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Potential buyer under contract to purchase iconic Montrose tower

November 22, 2013 Leave a comment Go to comments

A notable structure in the heart of Montrose could come down to make way for future development, according to the Montrose Management District.

The building at 3400 Montrose has been sold twice since 2010 and, during that time, was purchased out of foreclosure. It has been vacant since 2011.

The 10-story, 96,849-square-foot structure at 3400 Montrose — which once held Scott Gertner’s SkyBar ( and Cody’s Jazz Club ) and now stands vacant — may soon have a new owner.

Houston-based Hanover Co. is under contract to purchase the building, which has an estimated value of $1.9 million, according to Harris County Appraisal District documents.

The company could not comment on what it might do with the structure. But Hanover is known for its many luxury multifamily projects in the Houston area, including the Galleria area’s next high-rise next to Blvd Place.

“I would expect a major component of the project will be luxury apartments,” said Ray Lawrence, director of economic development with the Montrose District. “It’s an older building, and I understand that it does have asbestos that would have to be abated. It’s really an obsolete building; there’s no way they could remodel.”

Last time Houston Business Journal reported on the building, we mentioned it would cost more than $1 million to demolish

Shaina Zucker covers commercial and residential real estate, construction, retail and hospitality for the Houston Business Journal.the building, taking with it more than 60 years of history.

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