Fort Washington-based Toll Brothers and PGIM, a global asset management business of Prudential Financial, have joined forces to develop Lyra, a 432-unit multifamily rental community in Boston.

The project will be the first development by Toll Brothers Apartment Living rental division. It will be located in the City on a Hill’s downtown area, where it will provide residents with easy access to arts and entertainment venues, dining options, and over 15 million square feet of commercial office space.

The 34-story building will have 376 market-rate and 56 affordable apartment units, along with a 66-space parking garage and bicycle storage space. Each unit will have high-end luxury finishes and the building will offer a best-in-class amenity package that will include a 24-hour concierge and a state-of-the-art fitness center.

The property will also feature 5,500 square feet of ground-floor retail that is purpose-built for a single-tenant dining opportunity.

“As part of our expansion throughout the northeast market, we are thrilled to enter downtown Boston with Lyra, a luxurious, amenity-rich retreat from the hustle and bustle of downtown that still provides residents outstanding access to some of the very best shopping, dining, and entertainment destinations found in the city,” said Charles Elliott, President of Toll Brothers Apartment Living.