Units of the Waterstreet Brownstones, a two-building condominium development along the Des Moines River just south of Court Avenue, are selling faster than expected, according to real estate professionals who are selling the properties.  

So far, about a third of the project’s 34 units have either been sold or reserved, said B.J. Knapp, a sales associate at Iowa Realty. Michael Lander, a partner with Lander Sherman, the project’s developer, said eight of the units have been purchased.   

In addition to the swift sales, Lander said that construction on the second 17-unit building has begun sooner than he had originally hoped.  

“It’s coming along great,” Lander said.  

A furnished two-story model unit will be open by the middle of next month, though the building’s exterior isn’t expected to be completed until later, Lander said.  

Prices for the Waterstreet units start at $169,000 for a 1,200-square-foot condo with two bedrooms and two bathrooms, Knapp said. The most expensive units contain 2,300 square feet of space and occupy corner locations on the fourth floor of the two buildings, he said. The high-end condos also face the river, Knapp said.

In addition to the units that are for sale, the project also includes the Vine Street Lofts, a 109-unit apartment complex. Lander said they would begin leasing those apartments, 40 percent of which will be so-called affordable housing, within the next six weeks.  

The apparent success of the Lander Sherman project has convinced others that there is growing demand for housing in downtown Des Moines.   

There are other factors driving interest as well, including the new Science Center of Iowa, which will be located along Fourth Street two blocks south of Court Avenue, the Principal Riverwalk project and other relatively new downtown housing projects, including the Tone and Brown-Camp lofts.

“There’s always been a feeling that Court Avenue has never lived up to its potential, but that it does have a lot of potential,” said Richard Clark, deputy Des Moines city manager. “Waterstreet appears to be up and running and doing very well.”

Two weeks ago, a group of private investors sent out a request for proposals to develop several new apartment complexes along Court Avenue, according to Clark.   

As part of that development, which the investors estimate would cost about $30 million, several new buildings would be built near the intersection of Court Avenue and Fourth Street and on land located just south of the building that formerly housed Nacho Mammas restaurant.   

The project would also refurbish the second, third and fourth floors of the building that contains the Spaghetti Works restaurant. It would turn that space into apartments or condominiums. Proposals from that project are due April 21, Clark said.   

Clark also said units at the Plaza, a high-rise condominium complex in downtown Des Moines, the Tone Lofts and the Brown-Camp Lofts had all appreciated in value over the past year.