A bar, pool and lounge are proposed for the rooftop of the lower-level section of the Financial Center. A hotel is proposed for the first 13 floors of 47-year-old building. Architectural rendering by Slingshot Architecture

WHAT: Renovation of the 25-story, 363,000-square-foot Financial Center
WHERE: 207 Seventh St.
OWNER: Landmark LP
DEVELOPMENT COORDINATOR: Christensen Development, Des Moines
ARCHITECT: Slingshot Architecture, Des Moines
PROJECT VALUE: $59.3 million
BACKGROUND and UPDATE: Des Moines’ Urban Design Review Board this week approved a financial package and design proposal of the renovation of the Financial Center, which opened 47 years ago.

The building’s owner plans to convert the first through 13th floors to a full-service upscale hotel with 190 rooms. An upscale restaurant, coffee shop and market are proposed for the first floor. A fitness center, meeting rooms, a business center and skywalk access are planned for the second and third floors.

A rooftop bar, pool and lounge are proposed for the lower-level roof.

The remaining floors of the building will be for office space.

A red canopy over one of the building’s entryways will be replaced with a light box, said Greg Wattier of Slingshot Architecture. The lighting feature ties into the nighttime lighting of the building.

“We’re pretty excited about the [light box],” he said.

In March, the Des Moines City Council approved a preliminary financial package for the project that includes up to $7.5 million in assistance generated from tax increment financing. The assistance is 12.7% of the project’s expected costs.

The project is estimated to contribute $9.8 million in hotel/motel tax during the 15 years of financial assistance, city documents show.

In 2019, the property plus a parking garage were valued at $14.7 million, Polk County assessor records show.

Construction is expected to begin this fall; completion is estimated by late December 2022.

                                                                                                                        – By Kathy A. Bolten

PREVIOUS COVERAGE: $59.3 million renovation proposed for downtown’s Financial Center
‘We had no choice’ but to consider other uses for downtown building, says its owner

A Commercial Real Estate Weekly feature that updates the status of projects underway in the Greater Des Moines area. Want to include an update about your project or suggest a project to include? Email: kathybolten@bpcdm.com