According to the Dallas Morning News, Pennsylvania-based Toll Brothers — one of the nation’s leading homebuilders — is contracted to buy a prime building site just southeast of Southern Methodist University from Dallas investor Westdale.

Located at North Central Expressway and Mockingbird Lane, the high-profile land is next to the nine-story Palomar condo tower that was built in 2006 and contains over 50 residences. The original owner intended to build a companion residential high-rise on the vacant land, but the project never got off the ground. Six years later, Westdale purchased the property along with all unsold condos.

Though Toll Brothers hasn’t divulged its intentions for the land, the site is ideally situated for a new residential building. The Central Business District in Downtown Dallas is a straight shot down North Central Expressway. University Park is nearby. Mockingbird (DART Rail) Station is within walking distance, and the property has direct access to the Katy Trail. 

A residential project is also a great fit with Toll Brothers’ other Dallas projects that are underway, including a high-rise rental building near Turtle Creek in the Oak Lawn neighborhood and 280 residential units on West Commerce Street in West Dallas.