The Hanover Co has acquired a plot of land in the Galleria area, just south of its Hanover Post Oak luxury apartment tower on Sky Lark Lane. The deal is expected to close in January.
Insiders told the Houston Business Journal that the developer would probably build another luxury complex on the property, but Hanover declined to confirm.
The purchase could signal a re-entrance into the Houston multifamily development market for Hanover. In January the developer had to pull out of a deal to purchase land in Upper Kirby after their investors walked away. Slumping oil prices were blamed for the collapse of the deal. Hanover then focused on other projects, including a mid-rise project in Atlanta. [HBJ]
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