Hubbell Realty Co. Moves Forward with Three Developments Tailored for Specific Markets, Communities

WEST DES MOINES – Hubbell Realty Co. will break ground on affordable-housing developments in Johnston, Norwalk and Des Moines in upcoming weeks with completion of 182 residences slated by the end of 2012, President and CEO Rick Tollakson said today.

“Hubbell Realty, as the region’s leader in affordable and market-value housing, is responding to specific needs in the Des Moines market,” Tollakson said. “In Johnston, the Cottages at Johnston Commons will offer ranch homes for renters who are age 55 and older. In Norwalk, the Cedarbrooke Place Apartments will be designed for families. And, the Riverpoint Lofts are targeted specifically for downtown living. When these three developments are completed, Hubbell will own and manage more than 2,100 apartments.”

A portion of the three developments announced today will be funded through federal grants approved Tuesday by the Iowa Finance Authority.

“In addition to providing much-needed affordable housing, these three developments will create more than 310 local jobs,” Tollakson said. “They represent a real win-win for greater Des Moines.”

Cedarbrooke Place Apartments, 2503 Cedar St., Norwalk, will include 60 affordable housing apartments for families. Cedarbrooke represents a $9.1 million investment, including $1.6 million in a Community Development Block Grant (CDBG) and $937,684 from the federal Low-Income Housing Tax Credit (LIHTC) program.

The Cottages at Johnston Commons will include 31 units. Tollakson said the development will cost $5.8 million. It was awarded a $1 million block grant and received a $588,988 tax credit. The Riverpoint Lofts, 308 SW Eighth St., in Des Moines’ Court Avenue neighborhood involves the rehabilitation of a former Sealy mattress warehouse to create 91 residences. Its total estimated cost is $14.8 million, which includes a $3 million block grant and a $1.45 million tax credit.

Hubbell Realty Co. has been a staple in the Des Moines real estate market for over 150 years. Its superior craftsmanship and meticulous attention to detail has established its reputation for excellence and value. Buildings that Hubbell Realty has constructed for over a century remain prominent throughout the Des Moines metro today.

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