DES MOINES, Iowa — Plans are underway to redevelop a virtually abandoned area near downtown Des Moines that used to be home to industrial buildings and railroad tracks into a modern neighborhood.

Television station KCCI reports that Hubbell Realty Company announced Friday it has bought the land between Gray’s Lake and downtown Des Moines to develop Gray’s Station.

Hubbell president and CEO Rick Tollakson announced detailed plans for the $250 million project in July. He says the development could bring around 5,000 people to live and work in the area.

The company expects to begin cleanup of the more than 75-acre site by mid-next week.

The development will offer apartment communities, homes and condominiums, as well as trendy storefronts, bike paths and parks.

Information from: KCCI-TV,