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First, there was a deep chill in financial markets that delayed the start of construction on Hubbell Realty Co.’s Melbourne Apartments on Southeast 14th Street. Once the markets thawed and the first foundation was poured, another deep freeze set in in the form of sub-zero temperatures that followed heavy snows.

But those elements haven’t dampened Steve Niebuhr’s belief that the first 24-unit apartment building of the project will be ready to market this spring, with the full project completed by late summer.

“We’re probably a little behind, but we’re not concerned that we won’t meet our dates,” said Niebuhr, Hubbell’s senior vice president for construction services.

Melbourne Apartments, at 5515 S.E. 14th St., will provide 84 units of low-income housing when completed. There will be two 24-unit buildings and one 36-unit building plus a clubhouse.

The $10.4 million project is being funded with a combination of tax credits for low-income housing and financial incentives provided by property tax abatement and an enterprise zone designation from the city of Des Moines.

Ultimately, Hubbell would like to expand the project to the east and add another 214 units of low-income housing, depending on financial markets.

Hubbell had hoped to start construction on the current four-building phase in spring 2009, but the difficulty of obtaining financing put that off until September.

The foundation was poured on the first building about the time Greater Des Moines experienced its first big snow of winter. Then there was more snow and with it sub-zero temperatures.

Construction crews worked through the weather and have been making up for lost time by working weekends.

“The time you spend clearing snow and covering up and protecting materials from the elements is time that you could otherwise be using to put things in place,” Niebuhr said.

Frozen ground is being thawed by heated water that flows through a network of pipes. Fresh concrete is protected by insulated blankets.

“The weather is not insurmountable,” Niebuhr said. “I just know that putting blankets down to cover a slab, that’s money that you’re not putting into the building.”