Des Moines, Iowa: First Market District Project Nears Groundbreaking as $35 Million Senior Co-op Faces Site Plan Review
In Des Moines, Polk County, Iowa, a new neighborhood envisioned for nearly two decades is finally moving toward construction, with the first Market District project poised to break ground first.
The Estoria Cooperative Market District, a six-story senior cooperative with 70 owner-occupied homes for people aged 62 and older, is scheduled for a city site plan review on Friday, November 13. The project, valued at about $35 million, would occupy the southern half of a lot bordering Martin Luther King Jr. Parkway and Southeast Fourth Street.
The developer is Minnesota-based Ebenezer Senior Living, which operates senior communities in six states, including 14 in Iowa. In Des Moines, Ebenezer also manages the Vintage Park Cooperative in the Beaverdale neighborhood.
Developer representative Ben Landhauser said that once approved, the project must presell 60 percent of its homes before construction can start. Presales are expected to take six to nine months, construction about 14 to 16 months, and residents could move in sometime in 2029. Prices are expected to range from $230,000 to $350,000.
The cooperative's financing is backed by a federally insured master mortgage through the U.S. Department of Housing and Urban Development. In March, the Market District also received a $9.5 million grant from the Iowa Economic Development Authority to address parking needs. (Source: Des Moines Register)
Source: Des Moines Register
Published by GSM · USA (original Chinese edition)
Photo: 图：得梅因市中心天际线，自州议会大厦望向市区。Gage Skidmore 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / Photo: Downtown Des Moines skyline viewed from the State Capitol. By Gage Skidmore, CC BY-SA 4.0, via Wikimedia Commons.
