Houston's Hanover Enters Downtown Multifamily Market

ATLANTA-Hanover Cos. of Houston is buying a 1.47-acre block to build 250 loft apartments Downtown. It is the company’s first venture in Atlanta. The Texas developer is paying Centennial Olympic Park Area Inc. $3.1 million or $2.1 million per acre ($48.41 per sf) for the land which is the middle parcel of a three-tract, nine-block area near Centennial Olympic Park. The sale closes in April.

Over the last several years, Centennial Olympic Park Area Inc., a subsidiary agency of Central Atlanta Progress, assembled the land from eight individual owners at an undisclosed price.

Developments for the adjacent two tracts include the $130 million Museum Tower at Centennial Hill, a mixed-use project on three acres which began last July. Planned for the other side of the Hanover block is Centennial House, a 101-unit condominium slated for construction by spring.