After Two And A Half Years, Hanover Finally Closes Upper Kirby Tract For High-Rise
Two and a half years after the deal was initially set to close, The Hanover Co has completed the acquisition of a 1.7-acre site off Kirby Drive near the West Ave mixed-use project. The developer is moving forward with plans to build a 40-story, 300-plus-unit high-rise and stand-alone restaurant on the tract. The $150M project designed by Solomon Cordwell Buenz is set to begin construction within the next 12 months.
The developer showed commitment towards the project. Its initial capital partner pulled out when the price of oil fell, but that wasn't going to stop Hanover. It was a long process to find another capital partner willing to finance a luxury apartment in Houston amid an oil slump. ARA Newmark Houston—led by Tim Dosch, Tom Dosch and David Marshall—repped the seller, the Dickey-Lippincott family, which owns several parcels of land along Kirby Drive.
While the price was not disclosed, Tim told the Houston Business Journal, "it was the highest land price along Kirby that we know of." [HBJ]