Hanover Co. Acquires Andover Site for $2.5M to Build 334-Unit Multifamily Project

Why It Matters

The project injects sizable housing supply into a constrained Boston‑metro market while using state incentives to streamline approvals, highlighting the accelerating shift from office to residential assets.

Key Takeaways

• Hanover Co. bought 300 Minuteman Rd for $2.5 M
• Plan calls for 334 multifamily units and 515 parking spaces
• Developer may use Massachusetts “40B” affordable‑housing exemption
• Site previously sold for $9.5 M in 2015, now at lower price
• Project part of broader Minuteman Park mixed‑use redevelopment

Pulse Analysis

The Andover acquisition underscores a growing appetite among developers to tap suburban sites that were once dominated by office use. With Boston’s rental market still tight and vacancy rates low, a 334‑unit addition can relieve pressure on nearby corridors while delivering higher‑density living options. Leveraging the state’s Chapter 40B law, Hanover Co. can negotiate reduced parking requirements or height allowances in exchange for a share of income‑restricted units, a strategy that aligns profitability with public‑policy goals.

Beyond the immediate project, the deal signals a broader re‑imagining of the Minuteman Park campus, a 1 million‑square‑foot office complex that has seen multiple parcel sales in recent years. Converting portions of the park to residential use responds to shifting employer needs for mixed‑use environments and reflects a regional pivot toward “live‑work‑play” communities. The inclusion of 515 parking spaces suggests a balanced approach, catering to both car‑dependent residents and potential transit‑oriented development as the area’s infrastructure improves.

Financing conditions remain favorable, as evidenced by nearby large‑scale deals like Boylston Properties’ $105 M loan for a 295‑unit project in Newtonville. Such capital availability, combined with state incentives, encourages developers to pursue ambitious conversions. For investors, the Andover transaction illustrates how strategic acquisitions at discounted prices can yield outsized returns when paired with policy tools that accelerate permitting and enhance marketability, reinforcing the Boston metro’s reputation as a hotbed for adaptive reuse and multifamily growth.

Deal Summary

Houston-based Hanover Co. completed the acquisition of 300 Minuteman Road in Andover for $2.5 million from Spear Street Capital. The site is slated for a 334‑unit multifamily development with 515 parking spaces, potentially leveraging the state’s 40B affordable‑housing program. The transaction was reported on May 26, 2026.