Breaking Ground in Des Moines
Des Moines Business Record - Central Iowa's Weekly Business JournalIt took five years, but Sherman Associates, Inc. last week broke ground on Metro Lofts. Crews began moving dirt April 8, one day after Sherman closed on the financing for it's estimated $20 million housing project at 255 Vine Street. It will include 100 affordable-housing units and 11 market-rate apartments.
Sherman has hoped to being work March1, but was delayed when the Irvine, California based tax-credit syndicator it had tapped backed out of a deal to purchase more than $1.8 million in low-income housing tax credits awarded to the project. Jackie Nickolaus, Sherman's vice president of development, said more working hours, additional work crews and better coordination will not be required in order to complete the project by it's scheduled end date of December 31st.