Sep 18, 2024 - News

Former Plaza Lanes project gets a no-interest loan

Jason Clayworth

A rendering of an apartment building. — Rendering: Courtesy city of Des Moines

Des Moines City Council this week approved a no-interest $400,000 loan to developers of the former Plaza Lanes site, paving the way for an affordable housing project.

Why it matters: The 40 apartments in the first phase will be leased to lower-income families at below-market rents.

The project comes as city leaders vow to increase housing options for people who are at risk or are already experiencing homelessness.

Flashback: In 2017, a fire destroyed Plaza Lanes bowling alley, an iconic DSM entertainment venue.

Former owner Randy Thompson decided not to rebuild the 3.6-acre site, saying an insurance settlement would not cover the costs.
The Ohio-based Woda Cooper Companies proposed an 80-unit project at the site last year.

State of play: DSM will use federal funding allocated to affordable housing projects to issue the 20-year loan.

Zoom in: Barry Accountius, vice president of development for Woda, tells Axios that the project will cost nearly $14 million.

A timeline for the second phase and remaining planned apartments is not yet determined, he said.

What's next: Construction will begin in the coming weeks and take about a year.

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Former Plaza Lanes project gets a no-interest loan

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