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NEW URBAN LOFTS COMING TO WESTERN GATEWAY

West Des Moines, IA (December 18, 2012) –  A historic rehabilitation of the Mitchell Transmission building by Hubbell Realty Company will bring new urban lofts to Downtown Des Moines’ Western Gateway. 

Originally built in 1917-1918 to house the Studebaker Corporation of America’s branch office and purchased by Hubbell in 2005, the Mitchell Transmission building will be converted into 14Forty, a multi-family, market-rate rental community with commercial space on the first floor.  14Forty is located directly south of the Pappajohn Sculpture Park at 1440 Locust Street.  Construction is slated to begin this month.

The $7 million development will consist of 37 one and two bedroom apartments, 57 indoor parking spaces and 3,500 square feet of retail/office space.  Lofts range from 530 square feet to over 1,000 square feet.  Featuring original architectural elements, soaring ceilings up to 17 feet high and contemporary design, 14Forty reflects the distinctiveness of the Western Gateway.  Amenities include a rooftop patio, community room, business center and 24-hour fitness center.

“As with any renovation of a historic building, all the layers of tax credits needed to fall into place, and we were fortunate enough to receive funding from various sources,” stated Kris Saddoris, VP Development Hubbell Realty Company.  14Forty received Federal and State Historic Tax Credits, Enterprise Zone Tax Credits, EZ Sales Tax Rebate, Brownsfield Tax Credits and ten year tax abatement from the City of Des Moines.  Partners on the project include Tax Credit Capital, New Orleans, LA; Historic Preservation Partners, Topeka, KS; Commerce Bank, St. Louis, MO; and First National Bank Midwest, West Des Moines, IA.

14Forty is being renovated by Hubbell Construction Services and is managed by Hubbell Apartment Living.  For more information, visit www.hubbellapartments.com.

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