Office building planned for D.M. Market District
KENT DARR Jun 13, 2016 | 3:40 pm
<1 min read time
0 wordsAll Latest News, Real Estate and DevelopmentTwo Des Moines businesses have teamed up to develop a three-story, $10.7 million office building in the Des Moines Market District. The project will result in the extension of a new storm sewer to the area as well as the extension of Elm Street, two infrastructure improvements that should enhance other development opportunities in the area.
PDM Precast Inc., which manufactures prestressed and precast concrete products, and GPS Impact Inc., a design and media-buying agency, and their equity partners plan to occupy about half of the 47,000-square-foot building, according to a report from the city’s economic development department to its Urban Design Review Board. The project will be located on a vacant corner lot at Southeast Sixth and Elm streets.
The partners also plan an approximately 115-stall parking structure at the corner of Southeast Fifth and Elm. The one-acre lot recently was purchased for $275,000 from ST Howard Development, a family operation that was an early developer in the East Village.
According to the staff report, 18,000 square feet of the Class A office building could be used as restaurant or retail space pending additional development in the area.
The Des Moines City Council has given preliminary approval to an economic development package that consists of a $200,000 grant that will be paid after the extension of Elm and the storm sewer segment is completed and 20 years of tax increment finance payments that will be paid on a sliding scale that starts 100 percent and ends at 50 percent of the value of improvements to the site.
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