Des Moines loses chance to buy Wallace Elementary site

• Capital Park neighborhood leaders previously identified the site as important for its revitalization efforts.

Catch up fast: Wallace closed about 17 years ago following the construction of the nearby Carver Elementary.

• California-based Olivet University purchased the former school in 2012 for $100,000 to convert it into a church and seminary but the plan never materialized.
• The building was on DSM's public nuisance list for years before it was demolished about six years ago.

Driving the news: A sheriff's sale for the land was initially scheduled in January, but it was delayed because of bad weather.

• Olivet recently paid the judgment, which was largely made up of demolition fees owed to the city.
• The sale was canceled last week.

The intrigue: The property at 1401 E. 12th St., is assessed at $113,000, according to the Polk County Assessor.

• Olivet did not respond to Axios' inquiries about its plans for the land.
• The university is currently under federal investigation for alleged money laundering and labor trafficking, Newsweek reports.