Bill Kusy’s first big venture into multifamily development is coming with a twist. 

The longtime Greater Des Moines mortgage banker has joined with partners from Iowa City to develop Lake Shore Aparments on former Ladco development landat 820 E. First St., just east of Mercy North in Ankeny.

In mulling development potential for the site, Kusy and his partners decided on a four-story structure with an urban feel in suburban surroundings.

That sense of urban living comes in the form of 9-foot ceilings, exposed ductwork, large windows, steel balconies, an elevator, a fitness center and a social room, to name a few of the amenities. 

Suburbanesque features include large walk-in closets, side-by-side washer and dryers, pantry, linen and coat closets, open floor plans with breakfast bar and granite countertops and double vanity sinks, swimming pool, a 4-acre lake with prairie grass walking paths, garages, including four that can accommodate large SUVs, and a fenced dog run.

Kusy said he settled on the design after deciding to develop a single building and talking with people who are ready to move out of downtown Des Moines, not because they are bored with life in renovated industrial sites, but because they would like to walk their dogs on something more than a narrow strip of grass, among other things.

“It’s going to be interesting to see how this whole urban-type concept works,” he said. “It really hasn’t been tried like this.”

Kusy said he is “morphing” a little from a loan originator for other investors to a manager of multifamily properties. His BBK Apartments also owns and manages buildings in Waukee and Polk Ctiy, not to to mention Wanda Manor in Ankeny. The 122-unit market-rate apartment building will be renamed and share many of the amenities provided by the Lake Shore project.

His entry to multifamily came about a few years ago by way of clients who own about 2,000 apartment units in eastern Iowa. Kusy found out the Ladco property was available while scouting other investment opportunities for the clients, the Barker family of Iowa City.

The Ankeny site was intended for retail development, including a Wal-Mart store. However, Wal-Mart selected a different location and the full-blown retail center did not work out.

With the exception of Wanda Manor, the site had become overgrown with willows and weeds, Kusy said.

Lake Shore Apartments will take up the majority of the 6-acre site. Kusy has a 1.5-acre outlot for sale that could be developed for a restaurant or other commercial use.

The 85-unit structure should be in July. There are 11 room configurations for one-, two- and three-bedroom apartments, the majority with views of the lake or swimming pool. A few have what Kusy calls “sunset views.” Rents start in the $900s.