Des Moines Drake Village Project to Launch in Late 2026
Developers plan a $23.9 million redevelopment of former Drake University properties into residential and retail space.
Updated on Oct. 21, 2026 in Commercial
Live Poll
Do you believe new market-rate apartment developments improve your local neighborhood's character?
The Drake Village project is set to begin in the fourth quarter of 2026, transforming former university properties in Des Moines into 121 market-rate apartments. This $23.9 million development will revitalize land sold by Drake University to SEDU, LLC earlier this year.
Why it matters
The project aims to revitalize the area between 30th and 32nd streets along University Avenue by adding new residents to support local businesses. Drake University opted to sell the properties as they were no longer needed for university operations.
The $23.9 million project features 121 market-rate apartments and 5,700 square feet of commercial space. Renovations include 8 units in Norman Apartments, 6 in McCoy Apartments, and 47 in Ross Hall.
The players
Drake University
This private university located in Des Moines is a well-known higher education institution that served as the previous owner of the development properties.
SEDU, LLC
This development entity purchased the university properties in 2026 to lead the Drake Village redevelopment effort.
The details
The development plan includes renovating three existing buildings and constructing new residential and mixed-use structures with on-site parking. Phase one renovations will encompass the Norman, McCoy, and Ross Hall buildings, followed by the development of the new Fellows rental building.
Timeline
June 2026: Drake University sells the properties to SEDU, LLC.
Q4 2026: Construction begins on the first phase.
Q1 2027: Construction begins on Fellows rental building.
Q2 2028: Construction begins on the second phase.
Q3 2029: Expected completion of second phase construction.
Culture Shift
This project reflects a broader trend of universities liquidating non-core property to address local housing shortages and commercial stagnation. By transitioning these buildings into market-rate units, the city aligns with efforts to integrate former institutional land into the public urban fabric.
Residents can anticipate significant construction activity along University Avenue starting in late 2026. The eventual addition of 121 housing units is intended to increase foot traffic and support business growth in the Drake neighborhood.
The takeaway
This project signals a major transformation for the corridor between 30th and 32nd streets. Prospective renters should keep an eye on the phased construction timeline to track housing availability in the neighborhood.
Further reading
Find more local business updates in the Des Moines Commercial section.
Source note: This article includes information reported by The Times-Delphic.
Live Poll
Do you believe new market-rate apartment developments improve your local neighborhood's character?
