This paper presents a new hardware optimized and error reduced approximate adder (HOERAA), which is suitable for field programmable gate array (FPGA)- and application specific integrated circuit (ASIC)-based implementations. In this work, we consider a FPGA-based implementation using Xilinx Vivado 2018.3, targeting an Artix-7 FPGA. The ASIC-based realizations are based on a 32/28nm complementary metal oxide semiconductor (CMOS) process. Based on FPGA implementations, we note the following: (i) For 32-bit addition involving a 8-bit least significant inaccurate sub-adder, HOERAA requires 22% fewer look-up tables (LUTs) and 18.6% fewer registers while reducing the minimum clock period by 7.1% and reducing the power-delay product (PDP) by 14.7%, compared to the native accurate FPGA adder, and (ii) for 64-bit addition involving a 8-bit least significant inaccurate sub-adder, HOERAA requires 11% fewer LUTs and 9.3% fewer registers while reducing the minimum clock period by 8.3% and reducing the PDP by 9.3%, compared to the native accurate FPGA adder. Based on ASIC-style implementations, HOERAA is found to achieve the following reductions in design metrics compared to an optimum accurate carry-lookahead adder: (i) A 15.7% reduction in critical path delay, a 21.4% reduction in area, and a 35% reduction in PDP for 32-bit addition involving a 8-bit least significant inaccurate sub-adder, and (ii) a 15.3% reduction in critical path delay, a 10.7% reduction in area, and a 20% reduction in PDP for 64-bit addition involving a 8-bit least significant inaccurate sub-adder. Moreover, comparisons with other approximate adders show that HOERAA has a significantly reduced average error, mean average error, and root mean square error, while reporting near optimum design metrics.