Commercial Real Estate News
Baker Real Estate LP has received preliminary approval to subdivide an approximately 50-acre parcel at 4500 Hubbell Ave. into nine lots for commercial development. The amendment, passed by the Des Moines Plan and Zoning Commission on April 20, eliminated the multifamily residential portion of the planned unit development to allow for light industrial and retail use with the creation of Cold Stream Business Park, confirmed Erik Lundy, a senior planner. Final plats are subject to City Council approval, Lundy said.
Aslan Hallmark, a Louisville, Ky.-based developer, is looking to expand in the Midwest with the development of 70 affordable rental housing units. The city of Des Moines supports the low-income housing tax credit project at 7400 Meadowland Drive, said Mary Neiderbach, senior city planner. The next step, she said, is for the developer to submit an application to the Iowa Finance Authority. The project, Hallmark Meadowlands Apartments, is expected to help meet the need for three- and four-bedroom units as identified in the City Consolidated Plan.