By Eric Jay Toll for Arizona Builder’s Exchange
Original source: Business Real Estate Weekly of Arizona
A 341-unit luxury apartment is planned by The Hanover Co., Houston, Tex., on a 2.8 acre parcel adjoining the Centerpoint West Sixth towers. The 22 and 30 story buildings claim some of the highest rents in the Valley, a fact attracting Hanover to seek zoning approval.
The council has final action scheduled for January 10. If approved, Hanover will buy the property, on the corner of Maple Ave. and Fifth St., Tempe, for nearly $10M ($3.6M/acre) before the end of February and start construction by mid-summer.
Wallace Garcia Wilson Architects, Houston, is designing the six story luxury complex. According to Eric Kenney at The Hanover Co.’s local office, the site is already approved for towers. The Hanover Co. has completely redesigned the community to a lower elevation. An elaborate collection of resident amenities are planned for the structure. The developer will be the general contractor for the project. “We essentially started over from the ground up,” he said.
DMB & Associates, the original developer of Centerpoint, is the seller. Cassidy Turley handled the transaction for the parties. Hanover developed the Lodge at Arrowhead Town Center in 2001 and is known for its posh residential developments.
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