When plans for Gray’s Station were unveiled over a decade ago, the development south of downtown Des Moines was expected to have a large concentration of owner-occupied homes.
Instead, rising interest rates, sluggish townhome sales and shifting consumer preferences transformed the project into one with more rental units than originally anticipated.
“We responded to the market,” said Matt Weller, vice president of development for Hubbell Realty Co. “We didn’t originally envision one brand with all of the multifamily rental. But, if the area can support multifamily, that’s a higher and better use of the land.”
Gray’s Station, a Hubbell development, is located south of Martin Luther King Jr. Parkway between Southwest 11th and Southwest 16th streets. The development was envisioned as an urban neighborhood with homes built close to the street, easy access to downtown and Gray’s Lake Park, and an abundance of green space.
When fully built out in five to 10 years, Gray’s Station is expected to have over 3,500 residents living in more than 1,100 apartments, townhomes, condominiums and single-family homes. Currently, Gray’s Station includes 362 LINC apartment units, 45 rental townhomes and 54 owner-occupied townhomes and 32 for-sale condos finish up this fall. One single-family home is under construction and eight single-family lots are available for development.
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