ATLANTA (Feb. 28, 2017) – A Houston developer is giving Novare Group a run for the money in the race to become Atlanta’s “Apartment King.”
Hanover Co. of Houston currently has more than 1,700 luxury apartment units under construction in Buckhead, Midtown and the Central Perimeter, according to a report in today’s Bisnow Atlanta e-newsletter. Hanover’s pipeline represents about 13% of Atlanta’s luxury apartment construction.
Nearly 13,300 “fancy flats” are under way in metro Atlanta right now, according to a Wall Street Journal article under the headline, “Luxury Apartment Boom Looks Set to Fizzle in 2017.” Jim Borders’ Novare pretty much kicked off the latest apartment building cycle with various SkyHouses in Midtown and Buckhead.
Hanover, known in Atlanta for The Hanover (now The Paramount condo high-rise at Alliance Center in Buckhead, isn’t worried by the WSJ report or concerns of overbuilding in Atlanta.
That doesn’t scare us. We’re big believers in Atlanta,” Hanover partner Adam Harbin told the audience at Bisnow’s Buckhead Update event on Feb. 22. I moderated the panel and pressed Harbin, but in the end, his confidence spread to me. I’m a believer.