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Hanover Buys Land for Residential High Rise

HOUSTON-The local developer is expected to break ground in early 2005 on a 1.4-acre tract, reportedly bought for close to $4 million. The project, though still unnamed, will place 300, class A units at the gateway to the Riverway Complex.

By Jennifer Brenner Andrade | Updated on June 02, 2004

HOUSTON-The Hanover Co. has acquired a 1.4-acre tract in the Riverway Complex in the Galleria to develop a 21-story, 300-unit, class A apartment complex.

An industry source tells GlobeSt.com that the property traded for close to $4 million. Development costs for the new project, considering the land price, will likely reach $185 per sf or $190 per sf, says another source, who confided that Hanover, owner of two Galleria-area high-rise residential properties, paid $180 per sf to build the 33-story, 356-unit 1200 Post Oak.

Hanover’s newest multifamily site anchors the intersection of South Post Oak Lane and Woodway Drive, the gateway to Riverway Complex’s Omni Houston Hotel and three office buildings. Hanover declined comment on the acquisition and development.

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