Work begins on 2 row house developments in Des Moines; the projects will fill a void in the the market, developer says

Kathy A. Bolten Sep 25, 2024 | 6:00 am
3 min read time
745 wordsAll Latest News, Real Estate and DevelopmentDeveloper DEV Partners saw a need in the multifamily market for a residential rental product for consumers who didn’t want to live in large apartment complexes but who either couldn’t afford or weren’t ready to buy a single-family house.
This summer, the Columbus, Ohio-based developer started construction on two projects it hopes will fill that need in the Des Moines area: Park Indy, a four-building, 40-unit row house project at East Park and Indianola avenues, and a two-building, 18-unit row house project at 3109 Forest Ave. Both projects are in Des Moines.
“The idea is how do we create a row home or townhome type of living for the rental community that fills in along corridors where we see strong activity and growth,” said Danny Heggen, a partner and CFO at DEV Partners. Heggen works in Des Moines. “We’re trying to tap that renters’ market of people who don’t want to live in a traditional, larger apartment complex. They want to be somewhere where they can walk into their front door, into their own space.”
The row house developments were among 39 new projects in which commercial building permits were issued in July and August in the Greater Des Moines area, a Business Record review shows. The permits valued the new projects at over $167.5 million.
DEV Partners is partnering with Neighborhood Development Corp. in the redevelopment of the nearly 2-acre parcel at 3140 Indianola Ave. Neighborhood Development bought the parcel in July 2022. A mobile home park that had been located on the site has been removed.
Construction of both the Forest Avenue and Park Indy projects are expected to be completed by mid-2025, Heggen said. The development company recently completed similar projects in Mason City and Fort Dodge. Ten of the 11 units in the Mason City development are leased, and 15 of 32 units in the Fort Dodge project are leased, he said.
“We hear every day that people won’t take jobs in small communities because of the lack of housing,” Heggen said. “Their projects are filling that need. … In Des Moines, we think about the same type of need — providing quality housing in commercial corridors that are near bus routes and other transportation.”
Building permits were also issued for:
- Construction of a new fire station at 1505 Martin Luther King Jr. Parkway in Des Moines. The permit valued the project at $12.5 million. The new fire station will replace the station at 917 University Ave. The new 21,000-square-foot station will house a medic unit, engine and truck companies, and provide space for a future heavy rescue company, according to city information.
- Construction began on a six-building apartment complex, generally located south of Southeast Pleasant View Drive and west of Southeast Waco Place in Waukee. A total of 360 units are planned in the project that is being developed by Ames-based Jensen Group, doing business as Kettlestone Central LC. Three of the buildings, all three stories, will include 66 units. Two other buildings, also three stories, will have 48 units. The project will also include a clubhouse and two outdoor swimming pools, several garages, three storage buildings and a maintenance building. Building permits valued the project at over $48 million.
- Construction of a new headquarters for Community State Bank that will be located at 2750 N.E. 36th St. in Ankeny. The four-story building is expected to have 71,000 square feet of space. A building permit for footings and foundation for the project was issued in July.
MORE ONLINE: July, August commercial building permits
In July and August, 39 commercial building permits were issued by Des Moines-area communities for new projects, a Business Record review of reports from 13 communities and Polk County shows. The permits valued the new projects at more than $167.5 million.
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To view the spreadsheet, click here.

Kathy A. Bolten
Kathy A. Bolten is a senior staff writer at Business Record. She covers real estate and development, workforce development, education, banking and finance, and housing.