional lifestyle amenities, on the property.

“Our decision to build out the residential component of Octagon Center is a testament to the improving conditions in the housing market, and specifically the demand that exists for active-adult housing in Bucks County,” stated John Mangano, Group President of Toll Brothers. “The incredible location and amenities planned drew us to this property and we are confident that Octagon Center will provide the lifestyle benefits that today’s buyers demand.”

“This first-class Toll Brothers community will feature a clubhouse with indoor and outdoor pools, tennis and bocce courts, a state-of-the-art fitness center, walking trails, award-winning floorplans and low-maintenance living,” said Mangano. For more information on Regency at Yardley, please call 215-938-8195.

In addition to the homes that Toll Brothers will offer, Octagon Center features retail and office space, including 40,000 square feet of medical office space that straddles the border between Lower Makefield Township and Middletown Township, and is currently available for lease.

Last year, Matrix announced that CVS Pharmacy, America’s largest retail pharmacy, committed to leasing 15,000 square feet at the development. Simultaneously, Matrix undertook $5 million in road improvements as part of an agreement with the Lower Makefield Township to help positively impact the local community. The first phase of road improvements primarily addressed access to and from Big Oak Road and Oxford Valley Road, which provide direct access to the development, particularly the retail component. The master-planned community will enable the $4-5 million worth of road improvement projects to be constructed, and is estimated to generate significant tax ratables to the community.

Matrix Development Group purchased the 186-acre property in December 2006 and has been working with the local officials and residents to ensure the development’s success in meeting the quality of life, fiscal and social needs of the surrounding community.

“Progress at Octagon Center has been possible because of the collaboration amongst Matrix, the Township and its residents to create a great place that represents a true asset to the community,” stated Russell Tepper, vice president of Matrix. “We are extremely pleased to continue the progress at the development, which will generate significant tax ratables for the local community and contribute to the enhanced quality of life here by providing a vibrant live, work and play environment.”

###

About Matrix Development Group

Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The Company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and mid-Atlantic regions. Since its founding in 1979, the Company has developed real estate valued in excess of $1 billion and has been recognized for its leadership by numerous charitable, community and real estate organizations.

For more information on Matrix Development Group, please contact the company’s Cranbury, New Jersey office at 732-521-2900 or visit www.matrixcompanies.com.

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 under the symbol "TOL." Toll Brothers, a Fortune 1000 company, recently received the #1 ranking in FORTUNE Magazine's 2010 World's Most Admired Companies Survey among home building companies, and is honored to have won the three most coveted awards in the home building industry: America's Best Builder, the National Housing Quality Award, and National Builder of the Year. For more information, visit TollBrothers.com.