175-unit apartment building planned in Gray’s Landing

A new apartment building targeted at renters seeking amenities such as underground parking and dog parks is planned in an area south of downtown Des Moines bursting with residential and other developments.

Minneapolis-based developer Sherman Associates plans to build a five-story, 175-unit multifamily structure on 2.7 acres on the northeast corner of Southwest 11th and Murphy streets. The project is similar to Sherman Associates’ Nexus 142-unit apartment project at Southwest 11th and Tuttle streets.

“We look to market this to a group of people that maybe are not quite ready to buy a house but are looking at the next level of amenities,” Jackie Nickolaus, senior developer for Sherman Associates, said during this week’s Urban Design Review Board meeting. “This building will be full of interior as well as exterior amenities.”

Amenities will likely include a swimming pool, dog park and wash station, sauna, hot tub, game and fitness rooms, bike storage, barbeque grills, and underground and surface parking, according to a city document. A rooftop terrace may also be included.

Sherman Associates also plans to start construction this year on the first phase of Slate at Gray’s Landing, a senior living apartment complex at Southwest 11th and Tuttle streets. The complex will cater to active adults who are 55 and older. Sherman Associates also developed the 90-unit Edge apartment complex at Southwest Ninth and Tuttle streets. Sherman Associates’ Gray’s Landing also includes a hotel, child care center and recently completed office building. The Minneapolis developer has invested about $75 million in its Gray’s Landing development, according to city documents.

Also in the area is Hubbell Realty Co.'s Gray's Station, a $250 million urban community that includes apartments, townhouses and single-family houses. To the west, the development arm of Krause Group is planning a project that includes a multiuse outdoor stadium, hotel and other commercial development.

“We’re confident [the proposed apartment building] will hit a market that other private properties in the area not quite hitting yet,” Nickolaus told the Des Moines board.

Final designs of the planned apartment building are not yet finalized. When completed, the board will review the designs.

Construction is expected to be completed by mid-2023.

SOURCE: Business Record