Mar 1, 2024 - News

Des Moines' Financial Center building could turn into housing

A  photo of the Finanical Center in Des Moines.

The Financial Center was constructed in 1972 and has been primarily used as commercial office space with ground-level retail. Photo: Courtesy of the Polk County Assessor

The first 15 floors of downtown's largely vacant Financial Center would become about 200 housing units under a resolution that goes before DSM City Council Monday.

Catch up quick: Wells Fargo previously occupied much of the building and Walgreens closed its store there this week.

  • Building owners had in 2020 proposed converting much of the 25-story building into a hotel but are pivoting to multi-family housing due to post-pandemic market changes.

Details: The ground floor would include a restaurant with business space on the second floor.

  • A fitness center, clubroom, rooftop deck and pool amenities would be located on the third floor with a dog park on the fourth.
  • Construction would begin later this year with completion in 2026.

Follow the money: The previous agreement was for a $59.3 million project that could receive nearly $10.6 million in incentives.

What's next: The council's approval is needed to meet a March 18 application deadline for tax credits.

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