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VINE STREET | WATER STREET <br />Des Moines, IowaProject Details <br />Completed in 2004, Vine Street Lofts and its sister " 65 Market-Rate Apartments <br />condominium project, Water Street Brownstones," 44 Affordable Apartments <br />were the first significant new construction residential" 32 Condominiums <br />projects in Des Moines in over 20 years. Located on" Project Value: $15 Million <br />a prime site overlooking the Des Moines River, the" Financing: HUD, Fannie Mae, City of Des Moines, <br />parcel had been a surface parking lot for decades.Polk County Housing Trust Fund, Neighborhood <br />Finance Corporation, Federal Low Income <br />Selected through a competitive request for proposalHousing Tax Credits, Tax Abatement <br />process, Sherman Associates and partner Lander <br />Urban Development introduced a model that was Role: Developer, General Partner, Property Manager <br />untried in Des Moines high-end home ownership <br />opportunities; market-rate rental units and affordable Completed: September 2004 <br />rental units on the same block sharing the same <br />underground parking system. The project is a <br />resounding success and is considered the project that <br />jump-started the downtown housing market. <br />COMPANY PROFILE: Development Experience <br /> <br />