Spot 515 LLC, owned and managed by developer Randy Reichardt, plans a $2.2 million renovation of the commercial building at 515 28th St. in Des Moines. Architectural rendering by Simonson & Associates Architects In the photo below, water has seeped into the interior of building through damaged areas on the roof. Photo included in handouts to Urban Design Review Board

 

What: Renovation of commercial retail building
Where: 515 28th St., Des Moines
Estimated project costs: $2.2 million
Developer: Spot 515 LLC, owned and managed by Randy Reichardt; Benchmark Real Estate Group is providing development services for the project.
Architect: Simonson & Associates Architects
General contractor: Koester Construction
 
 
 
 
Background and update: Des Moines’ Urban Design Review Board this week approved final designs and a financial assistance package for the proposed renovation of a 12,000-square-foot commercial building at 515 28th St.

Randy Reichardt, who owns RWR Development, plans to renovate the building, which is included on Des Moines’ list of nuisance properties.

"This building has sat pretty much unused and vacant for the last several years," Carrie Kruse, Des Moines’ economic development coordinator, told the board.

In recent years, paint has been removed from the building’s brick walls and windows have been replaced, she said. However, both asbestos and lead-based paint remain in the building, which will be addressed during the renovation, according to a city document.

In addition, "there still remains quite a bit of some pretty major deferred maintenance as far as the roof is concerned," Kruse said.

The roof, which is being repaired, will be designed to accommodate a solar array that will reduce the building’s energy usage, according to a city document.

The building likely will be designed to accommodate two tenants, one of which may be a restaurant or coffee shop. Outdoor patio seating is planned. Pots filled with plants will line the patio areas to meet the city’s requirement for greenery. An area for bicycle storage is also planned.

"It’s really great to see this building come back to life," said board member Carey Nagle, a local architect.

The original tenant of the building was a lithograph printing business that needed a lot of natural light, Reichardt, who researched the building’s history, has said. A portion of the south side of the building is all glass with steel-sashed windows. Also, a portion of the roof is raised  resembling a sawtooth – with windows on the north side.
Preliminary terms of the financial assistance include providing up to $730,000 in tax increment financing.

The property is currently valued at $147,000. When the renovation is completed, the property’s value is expected to increase to over $2.1 million, a city document shows. The property is expected to generate $1.9 million in property tax revenue over 20 years after the renovation.

Without the improvement, the property would generate $158,900 in property tax revenue, city officials estimate.

Construction is expected to begin later this year with completion by spring 2022.
                                                                                                       
Related article: Developer plans to buy dilapidated building, considered a nuisance property
 
A patio area is planned adjacent to the renovated building at 515 28th St. The patio will be lined with planters and will include an area to store bicycles. Architectural rendering by Simonson & Associates Architects
A Commercial Real Estate Weekly feature in which we update 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