Hanover Buys 2 Acres, Plans $150M MF

Multifamily developer Hanover Co. closed on 1.7 acres in Upper Kirby, on Steel Street, just off Kirby Drive near Kipling Street in Houston. The company is planning a 40-story, 300-unit apartment tower and stand-alone restaurant on the property. Hanover hopes to start construction on the $150 million project within the next year.

The site at 2600-2700 Steel St. once held the Kirby Court Apartments, which closed down in late 2014. Hanover had its eye on the site for two years – even when one of its capital partners pulled out in early 2015, due to the oil slump.

Tim Dosch, Tom Dosch and David Marshall with ARA Newmark Houston represented the seller, the Dickey-Lippincott family. The land price was not disclosed, but according to ARA Newmark Houston, the deal represented the highest price in Houston, outside of the CBD and Galleria submarkets.

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