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Hubbell lofts project could receive $1.3 million in incentives


A Hubbell Realty Co. project designed to provide market-rate apartments for young professionals and students could receive $785,000 in property tax relief over 10 years. The property tax abatement would be part of the city of Des Moines’ contribution in Hubbell’s application for $540,595 in state of Iowa Workforce Housing tax credits for the final phase of an apartment community at 915 and 919 Ninth St., according to a report to the City Council, which will be asked today to support the application. The state program requires communities to provide a local match of at least $1,000 per housing unit. The incentives would be for a $5 million, four-story building with 32 market-rate apartments. “The project is expected to serve young professionals at some of Des Moines’ largest employers … as well as students at area (Des Moines Area Community College and) Mercy College campuses, among others,” according to the report. Hubbell plans a total of three four- or five-story buildings with first-floor walkout lofts, rooftop patios and underground parking. The City Council will be asked to support the application for state tax credits, which provide a sales tax refund and 10 percent investment tax credit on construction costs, when it meets later today.

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