HOUSTON – (Realty News Report) – An affiliate of Hanover Co., a Houston firm that develops high-rise apartment towers, is acquiring a 4.5-acre site near Buffalo Bayou Park, just west of downtown.
The site, 3540 West Dallas, will be acquired from the City of Houston for $30.6 million after being listed by David Cook of Cushman & Wakefield. The property, formerly used as the Harris County Juvenile Detention Facility, is on the south side of the bayou between Dunlavy and Shepherd Drive.
The new Hanover tower will include some retail space, the City reported. The city received four offers for the property and Hanover’s was the highest, a city document said.