Hubbell Realty Co. this month began construction for Forge65, a 162-unit townhouse and apartment development located on about 8 acres south of Iowa Highway 163 at Northeast 60th Street in Pleasant Hill. The project was originally announced in mid-2020 when development costs were estimated at $24 million. Rising costs of materials have pushed development costs to $28 million, according to a Hubbell spokesperson. Costar, a real estate information and analytics company, reported that the stabilized vacancy rate for the Des Moines area is 5.18%; the vacancy rate in the Forge65 submarket area is 2.6%. The planned community will include one-, two- and three-bedroom apartments and a mix of one- and two-story townhouses. “We wanted to create a thoughtful community with plenty of rental options and designs,” said Kris Saddoris, Hubbell’s vice president of multifamily development. “This isn’t your standard neighborhood, and thanks to the variety, residents will have far greater options than other communities throughout the city.” The development will include a clubhouse, a pool and shared spaces as well as garage options for residents. Construction is expected to be completed in late 2023. Photo:Rendering special to the Business Record