Oct 6, 2022 - Real Estate

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

A rendering of an apartment project.

Rendering: Streamline Architects via the city of Des Moines

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.
A photo of a house.
This home at 1619 High St. will be part of a separate project by the same developer that the city of Des Moines describes as an "infill reuse." It will have 15 residential units. Photo courtesy of the Polk County Assessor

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