$10.5 million apartment building planned for Des Moines' Sherman Hill

A $10.5 million apartment building will be constructed in the Sherman Hill neighborhood, under a preliminary agreement approved by the Des Moines City Council this week.

State of play: Hoyt Investments, an Iowa company, is proposing a 47-unit, four-story building at 610 16th St.

• It's currently a vacant lot adjacent to the Crescent Chevrolet Building.

Details: Des Moines would provide just over $1.7 million in tax incentives.

• Hoyt has agreed to an affordable rent structure for most of the apartments under the preliminary agreement.

Meanwhile: Hoyt is also planning a multi-residential "infill reuse project" just west of the apartment building at 1619 High St, which is currently a single-family house.

• That project will have 15 units and is expected to be considered by the city council in the near future.

What's next: A final agreement on the Sherman Hill apartment will be completed in the coming weeks.

• Construction is anticipated to begin in the spring and take just over a year to complete.