Des Moines to consider $62M Southridge Flats housing development

Driving the news: Developer ECG Southridge, a subsidiary of the Tennessee-based Elmington development firm, was awarded nearly $3 million in federal housing tax credits this month to help finance the project.

• Elmington has built or manages affordable housing in at least a dozen other states.

Zoom in: The project at 7210 SE 14th St. would begin in fall 2026 and take about two years to complete, according to a preliminary agreement with Des Moines, which the City Council has not yet approved.

• The city estimates providing more than $2.2 million in tax incentives for the first phase of the project, which it estimates will generate over $10 million in property taxes over 30 years.

The intrigue: A preliminary development agreement for the first phase of the project was removed from a City Council agenda in September to better plan the future phases and how they connect to surrounding areas, DSM Development Services director Cody Christensen tells Axios.

• Some of the land for the development is currently taxed as a forest reserve, according to Polk County Assessor records.

What's next: The updated development agreement for the project is expected at a future City Council meeting.