The Hanover Co. is under contract to buy land in the Galleria area.

The Houston-based multi-family developer plans to purchase a parcel of land just south of its Hanover Post Oak luxury apartment tower off South Post Oak Lane. The deal is expected to close by mid-January.

In January of this year, Hanover began pulling back from developing new projects in Houston. At the time, the national developer had plans to purchase land in Upper Kirby to build a 30-story, 300-unit luxury apartment tower. However, amid the downturn in Houston’s energy sector, Hanover’s capital partners pulled their support, leaving the company scrambling to find new investors.

Hanover, which has a track record for developing high-end apartment projects, seems poised to return to Houston’s multifamily market despite the oil slump.

Ed Wulfe, the developer of the nearby BLVD Place luxury retail center, told the Houston Business Journal that “there will probably be another high-rise apartment built on the land next to the Hanover tower.”