Housing Proposed for Property Adjacent Lot 1

After months of rumors, some information has turned up regarding a project on the so-called Poole Property, a tract of vacant land across Mowatt Lane from the Architecture Building, across from Lot 1. A source at the University United Methodist church reports the church is considering a land swap to “straighten out the property line,” and we found this tidbit from a College Heights Estate Association meeting:

HANOVER CONSTRUCTION CO: Aaron Adler and Adam Harbin, representatives of the Hanover Company of Houston, Texas, briefed the Board on their plans to construct luxury apartments in College Park. The development will be on the Poole Property which is located on the southwest corner of Campus and Mowat Drives. The developers propose 5-10,000 sq. ft. of retail space, a roof top pool, and a 5-7,000 sq. ft. club house. There will be 1.4 to 1.5 parking spaced per residential unit. The company will construct approximately 250 unit, each 850 sq. ft. 70% will be 1 bedroom, and 30% will be 2 bedrooms with rents proposed at $1,200. Projections are not set in stone for any of these numbers. The projected tenants are graduate students, young
professions, visiting professors, and empty nesters. Aaron and Adam showed the board members samples of their prior apartment projects across the country. Hanover has received favorable comments from Doug Duncan of UMCP. The property will need to be re-zoned. Fall 2012 is the projected date for construction completion. Hanover will keep CHEA apprised of progress.

The Hanover Company‘s portfolio includes projects in Baltimore and Towson, Maryland. Does anyone know more about this project?