Toll Brothers has purchased the 168-acre Stone Meadow Farms property in Middletown Township for $40.5 million from developer Foxlane Homes. A statement issued by Toll Brothers said it will construct homes designed for residents age 55 and older at the Stone Meadows Farm site but did not confirm how many homes are planned. Foxlane Homes had Middletown Township approval to build 159 homes on the property. Development plans at the site have faced community opposition for years, and after close to three years of litigation, in May 2022 township supervisors approved a zoning overlay at the Stone Meadows property to restrict housing to the 55 and older community. A fiscal impact analysis showed an age-restricted development would yield a surplus of $1.5 million of tax revenue because the school district would not incur additional costs. Another 67 acres of land nearby, still owned by the Stone family, has been conserved and will remain undeveloped.
Source: Philadelphia Business Journal; 4/9/2024 & The Reporter; 4/15/2024