A $76M courthouse-adjacent project is proposed in downtown Des Moines
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The project would be constructed on 2 acres near the corner of Fifth Avenue and Cherry Street. Illustration: Courtesy of The Annex Group via the city of DSM
The parking lot adjacent to the Polk County Courthouse would become a nearly $76 million, six-story complex with 280 apartments under a proposal that goes before the DSM City Council on Monday.
Why it matters: The project would deliver another significant increase in available housing in the Court Avenue entertainment district.
- It comes as construction is underway just a block away at 515 Tower, a 33-story skyscraper that will add nearly 400 additional apartments in early 2027.
Catch up quick: In 2023, Polk County government purchased the nearly two acres that were the site of a long-ago demolished Union Station train depot and had been used as surface parking in recent decades.
- The county and city governments have been working for months to solicit and evaluate development proposals for the site.
Driving the news: City development staff are recommending that the City Council select a proposal from The Annex Group, an Indiana-based housing development company, under preliminary terms outlined in a council document released late Thursday.
Zoom in: The first floor would be mostly commercial space, with the upper floors housing one-, two-, and three-bedroom apartments.
- The project would receive over $15 million in incentives but generate nearly twice as much in property taxes over the next three decades, according to city estimates.
What's next: If approved Monday, preliminary designs will go before several city boards for review and then return to the City Council for a final development agreement.
- Construction would begin in about a year, with completion in 2028.