A six-story, 258-unit apartment development is proposed on a vacant lot at 301 SE Fourth St. in Des Moines’ Market District, information provided to the city’s Urban Design Review Board shows.

The proposed $47 million project would be the first building to be constructed in a section of the Market District being redeveloped by District Developer LLC, a consortium that includes developer James Cownie’s JSC Properties, MidAmerican Energy Co., Knapp Properties, developer Tim Rypma and others.

The Market District is an aged, 260-acre industrial area roughly bordered by East Walnut Street, East 14th Street, Scott Avenue and the Des Moines River. The area, bisected by railroad tracks that run east and west, previously was home to a recycling center, scrap metal yard, body shops, the city’s public works yards and a MidAmerican Energy facility.

In late 2019, JSC Properties announced plans to redevelop about 40 acres of the Market District between the river and East Sixth Street and Martin Luther King Jr. Parkway and the railroad tracks.

During the past five years, old buildings have been razed in the area and new sewers, streets, utilities and bioswales installed. Two Rivers Park, a 9.3-acre site between the river and Market District, was completed last fall. Currently, a stormwater basin is under construction in the area.

Great Lakes Capital, a real estate development and private equity firm headquartered in South Bend, Ind., is proposing the construction of the one-, two- and three-bedroom apartment project on a 3.3-acre site. The building’s first floor would include tenant amenities including a mail room, business center, bike storage, bike and pet wash station, fitness facility and community space.

JSC Properties has been working with Great Lakes Capital on the project for about 18 months, according to Paul Hayes, president of JSC Properties.

The structure, known as South Market Apartments, would be built around an interior courtyard with space for picnic areas, playground and dog park, information provided to the city board shows.

In February, the project received $25 million from the Iowa 4% low-income housing tax credit and bond award financing program that is administered by the Iowa Finance Authority.

All of the units in the apartment project would be income-restricted. In addition, 26 units would be fully accessible to people with mobility issues and six units would be accessible to people with hearing or visual disabilities.

Construction is expected to begin in late 2026 with completion by late 2028.

The city board is expected to discuss the proposed project at its meeting at 7:30 a.m. Tuesday in the board room of the city administration building at 1200 Locust St.