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$42M development proposed for former Wells Fargo lot

Jason Clayworth

Sunset over a modern campus: a dark brown, glass-front building in the foreground with trees and people, and white, blocky skyscraper silhouettes in the distance under an orange-pink sky. — The project would be constructed on a lot between MLK, Vine, Ninth, 11th streets. Rendering: Courtesy of the city of Des Moines

A five-story mixed-use building would be constructed on the site of a surface parking lot formerly owned by Wells Fargo Properties, under a proposal to be considered Monday by the Des Moines City Council.

Why it matters: The $42.25 million project at 900 Vine St. is part of a wave of redevelopment near West Martin Luther King Jr. Parkway that includes the recently restored Carpenter Paper Warehouse, new apartments at Gray's Landing, and the proposed reuse of nearby Wells Fargo office buildings for hotel, office and restaurant space.

Driving the news: The council will consider preliminary terms of a financial agreement with 900 Vine LLC, whose partners include metro developer Brian Clark.

The proposal for the 3.3-acre site includes 7,000 square feet of commercial space on the ground floor and 160 apartments on the upper floors.

Zoom in: The project would receive nearly $6.8 million in incentives over 30 years.

The property would generate an estimated $26 million in taxes over that period, compared to $2.6 million without the project, according to city estimates.

The intrigue: The project would include several sustainability features, including all-electric appliances, drought-tolerant native landscaping, and low-flow indoor fixtures.

All residents would also receive a DART all-access pass.

What's next: If approved Monday, the project would still need site plan approval, Urban Design Review Board consideration, and return for final council approval.

Construction could begin in spring 2027, with completion expected in 2028.

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$42M development proposed for former Wells Fargo lot

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