No Place to Rent!

[DMRyan]

KCCI is reporting that downtown apartment vacancy rates are sitting at a full 98% occupancy right now, with many buildings having waits of 12-18 months to get in. Come on developers, let's get these puppies built!

http://www.kcci.com/news/central-iowa/N ... index.html

Here's a rundown of the current situation

Under Construction:
Crane Building--36 units
Fleming Building--86 units
High Street Brickstones--21 units
Portwell/Wellsport--13 units
Rocket Transfer--58 units

Seriously Proposed/Should be a go:
Des Moines Building--145 units
Younker's Building--120 units
Ingersoll Square Phase II--?? units
14Forty Lofts (Mitchell Transmission)--37 units

A Wing & a Prayer:
Randolph Hotel Conversion--55 units
Cityville (Hubbell's proposed large scale mixed-use project in Riverpoint West)--288 units
Equitable Building Completion--120 units

Anything that I missed?

There are others that are certainly kicking tires, but nothing is official yet. I don't have anything concrete on this, but I would wager the Midland Building may be the next large-scale office to apartment building reuse and renovation, along with a few smaller renovation projects in the East Village or west portions of Walnut Street. I also wouldn't be surprised to see more brownstone townhome units, a mixed-use project in the East Village, and perhaps something bold out of the DM Register Building and the YWCA site/parking garage.

If all of the buildings above do get reused for apartments, there really aren't many remaining historic buildings left to convert. Then downtown can return to the new construction of its apartments/condos.

[dogbo]

Such an encouraging article....love it!

[hawk61401]

This is exactly the kind of news that you want to hear about downtown Des Moines. In the one-mile radius from the heart of downtown Des Moines live more than 13,000 people. We gotta keep stirring the pot to always improve the cultural experiences that attract people to downtown.

[dogbo]

It sure would be nice if news like this spurr the remaining commercial project for Ingersoll Square to go mixed used with at least a 2nd floor added for apartments (which would be closer to the original plans).

[SFO2DSM]

As a selfish neighbor with a downtown view, my neighbors and I are very happy they have chosen not to go in this direction

It sure would be nice if news like this spurr the remaining commercial project for Ingersoll Square to go mixed used with at least a 2nd floor added for apartments (which would be closer to the original plans).

[Mastermind]

If there are waiting lists extending greater than 18 months i find it hard to believe that these units will alleviate anything. High Street is full already.

Hatch said all seven of the buildings he owns are full. One that opened on High Street Aug. 1 was completely leased even before construction was complete, Hatch said.

Under Construction:
Crane Building--36 units
Fleming Building--86 units
High Street Brickstones--21 units
Portwell/Wellsport--13 units
Rocket Transfer--58 units

[casbern]

I really surprises me that there hasn't been anything built in the open lots next to WF down on 5th and Tuttle next to AP lofts.

[Keepgrowingdsm]

A Wing & a Prayer:
Cityville (Hubbell's proposed large scale mixed-use project in Riverpoint West)--288 units


Just curious Ryan why this is a wing and a prayer? It seemed as though this area was getting cleaned up and ready to go recently. Weren't two hotels planned as a part of this area or is that somewhere else? I do agree with you and hope your thoughts on the Register site and former YWCA are right on! It is great to have some good project news again in downtown DSM and throughout the metro.

[DMRyan]

Not that I think that the Cityville project is on thin ice and in danger of not happening, it's just much further out and fewer details have been released than a few of the more imminent projects that were listed. Personally, I'm more bullish on Cityville happening than I am the Gray's Landing hotels.

Also, Cityville is just one project on land that Hubbell owns on SW 9th and Murphy Streets, rather than the larger Gray's Landing development.

[casbern]

I just hope they come up with a better name than Cityville...

[Keepgrowingdsm]

Ryan,

Back in the 90's, a large residential development was proposed (Envisioned) north of downtown between KCCI and the park and ride facility. High rise, mid rise, etc. high density buildings were looked at. Has anyone or is anyone revisiting this?

[dogbo]

Knapp's "Hillside"?

[Keepgrowingdsm]

Knapp's "Hillside"?

THAT'S IT!!! Thank you dogbo, I couldn't remember for the life of me what the name was!

[DMRyan]

Heard from a Hubbell Realty rep that the new Rocket Transfer Lofts that are just starting construction are already all spoken for and already have a waiting list to get in. More good residential project announcements on the way over the next few months... Keep em' coming!

It sure would be nice if news like this spur the remaining commercial project for Ingersoll Square to go mixed used with at least a 2nd floor added for apartments (which would be closer to the original plans).

It may be a long shot, but the plans for the Verdian Credit Union corner are not yet in stone. Something closer to what you suggest may be in the pipeline, funding contigent. The approval of Veridian has been delayed so that all options can be examined.

[Keepgrowingdsm]

"More good residential project announcements on the way over the next few months... Keep em' coming!"


Ryan, New projects we haven't heard about or stuff we are hoping goes forward?

[DMRyan]

Brand new projects, several developers are wanting to get started in spring 2013.

[casbern]

Brand new projects, several developers are wanting to get started in spring 2013.

I would assume that it'd have to be new construction, we've almost exhausted all of our possible old building supply for conversion.

[SpinningBird]

The approval of Veridian has been delayed so that all options can be examined.

And if this follows the pattern, Veridian will get frustrated and decide to build somewhere like Pleasant Hill or Urbandale instead.

[dogbo]

^^^^ Unless I'm missing something, I'm not too worried. Banks (credit unions) put branches at locations where the demand exists. Either it exists at this location or it doesn't. Putting a branch in Pleasant Hill, doesn't capture whatever intended clientele they feel will bank at MLK/Ingersoll....they simply lose that opportunity.

[dogbo]

Brand new projects, several developers are wanting to get started in spring 2013.

I would assume that it'd have to be new construction, we've almost exhausted all of our possible old building supply for conversion.

There's stil a few warehouses south of downtown but I agree, we're getting low on possibilities.

I don't know if this is a viable conversion, but Principal has emptied out a 5 or 6 story building on the north edge of their corporate campus.

I hope within any new construction there is a project or two that starts elminating some of the depressing surface lots between the river and East Village. I have to believe these would be some of the most desireable locations for new downtown housing.

[casbern]

Brand new projects, several developers are wanting to get started in spring 2013.

I would assume that it'd have to be new construction, we've almost exhausted all of our possible old building supply for conversion.

DMRyan, can you add any insight to this? DSM needs some new downtown construction.

[DMRyan]

This week's Cityview issue spilled the beans on two of the projects being contemplated:

Other real-estate news: The Hubbell interests, which have been building heavily downtown, plan to put townhouses on Seventh Street, a half-block or so south of Martin Luther King Parkway. Rich Eychaner and John Shors, who control the large block between Third and Fifth streets, just south of Martin Luther King, are talking with city officials about putting several apartment buildings on the site. One holdup: Do they restore or demolish the old brewery building there?

[dsmspence]

I'm glad they see opportunity Downtown, but I sincerely hope they choose to rennovate the Brewery Block and build around it. The building itself looks to be in extremely good shape and there's a loading dock-esque look spcae facing Principal Park that could make for an excellent outdoor dining space. We have so few buildings of this era left Downtown, it would be a terrible shame to allow short sighted vision to demonlish the Brewery Block.

[dogbo]

I hope any plans to knock down the old brewery quickly get put to rest!

[casbern]

I hope any plans to knock down the old brewery quickly get put to rest!

Agreed. The Old Brewery Building needs to be saved and renovated. Agreed with DMSpence, the developer should build around it and save it.

[Keepgrowingdsm]

Ryan,

Do you think in the future (Near or distant) that residential buildings on the scale of the Plaza could again be built in downtown or on the edges? It's in such a great location and I think stays full even with the sale prices listed on some of the units. I know the trends are for more rental units but maybe someone would want to built an upscale high rise style rental building?

[casbern]

Ryan,

Do you think in the future (Near or distant) that residential buildings on the scale of the Plaza could again be built in downtown or on the edges? It's in such a great location and I think stays full even with the sale prices listed on some of the units. I know the trends are for more rental units but maybe someone would want to built an upscale high rise style rental building?

With previous conversations with some of the higher-ups at Knapp, they deemed this type of structure currently not feasible considering the economic conditions and the cost to put up a high-rise like the Plaza. However, I agree with you, I do think that once Younkers and DM Building come on line, we have no other options but to build new and go vertical.

[Ingersoll1978]

Almost all buildings that could be repurposed into apartments or condos have been spoken for by numerous developers. If anyone new is going to come in the market, they certainly will have to build new.

[DMRyan]

Thought I would update this since there's been a flurry of new announcements recently. Some are very likely, some may wither on the vine if their funding doesn't go through.

Under Construction:
Fleming Building--market rate
Des Moines Building--partially market rate
Rocket Transfer Lofts--market rate
14Forty Lofts--market rate
Ingersoll Square Phase II--new construction
Silver Oaks--(apartment project at the Homes of Oakridge off Keo Way, new construction)
Greystones--new construction

Seriously Proposed:
Cityville on 9th Street--market rate, new construction
Brownstones on 7th--market rate, new construction
Younker's Building Conversion

A ways out:
Locust House--new construction
Sherman & Associates apartments at Gray's Landing/Riverpoint West--new construction
Brewery Block Apartments--new construction
Ingersoll Square retail/housing Phase III--new construction
Equitable Building Conversion
226 W. Martin Luther King Jr. Pkwy Conversion
200/220 SE 6th Street Housing--new constrution

I removed the Randolph Hotel from contention since things are too quiet on that front. Anything I'm missing?