Posted Dec 24, 2019, 5:02 AM
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Developers Prepare to Break Ground on Houston Project With Multiple Skyscrapers
Quote:
uxury apartment developer Hanover Co. and partner Lionstone Investments are getting closer to breaking ground on the first phase of a mixed-use project that is expected to be the first of its kind for both developers in Houston.
The 13.58-acre site is about 2 miles west of downtown Houston, near where Allen Parkway and Shepherd Drive intersect by Autry Park and across from the western side of Buffalo Bayou Park, a sprawling public park stretching along the bayou.
Site preparation is underway on the roughly $200 million apartment portion of the project, which is expected to include 744 units spread across a 22-story high rise and an eight-story mid-rise tower, according to the developers and state documents.
Although details are not finalized yet, the mixed-use project could ultimately include a roughly 275-key room hotel, a 300,000-square-foot office tower, two apartment towers and a new 0.5-acre park, the developers told CoStar News in interviews.
Hanover started demolishing structures at the site earlier this year and is now "actively working" on utilities and infrastructure work, Hanover CEO Brandt Bowden said in a phone interview.
"We anticipate commencing vertical construction next month," Bowden said, pending additional permitting approvals from the city of Houston. The developers have received several permits related to preparing the site and laying the foundation for the apartment towers, according to city of Houston records.
The multifamily portion is expected to take two years to build, Bowden said.
Hanover and Lionstone, both based in Houston, have not finalized the name of the project.
The full project cost for the mixed-use development wasn’t immediately available, but initial architectural estimates filed with the Texas Department of Licensing and Regulation estimated it would be $108 million for the eight-story mid-rise with apartments, retail and precast parking garage, and an additional $109 million for the mixed-use skyscraper with a five-story precast parking garage.
An entity tied to Hanover bought a portion of the property, a 4.54-acre tract at 3540 W. Dallas St., from the city of Houston for about $30.6 million in April, according to a city of Houston agenda item and Harris County deed records. The property has an appraised valued of $21.5 million, according to the Harris County Appraisal District.
Entities tied to Hanover purchased multiple parcels along Dallas Street and Marston Place from nonprofit organizations earlier this year, according to Harris County deed records.
The total project size is 13.58 acres, according to a January variance request for the project filed in the city of Houston’s Planning Commission by LJA Engineering on behalf of Hanover earlier this year.
Hanover plans to build a "highly programmed urban park," said Bowden.
The office portion of the project could include roughly 300,000 square feet in a tower about 20 stories or more, roughly 300 feet high, Bowden added.
Jane Page, president of Lionstone, said in an interview that the developers are still evaluating the "right mix" of office, hotel and retail components and have not fully committed to the office tower yet.
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HOUSTON | Hanover Autry Park Phase I | 254 FT | 22 FLOORS
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