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