News & Information


A collection of recent and significant news articles about Sherman Associates, Sherman Associates' properties and employees.

The Edge at Gray’s Landing receives Community Development Block Grant




The Edge at Gray’s Landing receives Community Development Block Grant

The Iowa Economic Development Authority (IEDA) awarded The Edge at Gray’s Landing $3 million from their Community Development Block Grant (CDBG) Disaster Relief program. The Edge at Gray’s Landing is a new construction development of 90 apartment units that will provide Des Moines with both high-demand workforce and market-rate housing. Sherman plans to break ground this spring and anticipates occupancy in summer of 2016.

The CDBG program is funded by the U.S. Department of Housing and Urban Development (HUD). The IEDA manages the program for the state of Iowa on HUD’s behalf and selects the projects that receive the grants. The grants are awarded based upon the impact of the project, the benefit to low-moderate income persons, the commitment of the developer, and the local resources available to facilitate the development.

According to Rita Conner at the City of Des Moines, there were several strong projects submitted for city review demonstrating an outstanding group of developers willing to invest in the revitalization of the City of Des Moines. “We are excited about the opportunity to continue activity in the Riverpoint West development area, a brownfield reclamation project that has been a heavy lift for both the City and Sherman Associates. It is not always feasible to fund all projects that apply, and we respect the difficult task that IEDA was given. We congratulate Sherman Associates and will continue work with other projects that did not receive awards to bring their investments forward. ”

The Edge is one of several projects Sherman has planned for Gray’s Landing. Sherman recently started construction on a 102 unit Holiday Inn Express. According to George Sherman, president of Sherman Associates, the grant allows Sherman to continue bring developments that improve housing options for Des Moines residents, “We are excited about the synergy The Edge adds to all of the development planned in the Gray’s Landing. The city has been a strong partner and advocate for all of the parties involved in rebuilding this area of Des Moines.”

Sherman’s other development projects in the area include the 70,000 square Gray’s Lake Office building and The Nexus at Gray’s Landing, a 142 unit market-rate apartment development.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>