Construction is expected to begin this spring on a four-story, 46-unit apartment project at 509 SE Sixth St. that will increase affordable housing options for families who want to live near Des Moines’ central business district, according to city documents.

The $15 million Foundry Lofts project will include 25 two-bedroom apartment units; 15 three-bedroom units; and six one-bedroom units.

“Foundry Lofts provides a unique opportunity for larger households to live affordably in a downtown setting,” city staff wrote in a report to the Urban Design Review Board, which will review the project’s design at its meeting on Tuesday.

The city is requiring that at least 40% of the Foundry Lofts’ units be rent-restricted and leased to households whose income is 60% or less of the area median annual income, which was $68,700 for a family of four in fiscal year 2025.

The development is proposed on a 1-acre infill lot on the south side of East Martin Luther King Jr. Parkway. The development team, operating as Market District Apartments LP, includes Christensen Development, Gratus Development and Axiom Consultants. The project’s architect is Ask Studio in Des Moines.

The project will include a playground, community and exercise rooms, and 59 on-site surface parking stalls.

The project is proposed to receive up to $625,000 in project-generated tax increment financing. Last spring, the project was awarded $1.3 million in federal tax credits; $1 million from the National Housing Trust Fund; and $500,000 in HOME funds.

Construction is expected to be completed by late 2027.

The Urban Design Review Board meets at 7:30 a.m. Tuesday in the board room of the Richard A. Clark Municipal Service Center at 1551 E. Martin Luther King Jr. Parkway.