courtesy of MHN online, By Amalia Otet, Associate Editor
The Hanover Co. has acquired a three-acre parcel in the Centerpoint on Mill, where it plans to build high-end housing in the Downtown Tempe development.
The deal includes $7 million for the land, and another $4.47 million that the Houston-based company will use to build a parking structure to replace the 271 public spaces on the site, according to Cassidy Turley.
Brent Moser, Mike Sutton and Brooks Griffith with Cassidy Turley Arizona’s Land Group represented the seller, DMB.
Hanover plans to break ground later this year on a six-story, 341-unit luxury apartment community; the opening is scheduled for 21 months later. In addition to the apartments, the development will include a nine-level parking structure.
Wallace Garcia Wilson Architects, Inc. of Houston is the project architect and Hanover will serve as general contractor.