Construction is underway on a four-building, 16-unit luxury townhome project being built on a nearly 1-acre site along Ingersoll Avenue that previously sported a dilapidated apartment building.
Urbandale-based Platinum Development Co. is building the project called Waterbury Commons, located at 4820 Ingersoll Ave. in Des Moines. The townhomes will each include three bedrooms, two-and-a-half bathrooms and attached two-vehicle garages with electric vehicle chargers.

“This project fills a gap in the market for buyers wanting downtown living and a neighborhood feel – the best of both worlds,” Phil Akason, Platinum Development’s chief financial officer, said in a prepared statement.

Building permits, valued at over $7.7 million, have been issued for the townhomes, Des Moines building records show.

Construction is expected to be completed in phases, according to Abby Conley of Ankeny Real Estate Group. Work on the first phase is expected to be done by mid-2024. The townhomes will sell for between $629,000 and $649,000.

A one-story, six-unit apartment structure that had been on the property was razed in late spring, city records show.

The project is being developed by John Manfredy, a Chicago-based multifamily real estate developer and investor; Michael Wolnerman, vice president of business development and regional manager at West Des Moines-based OneroRx; Paul Sterngold and Sonia Rabbani, both of Los Angeles County, Calif.; Pat Gage of Northville, Mich.; and Akason.