Hubbell Realty Co. is ready to tap the luxury condominium market with a development for a site that has become nearly legendary for the interest it has generated and its role in the redevelopment of downtown Des Moines.

Hubbell President and CEO Rick Tollakson said plans call for three seven-story buildings that would have condominiums priced at $500,000 to $1.5 million on nearly two acres at 101 Locust St., former site of the Riverfront YMCA.

Initial plans call for 115 condominiums that would sell for north of $400 per square foot, depending on finishes and the size of the finished unit. The high end of the condominium market is about $300 per square foot, with many upscale units selling at around $245 per square foot.

Market studies show a demand for luxury units, Tollakson said, and many downtown observers agree that whether they come in the form of leased apartments or for-sale condominiums, the luxury market is a void that is ready to be filled.

The overall scheme of the development could change if a hotel developer joins the project. Again, Tollakson said he is looking for a hotel that fits the high-end boutique market, similar to Louisville, Ky.-based 21c Museum Hotels, which said earlier this year it planned a 131-room luxury hotel and 24-hour art museum as part of Mandelbaum Properties’ planned development at Fifth and Walnut streets. The project calls for a residential tower with, yes, luxury apartments.

After seeking a high-end hotel developer for the Hubbell condominiums, Tollakson said he was nearly convinced that that market had been tapped. However, he has heard recently from another developer who is interested.

Plans also call for a coffee shop and a restaurant that would feature fine dining, such as Table 128, one of Tollakson’s favorites.

In addition to playing a key role in a shuffle of downtown properties that led to the development of a convention center hotel near the Iowa Events Center and the Wellmark YMCA at Fifth Street and Grand Avenue, an effort in which Tollakson played a key role, the Riverfront Y site also has grabbed the fancy of federal judges, who favor it as the location of a new $140 million federal courthouse.

In a report last year, the U.S. General Services Administration fingered the former Riverfront Y site as its first choice for the new courthouse.

At the time, the city was not pleased with renderings that suggested a bunker theme for the street level of the building. As a result, the city and Hubbell entered a put agreement intended to block the GSA’s purchase of the property, which was acquired by Hubbell in 2016.

Under the agreement, the city would acquire the site if Hubbell did not produce a development plan by May 30. The extension expires Aug. 28.

The GSA, which is responsible for the design and construction of the new courthouse, is expected to release another report this week in which it will again say that 101 Locust is its preferred site.

For his part, Tollakson has repeatedly said that his preference is for an iconic private development for the site.

“My dream for that site is that it would be a condo project,” he said. “That is what our community wants and needs.”