Jun 23, 2025 - News

Developers propose $197M in Des Moines housing projects

Jason Clayworth

A photo of the Financial Center in downtown Des Moines. — The 25-story Financial Center was constructed in 1972 and has been primarily used as commercial office space with ground-level retail. Photo: Courtesy of the Polk County Assessor

Housing developers proposed $197 million in Des Moines projects via tax credit applications this month.

Why it matters: The developments aim to serve a diverse range of residents, including entry-level workers, students, seniors, people with disabilities, and families, supporting both community stability and economic growth.

Catch up quick: The workforce housing tax credit (WHTC) program offers state tax incentives to support the construction or rehabilitation of housing in areas with workforce shortages, with $17.5 million available to Iowa's 11 most populous counties.

By the numbers: In Des Moines, 11 proposed projects will create a total of 668 new or rehabilitated housing units.

Zoom in: The largest development is a $77 million conversion of downtown's Financial Center building, 606 Walnut St., into commercial space and 209 apartments.

The Aston, 603 E. 6th St., would be a nearly $50 million new construction project with 161 apartments.
Drake University's vacant Ross Hall, 1214 31st St., would be demolished to make way for a $17 million, 78-apartment project.

What's next: WHTC awards are anticipated to be announced in August.

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Developers propose $197M in Des Moines housing projects

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