The fourth phase of LINC @ Gray’s Station is a 135-unit, Class A multifamily project located downtown Des Moines in Hubbell Realty Company’s Gray’s Station neighborhood. Strategically positioned between Gray’s Lake Park and Des Moines’ central business district, LINC provides convenient and walkable accessibility to employment centers, trails, and restaurants. Major economic development is proposed in the neighborhood – headlined by a $95 million, 6,500-seat multiuse outdoor stadium and global plaza.
property
LINC @ Gray's Station (Phase 4)
address
SW Corner of Tuttle Street & SW 13th Street
city, state
Des Moines, IA
county
Polk County
product type
Market-Rate, Multifamily
construction type
Wood Frame
site size
3.48 acres
construction start
Q3 - 2024
completion
Q1 - 2026
developer
Hubbell Development, LLC
general contractor
Hubbell Construction Services
management
Indigo Living
Cash-on-Cash (7-Year Stabilized Avg.)
IRR (10-Year Hold Period)
Equity Multiple with Sale Year 10
IRR (4-Year Hold Period)
Equity Multiple with Sale Year 4
From Interstate 235
property
LINC @ Gray's Station (Phase 4)
address
SW Corner of Tuttle Street & SW 13th Street
city, state
Des Moines, IA
county
Polk County
product type
Market-Rate, Multifamily
construction type
Wood Frame
units
135
residential nra
107,760
average unit size
798
site size
3.48 acres
no. of stories
3
parking
203 total parking spaces
construction start
Q3 - 2024
completion
Q1 - 2026
developer
Hubbell Development, LLC
general contractor
Hubbell Construction Services
management
Indigo Living
Southeast of Proposed Multiuse Stadium
North of Gray’s Lake Park
West of Principal Park
Cash-on-Cash (7-Year Stabilized Avg.)
IRR (10-Year Hold Period)
Equity Multiple with Sale Year 10
IRR (4-Year Hold Period)
Equity Multiple with Sale Year 4
From Interstate 235
The Des Moines International Airport broke ground on a new $445-million terminal in Fall 2023. The new terminal will add 17 gates as well as provide more remote aircraft parking spots. These upgrades are expected to support twice as many annual passengers. Two more phases of upgrades are expected to be complete by early 2030. Pro Iowa’s $95-million, 6,300-seat multiuse outdoor stadium and global plaza is proposed just north of the Telus site. The stadium is expected to be the home for a new soccer club in the USL Championship, a second-tier soccer league.
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