Hubbell plans for-sale Bridge District townhomes
KENT DARR Jun 11, 2015 | 8:40 pm
1 min read time
334 wordsAll Latest News, Real Estate and DevelopmentHubbell Realty Co.’s success selling townhomes in its Artisan Row project in downtown’s Western Gateway is leading the company to develop similar residences in its Bridge District development near the East Village.
The company will take a site plan proposal before the Des Moines Plan and Zoning Commission June 18 that calls for townhome units that will be larger than those available at Artisan Row and will include three-car garages, a first for a Hubbell project downtown.
Hubbell is riding a wave of success in its downtown residential developments, establishing a standard for high-end rents at its 7th Street Brownstones and Cityville on 9th developments. The first phase of Cityville’s 111 units are rented, with a top rate of $1,675 for a two-bedroom apartment, while top rent for a 1,600-square-foot townhome at 7th Street Brownstones is $2,195, giving some developers confidence in the viability of premium-priced rental units.
Meanwhile, the Artisan Row townhomes are selling at $319,000 a unit, with some buyers wanting to combine units for more space. All but eight of the 27 1,600-square-foot row houses in the development have been sold.
That has led Hubbell to decide on a larger townhome in the Bridge District, said Kris Saddoris, vice president of development.
The Bridge District site plan calls for 43 three-story for-sale townhomes and two five-story buildings that will have 125 apartments.
Saddoris said the success the company has experienced with for-sale townhomes is an indication that buyers are willing to make a capital investment in downtown.
“They’re buying into everything we love in downtown,” she said. “They’re buying into why we are excited about downtown.”
The Bridge District is located north of Des Moines Street between East Second and East Fourth streets on land that once was part of Principal Financial Group Inc.’s River Hills office park.
Meanwhile, a Hubbell project called 5Fifty5 that is planned for Southwest Seventh Streets will offer luxury townhomes with monthly rents in the $2,000 range.