NEWTOWN TWP., Pa. (CBS) — Spending at least half a million dollars can get you a 3,600 square foot home, or larger at Delancey Court.

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It’s a luxury townhouse development in Newtown Township, for those 55 and older.

In 2008 McGrath Construction had plans to develop 120 lots.

Several years later, there are 66 unfinished lots, but not for long. Toll Brothers is taking over.

“I’m thrilled,” said Delancey Court resident Sharon Schultz. “I’m really happy about Toll Brother’s purchase.”

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“It seems like Toll Brothers will deliver on what McGrath promised originally,” said Diane Mancini.

Aside from building homes, Toll Brothers will build a clubhouse and other amenities promised to residents years ago.

“During the recession, McGrath had some tough times,” said Toll Brothers Regional Vice President John Mangano. He says the housing market is projected to be strong in 2013.

The Commerce Department expects single family construction will be up 19% this year, while multi-family construction will increase 43%.

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McGrath didn’t return my phone calls for comment.