Hanover Will Add to Its Apartment Projects in Santa Monica

Los Angeles-based Hanover Financial Co. will build 96 apartments in Santa Monica on two parcels the company has acquired.

Hanover, which already has 200 apartment units under development in Santa Monica, expects to begin construction on its newest apartments this year and complete them in early 2003.

The project will include two buildings of 48 units each and approximately 3,000 square feet of retail space, at 1536 and 1540 6th St. Hanover will work on the project in partnership with Santa Monica-based JSM Construction Co., which is the general contractor for the buildings, said Michael Lowinger, a managing partner with Hanover. Killefer Flammang Purtill Architects of Santa Monica will design the project.

Hanover didn’t disclose construction costs, but an industry source conservatively estimated the combined cost of the buildings at $18 million to $19 million.

Hanover, which operates as a joint venture partner with developers and investors, has acquired about $350 million in commercial real estate in the last two years and sold about $100 million of property during that time, Lowinger said.