Lovett Commercial Makes 3-Way Deal With Hanover For Mixed-Use Parcel And Separate Nonprofit Facility
Two of Houston's most high-profile local developers have cut a three-way deal to develop a mixed-use project along the Buffalo Bayou and a nonprofit mixed-use development in Houston's East End.
Lovett Commercial, behind projects like Post HTX, sold a 5.8-acre property in Houston’s rapidly developing East End neighborhood to The Center for Pursuit, Houston’s largest not-for-profit organization serving adults with intellectual and developmental disabilities. The deal frees up The Center for Pursuit to move from its current home at the corner of Shepherd Drive and Allen Parkway, which it is selling to Hanover Co. so the Houston-based developer can pursue a mixed-use project at the site in River Oaks.
The official closing was on Oct. 11 with terms and conditions undisclosed. The Center for Pursuit will build a new facility for residential and day programs for its clients in the East End. Hanover has closed on the first parcel of this two-parcel sale and is scheduled to close on the second one in late 2020.
“We are thrilled to be a part of The Center for Pursuit’s new development as their mission is one that aligns with the values of Lovett Companies,” Lovett Cos. President Frank Liu said in a statement. “This conversion of an industrial property into a mixed-use campus providing for underserved Houstonians will be a welcome addition that showcases the East End’s values.”
Until the second Hanover transaction closes, The Center for Pursuit will continue part of its residential program at the current location off Allen Parkway. The Center’s day programs, job training and employment services have moved to a temporary new facility on Kirby Drive near NRG Stadium, according to the release.
“The new campus planned for The Center for Pursuit will be an impactful addition to Houston’s East End,” said Robert Gallegos, Houston city council member for District 1, which includes the greater East End, EaDo, Clinton Park and Downtown. “This move will allow the nonprofit to broaden its footprint and better serve even more clients in an innovative new space in a booming area of our city.”
What exactly Hanover is planning at the current home of The Center for Pursuit hasn’t been released. The developer has been active in the area, piecing together various parcels for a project dubbed Hanover Buffalo Bayou. Last year Hanover paid $30.6M to the city of Houston for a 4.5-acre site at 3540 West Dallas, just across Marston Street from the Center's current home.
Altogether the parcels will likely total 13.6 acres, based on a variance request for the site submitted by Hanover to the city. Those early plans show a hotel, a residential component, an office building with coworking space, retail and plenty of green areas along the bayou.
Hanover has been busy in Houston, working on the 280-unit Hanover Post Oak, the 30-story luxury high-rise The Driscoll and the luxury apartments tower Hanover River Oaks.