Hanover Company Adding 341 Units More Multifamily to Mill Avenue District

VIZZDA—6/3/2013– Houston based Hanover Company acquired a 2.76 acre (net) site from an entity formed by DMB for $7,000,000 or $58.22 per square foot. Hanover began the re-entitlement process with City of Tempe 10/24/2012 and was recently approved by Council January 10th, 2013.

Plans call for a 341 Unit 6-story multifamily building- 84’8” high and covering 83.5% of the lot. The project will total 574,670 square feet, of which 277,717 is Rentable Square Feet; (814 square foot net avg unit- 260 one bedrooms & 81 two bedrooms). 123.6 DU/AC. Parking will total 718 spaces, including a 7-story above ground with one below.

No new debt was recorded with the sale. Hanover acquired the site per an earlier purchase agreement with DMB dated 3/25/2012 and includes a first right of refusal; plus development & parking agreements.  Hanover also entered a deferred compensation agreement with DMB, where 1.5% of gross condo unit sales are paid over a 25 year term from certificate of occupancy.

DMB previously acquired the subject the parcels 2/18/2011 from the Zaremba Group (purchaser of West 6th — W6 towers –pictured above) for $875K or $7.28 per square foot. The land is part of the larger Centerpont on Mill project; originally master planned by DMB in 1987.

DMB Contact Info

By:

Hadden Schifman

Managing Director

Vizzda.com

Rendering from site plan, positioned from the northeast corner of Maple Ave & 5th Street, southwest

Image dated 6/3/2013, positioned from the northeast corner of Maple Ave & 5th Street, directed southwest.

 

 

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