Valley West Mall designated as mixed-use space
Michael Crumb Jun 19, 2024 | 7:30 am
1 min read time
283 wordsAll Latest News, Real Estate and DevelopmentValley West Mall could be redeveloped into a mixed-used space after the site was rezoned Monday by the West Des Moines City Council.
The council unanimously approved rezoning the mall for mixed-use designation, but there are no immediate redevelopment plans on the table, said Ryan Moffatt, community and economic development director for the city of West Des Moines.
The designation would allow for the mall to be redeveloped into residential, office, retail and entertainment.
Moffatt said in an email to the Business Record following the meeting that there is probably a 12- to 16-month wait before the mall’s court-appointed receiver can put the property up for sale.
“In the meantime, we will continue to work with developers that express interest in the property, as well as put this property on other large local and national developers’ radars, and refer them to the appropriate parties servicing the loan on the property,” Moffatt said in the email.
He said the city will work with the bank, the receiver and the mall leasing agent to find the right developer who “has a vision that will meet the city’s goals and desired outcomes for the property.”
U.S. Bank foreclosed on the mall in 2022, alleging the mall’s owner, Watson Centers Inc., had not made loan and other requirement payments since May 2021. According to the foreclosure petition, the Minneapolis-based Watson Centers owed $3.49 million in missed payments.
Since then, questions have lingered about who will buy the 60-acre parcel and what any redevelopment of the once-bustling mall could look like.
Michael Crumb
Michael Crumb is a senior staff writer at Business Record. He covers real estate and development and transportation.