First residential and commercial project underway in Waukee’s Kettlestone development area
KENT DARR Dec 9, 2015 | 9:34 pm
2 min read time
469 wordsBusiness Record Insider, Real Estate and Development
Three developers have taken aim at a 42-acre triangle of land at the University Avenue entrance to Waukee’s sprawling Kettlestone development corridor with an eye to an estimated $65 million commercial and residential development called The Cove at Kettlestone.
Caliber Iowa LLC, a relatively young development and construction company based in West Des Moines, triggered the project when it bought land at the southeast corner of Grand Prairie Parkway (formerly Alice’s Road) and University in December 2014.
Since that time, Caliber has sold a little more than eight acres to Signature Real Estate Services of Greater Des Moines and another nine acres to Ames-based The Jensen Group.
Signature plans three retail and commercial buildings that will total more than 100,000 square feet near the newly reconstructed – at the expense of the developers – 98th Street and will front University.
The Jensen Group plans to start construction next year on three apartment buildings that will have a total of 216 luxury units.
Caliber Iowa will develop another 137 rowhouse-style townhouses on nearly 10 acres. Once built, Caliber Iowa will retain ownership of the townhouses and provide property management services. For Caliber Iowa, the row homes will be its fourth project in a one-mile radius of The Cove.
Caliber Iowa’s Justin Washburn said the project will be the first to embrace design standards established for the 1,500 Kettlestone area and should trigger additional commercial and residential development.
“We feel the standards are going to increase the value of the real estate,” Washburn said. “It’s going to be very attractive.”
Caliber Iowa bought at the right time, picking up a piece of land at the northern section of Kettlestone that might have been overlooked by other developers, he said.
The remaining land at The Cove could be built as a combination of residential units atop retail stores.
“We believe we de-risk that deal by leasing up the residential,” Washburn said.
Meanwhile, Kum & Go LC is planning an elaborate convenience store near the recently opened diverging diamond interchange of Grand Prairie Parkway and Interstate 80, at the southern end of Kettlestone.
Waukee City Administrator Tim Moerman said other potential developers who visit the Kettlestone area are surprised by three things: The amount of land available for development, the number of prime development intersections, and the length of travel from University to the interstate.
He knows that residential development will lead to future retail and commercial development.
“This a long-term project. It’s going to take several years to get developed,” Moerman said. “This is how we look at it. In 2014 we did a lot of the planning, in 2015 it was more working with property owners and finalizing design standards. In 2016 it’s more about marketing, and in 2017 we hope to see the fruits of that.”
Trending News
