Robert Toll on going urban and international
Michael Corkery of the WSJ published a great interview (subscription required) with Robert Toll on Toll Brothers recent decision to begin developing urban infill mid- and high-rise condos. In response to the question, “How do you decide which markets to enter?” Toll says,
Is there excitement in the city? Will people want to come? And has someone else succeeded? We are not going first, I will tell you that. It also has to be a great land price. We are not going into this on a ‘let’s try it’ basis. High-rise development is much more dangerous, much riskier than suburban development because you’ve got to build the whole damn thing. You can’t knock part of it off. But first the demand has got to be there. We can create destinations in mountains and valleys. But I don’t think we create destinations in cities.
He goes on to talk about his five cardinal rules for business, his recent visit to Shanghai, and Toll’s potential entry into the hyper-brand-conscious Chinese market.