An exterior view of one of three buildings planned in the Pinnacle on Fleur townhouse development. Rendering special to the Business Record

Construction is expected to begin this fall on the first of three townhouse buildings planned on about 3 undeveloped acres of the former AIB College of Business campus.

The development, called Pinnacle on Fleur, will include 20 townhouses spread over three four-story buildings.

The first building, which will include eight 3,600-square-foot units, will include views of the downtown Des Moines skyline, Gray’s Lake and Water Works Park. Each unit in the first building will include a heated three-car garage and 900 square feet of outdoor living space including space on the ground level and rooftop. Each unit will also have its own elevator.

“It works for people aging in place or if you want to entertain on your rooftop and not have to carry all of the food and other things up the stairs,” said Jenna Kimberley, vice president of Kimberley Development Corp., which is the project’s developer. “We think they offer a big-city feel but without living right on top of each other.”

Kimberley Development purchased the land at 2710 Fleur Drive in 2020.

Demand for high-end townhouses and condominiums in the Des Moines area is growing, Kimberley said.

People are relocating to the Des Moines area from other parts of the country and have money available to invest in the products, she said. In addition, empty nesters and people who have retired are a big part of the market for the high-end units, she said.

Two of the eight units planned in the first building have been presold, Kimberley said. One buyer is moving to Des Moines after recently being hired by a downtown-based firm. Another buyer is retired. Construction will begin when two more units are sold, she said. “We are hoping to start construction this fall with move-ins in 2022.”

The townhouses will be located in an area that is near the airport and downtown as well as popular recreation areas.

The cost of the townhouses will range from the mid-$800,000s to $1.4 million.

“The most expensive unit is the corner one that overlooks over downtown,” Kimberley said.

 

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