Hanover Breaks Ground on 39-Story Apartment Tower on Kirby Drive

HOUSTON – Construction is underway on Hanover River Oaks, a 39-story apartment tower being developed on a 1.6-acre site along Kirby Drive, according to HFF.

HFF arranged the equity and construction financing for the project on behalf of the developer, Houston-based Hanover Co., and institutional investors advised by J.P. Morgan Asset Management.

The building will contain 370 residential units and about 10,000 square feet of ground-floor retail. The site sits on the west side of Kirby Drive at Steel Street, between Westheimer Road and West Alabama Street.

Average unit size is planned at approximately 1,172 square feet. Groundbreaking occurred in December, and the first units are slated to open in the first quarter of 2020.

HFF’s local team representing Hanover included Managing Director Cortney Cole, Executive Managing Director Scott Galloway and Director Dustin Selzer.

The project is located inside Houston’s Inner Loop, an area that has recently been one of the more subdued segments of the city’s multifamily market. Following Hurricane Harvey, demand tightened as many displaced residents sought rental housing.

Hanover’s Kirby Drive property is near a parcel that has been reported as a potential grocery site. A Chron.com report published on Aug. 8 indicated that H-E-B had contracted to buy a site at the northwest corner of West Alabama and Kirby, despite already operating stores nearby and owning an undeveloped site near Shepherd and Richmond. That Chronicle report, which noted the proposed Kirby Drive site sits across the street from a Whole Foods Market, was not independently verified by Realty News Report.

Jan. 5, 2018 Realty News Report Copyright 2018