The Equitable Building will open next year as a mix of commercial and residential units, according to the website of a Missouri company that also is rehabilitating the Des Moines Building.

Foutch Bros., a real estate management and development company with offices in Kansas City and St. Joseph, Mo., reportedly has closed on a deal to buy the Equitable Building, once the tallest building in Des Moines, whose previous owner, Bob Knapp, lost the structure in foreclosure and is serving a federal prison term as the result of improper asbestos removal.

Great Southern Bank acquired the building at 604 Locust St. in a sheriff’s sale for $3.6 million after foreclosing on an $8 million mortgage to a Knapp development company. According to Polk County records, the building, with the exception of four condominium units, sold for $460,000. (Note: Updated with sales figure.)

In 2011, Foutch’s Des Moines Apartments LP acquired the Des Moines Building at 405 Sixth Ave. from the city of Des Moines for $150,000, with a $20 to $22 million plan to open it later this year with offices, lofts and a grocery store. According to its website, Foutch Bros. also has properties in Harlan and Shelby. The company was formed in 2004.  

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