New 114-unit apartment project will receive up to $4.8 million in financing from Des Moines
KATHY A. BOLTEN Dec 18, 2019 | 4:06 pm
2 min read time
360 wordsAll Latest News, Real Estate and Development
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Level is the third apartment project in Hubbell Realty Co.’s Bridge District, located south of Interstate Highway 235 and east of the Des Moines River. Rendering by Slingshot Architecture
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Preliminary terms of a development agreement with Hubbell Realty Co. for a five-story, 114-unit apartment project in the Bridge District were approved by the Des Moines City Council this week.
Level Apartments will receive up to $4.8 million in tax increment financing. The $26.9 million project will also be eligible for the city’s 10-year declining tax abatement schedule, according to a city document.
The design of the project, located in the 300 block of Maple Street south of Interstate Highway 235, received preliminary approval from the city’s Urban Design Review Board on Tuesday. The Plan and Zoning Commission is scheduled to review the project on Thursday.
The Bridge District residential development, begun in 2015 by Hubbell, is proving to be popular. Two existing apartment buildings, with a total of 243 units, are fully leased, company officials said. Townhouses are also being sold quickly, some even before construction is complete, company officials have said.
When completed, the Bridge District is expected to be valued at nearly $112 million and include about 1,000 people living in the development’s 477 home sites.
Construction of Level Apartments, first reported in August by the Business Record, is expected to begin in early 2020; completion is expected in 2021. The project will also include 25 owner-occupied rowhome units that will be built south of Level Apartments.
The apartments will include one-, two-, three- and four-bedroom apartments, an on-site indoor/outdoor gym, a heated parking garage and an oversized patio that extends from the fifth-floor mezzanine, according to information provided by Hubbell Realty.
Native grasses, trees, community trails and the addition of kayak storage for future water trail use will add to the connectivity of the area, Hubbell wrote in a news release.
“The idea behind Level is to blend together modern, contextual and soft architectural touches to reflect this building’s character and connection to Iowa’s river bluffs,” Kris Saddoris, Hubbell’s vice president of multifamily development, said in a prepared statement.
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