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Ed Massman of Dallas will buy a third residential building in the square block bounded by 10th, 11th, Cherry and Mulberry streets in May. Massman already owns the former Standard Glass and Paint Co. and Herring Motor Car Co. buildings in that block, which have been converted into loft apartments.

Through his National Biscuit Company Lofts LLC, Massman has applied for Enterprise Zone Benefits for a $1.13 million project, which will include the rehabilitation of the 54 residential apartments at the 1001 Cherry St. building he is purchasing. The city of Des Moines approved the application at its April 21 meeting. It will now go before the Enterprise Zone Commission for approval, most likely at its May 8 meeting.

The National Biscuit Co. (now the Nabisco division of Kraft Foods Inc.) constructed the 1001 Cherry building in 1906. It was converted into low-income housing units, now called the 10th and Cherry Studios, in 1995. The apartments are committed to being low-income housing until 2025. The rehabilitation will include interior updates and exterior improvements to match the other two historic buildings on the block and is expected to be completed by the end of 2009.

“We are happy to have (Massman) make that further reinvestment,” said Matt Anderson, economic development administrator for Des Moines. “He’s shown dedication to the area, really an area that wasn’t on people’s radar a couple of years ago, but now has sprung up as a nice residential area.”