Fort Washington-based Toll Brothers has decided to part ways with King of Prussia-based Piazza Auto Group on an apartment project in Ardmore, writes Jake Blumgart for The Philadelphia Inquirer.

The development, which is slated to be Ardmore’s largest apartment building, would replace the Acura and Volkswagen dealerships owned by Piazza. The auto group does not have much experience with residential development, which is why it decided to partner with Toll for the planned 279-unit apartment complex.

However, the partnership that was established five years ago came to an end earlier this month.

“We are separating from Toll Brothers as a result of the market conditions that have developed over two to three years with the pandemic and costs increasing,” said Rich Orlow, a Certified Public Accountant and Attorney who represents Piazza Auto Group’s owners.

Piazza plans to continue with its basic existing plan that calls for demolishing the two dealerships and a nearby IHOP to create space for an apartment building with a partly underground 615-space parking garage. The building will also include 70,000 square feet of retail.

Piazza is likely to look for another partner for the project, said Orlow.

Read more about the project taking a different turn in The Philadelphia Inquirer.