An affordable 80-unit apartment community that would come with housing for homeless veterans may be on the horizon for a site in northwest Des Moines that once housed the famous Plaza Lanes bowling alley.
Ohio-based developer Woda Cooper Cos proposed the $12. 7 million allocation that would consist of two four-story apartment buildings at 2710 Douglas Ave. The developers intend to lease the sets at a “100%” rate, according to a communication note from the board.
And with the site’s proximity to the Central Iowa VA fitness system, developers hope to reserve six of the sets for veterans. The assignment is planned to be a two-phase progression with 40 phased residential complexes.
“We are excited to have an out-of-state developer who will make an investment in Des Moines. And I think the kind of product, which is the affordable sets but also the veteran component, is all that’s desperately needed in Des Moines. “said Chandler Poole, the city’s economic progress coordinator.
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The Des Moines City Council on Monday approved $175,000 of its American Rescue Act budget to pay the allocation once developers complete the first phase. Des Moines won $98 million in federal COVID-19 assistance, $7. 5 million of which was allocated for housing.
The site once housed the famous Plaza Lanes bowling alley and Trophy’s Sports Bar restaurant.
This is the first time the city has worked with Woda Cooper, but Poole said the company, which specializes in affordable housing, is a well-known entity in Iowa. The company worked on Johnston Crossing, a senior building that offers one- or two-bedroom apartments. in the suburbs of Des Moines.
In an email, Woda Cooper’s vice president of development, Barry Accountius, said the design team is running on initial plans and figures. He said it was too early to talk about the details.
According to city documents, the two apartment constructions, which would eventually occupy approximately 3 acres of the 6-acre property, would come with a combination of one-, two- and three-bedroom sets. The first construction would come with a reserved unit. for tenants earning 40% of the domain’s median revenue stream and 39 games at 60% of the AMI. Six of them would be for veterans. The developer is still thinking about its affordability combination for the time of construction.
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In Polk County, 50 percent of the area’s median income limit for a group of four is $49,250, according to 2022 data from the U. S. Department of Housing and Urban Development. U. S.
Woda Cooper will also be a small playground or space.
“Especially having that veteran component. . . it’s smart to have compatibility in that area,” Poole said.
According to Polk Count’s 2023 winter point count, the number of homeless veterans has decreased by about 81 percent over the past five years. and July.
But the city still has a desperate need for housing. The apartments are meant to accommodate a wide diversity of families and Americans in the workforce, Poole said.
According to a 2018 housing study, Polk County will want to load 57,170 net new sets through 2038 to accommodate new staff moving to the area. The lion’s share, 47. 4 percent, will likely have earnings between $25,000 and $49,999, according to the study.
The assets are in an urban renewal area, a designation that would give a tax-raising investment to new construction. Poole claimed that the developer had chosen not to negotiate the FIT and would seek subsidies elsewhere for affordable housing.
According to Poole, the structure of the first phase could begin at the end of 2023 and end in 2024.
Virginia Barreda is the Des Moines city government reporter for the record. She can be reached at vbarreda@dmreg. com. Follow her on Twitter in @vbarreda2.