The appeal of downtown living combined with intentional investments in quality-of-life amenities has spelled success for a multiphase, master-planned community in Des Moines. Gray’s Station, a 75-acre community developed and constructed by Hubbell Realty Co., is located along 2 miles of the Raccoon River, with 1 mile of wetlands and access to 87 miles of connected running trails and 1,500 miles of connected bike trails. What was once an abandoned rail yard, Gray’s Station began in 2017 with three phases of LINC apartments as part of Hubbell Real Estate Fund, supported by investment capital provided by Sioux Falls-based Ernst Capital Group.

“It’s just gone so well, and LINC was the first piece to the puzzle with a mix of rental apartment and townhomes in the first three phases,” said Claire Brehmer, communications manager for Hubbell Realty. “Now that those properties are stabilized and operating successfully, we are able to add additional homes to the neighborhood that will complement the existing units on-site in many ways.”

The fourth phase brings 135 additional one-, two- and three-bedroom units and 51 attached tuck-under garages to the development. Ernst Capital provided $7.1 million in capital to the $27.4 million project. “The first three phases have done really well. We have a downtown market-leading amenity package and breadth of unit types, from studios to large townhomes with attached garages,” said Chris Daugaard, a partner in Ernst Capital. “The lifestyle offered by the entire development has been very attractive to residents, and we’ve exceeded expectations so far. It feels like the perfect fit with the easy, comfortable, active lifestyle you can find in a quiet suburb, with direct access to all the entertainment and vibrancy of a city’s downtown. You can ‘have it all,’ as they say.”

Using insight from the first phases, the developer was able to optimize popular unit styles in the fourth phase. LINC IV’s center-load apartments will be split between two buildings, including some options for walk-up units. High-end finishes include wood cabinets with quartz countertops, a stainless steel appliance package, tile backsplash, modern plank flooring in the kitchen and bathroom areas and designer lighting. Each unit will include its own washer and dryer and private patio or balcony. On-site amenities include a lounge/work area, bike/kayak/paddleboard storage, community lounge, game room and fitness center.

“We’re also able to adapt with amenities that are more recently popular such as a Pilates studio and sauna to provide some unique benefits for the residents of the fourth phase, as well as build in some additional parking that will benefit the entire development,” Daugaard said. Residents also can access LINC’s shared amenities, including a state-of-the-art work-from-home business center, game room, two-level fitness center, rooftop patios, theater room, dog park, outdoor pool and clubhouse with feature kitchen, and access to the neighborhood walking, running and bike trail system. “The community has a large boulevard, or ‘paseo,’ with a pergola and picnic area where they hold a monthly summer concert series, and Phase IV has a connection to the paseo that runs right through the middle of the property,” Daugaard said.

LINC IV is connected directly to Gray’s Lake Park by the Coleman Bridge, running from the community over the Raccoon River. The park features fishing, swimming, canoe/kayak rental and biking/walking trails. A new playground and splash park are expected to open this spring. Its location along the riverfront is also slated to become a whitewater park, kayaking destination and surfing location, via the Hubbell Trailhead and ICON Water Trails. With a direct connection through Gray’s Lake Park and the Fleur Drive underpass, residents can walk or bike to Water Works Park, one of the top five largest urban parks in the United States, encompassing nearly 1,500 acres of public space, with amphitheaters that host many events throughout the year. “Central Iowa is known for its bike trails, and this was an easy way to connect people to water recreation, bike trails and music,” Brehmer said. “We’re especially excited to support the new Hubbell Trailhead, which is expected to open next year and will bring a really family-friendly place to kayak, tube or just walk in the water. We see it as a focal point for downtown schools to get kids in nature and integrate with the wetland basin system we’ve created at Gray’s.”

There’s another big amenity on the way too. USL Pro Iowa is working to build a professional soccer stadium and global plaza just three blocks west of the LINC IV site. Once complete, the state-of-the-art, multiuse facility is expected to host a variety of sporting and cultural events, including professional soccer, establishing Des Moines as a premier destination for sports and entertainment. Construction is expected to start later this year or early next year. “It’s going to bring significant investment, energy and renewed momentum to the downtown core, including Gray’s Station,” Brehmer said. “Our residents will be able to walk to practice fields and an actual stadium, plus the developer is looking at some retail and office opportunities, and I really believe this will help accelerate the vision.”

The relationship with Ernst Capital has been key to LINC’s success, she added. “They’ve absolutely been a fantastic partner,” Brehmer said. “This is one of those projects that takes forethought and an immense amount of trust. It’s a master-planned community, so you have to look at the first phase and realize it’s part of a much larger picture, and they’ve been willing to do that and ebb and flow through quite a few market changes.” That has included pre-pandemic lease-up, pandemic-era population growth and post-pandemic challenges. “The market has done some interesting things, but it’s been really good to have a reliable, steady partner to be there alongside us for this project,” Brehmer said. The two new buildings are scheduled to open in March and April, with hard-hat tours beginning soon.

 

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