Still plotting the future for Green Foundry complex
Wednesday, January 09, 2013 11:21 AM
Greater Des Moines real estate developer Rich Eychaner hopes to benefit from the next round of federal flood recovery money as a way to jump-start development of the former Green Foundry complex at West Martin Luther King Jr. Parkway and Southwest Third Street. Proposals are submitted to the city, then sent to the state for approval. Eychaner said the inability to find retail tenants who could afford lease rates necessary to support development of the property slowed plans during the recession. He hopes to qualify for $3 million in federal disaster recovery funds. That amount could leverage financing for the construction of two apartment buildings that could total 100 units on the west side of the property. "I think then that you can put some pressure on retail" to locate in existing structures at the historic site, the developer said. Meanwhile, Eychaner recently purchased an office and warehouse property in the Riverpoint development. All but one bay in that property is leased.