Wells Fargo's 1.4 million-square-foot downtown campus is under contract with an undisclosed, out-of-state buyer, Axios has learned.

Why it matters: The sale could accelerate Des Moines' business district's transformation beyond its traditional role as a 9-to-5 financial hub.

What's happening: The buyer plans to redevelop the property into office and retail space, with the potential for residences and a hotel, says Justin Lossner, a senior managing director in JLL's Des Moines office and a listing agent for the property.

• He declined to confirm the buyer's identity.

Flashback: In 2023, Wells Fargo announced it was moving most of its downtown employees to its Jordan Creek campus in West Des Moines.

• At the time former Des Moines Mayor Frank Cownie described the news as "disappointing and frustrating."

State of play: The buyer plans to take over all four Wells Fargo office buildings, an eight-story parking garage and the parking lots along MLK Jr. Parkway, Lossner says.

• Wells Fargo has noted that even after a sale, it would lease a portion of its 801 Walnut St. building for the company's remaining downtown workers, the Business Record reported. The bank declined to comment.

Zoom in: Unique redevelopment potential exists that may not be obvious from the outside, Lossner says.

• For example: Wells Fargo's 300,000 square-foot Skyview Building has a rooftop with an auditorium and a two-story open area that would be prime for retail, he says.
• "Those are now going to be opportunities for creative people," he says.

Plus: The large parking lots are also redevelopment opportunities, Lossner says, as rare downtown spaces without structures.

• He envisions them as an area for more retail or multifamily housing.

What's next: Watch what happens over the next 12 to 24 months, Lossner says.

• "There's going to be some really cool announcements that happen within that campus."

Share this story

The Animal Rescue League of Iowa is partnering with a West Des Moines boarding facility to house 30 dogs available for adoption.

Driving the news: The ARL and Canine Country Club opened "ARL Club WDM" this week to make it easier for people in the western suburbs to find their newest furry friend.

• It also helps free up room at the main shelter in Des Moines, which has struggled to house an uptick in dogs.

By the numbers: Nearly 4,000 dogs have been surrendered or brought to the shelter this year, about 100 more than the same time last year, according to a statement from the ARL.

The big picture: A lack of affordable pet-friendly housing in the metro is prompting more people to give their pets up to the shelter, the ARL has previously said.

• The ARL advocates for landlords to make properties more pet-friendly by evaluating restrictions or financial barriers like extra deposits.
• The shelter advertises pet-friendly housing options in the metro on its website.

If you go to the new location: Noon–6pm, Mon–Fri; 10am–4pm, Sat–Sun; 2150 Delavan Drive, #1, West Des Moines

🌳 West Des Moines residents have environmental concerns about plans to build two new bridges over the Raccoon River near Walnut Woods, Purple Martin Lake and Dale Maffitt Reservoir. (Des Moines Register)

A new sexual assault forensic exam center is opening in Polk County. (WOI-TV)

🚨 Two Winterset stockbrokers were fined after selling risky securities to their customers. One of the stockbrokers sits on several public boards, including Winterset Planning and Zoning Commission. (Des Moines Register)

💻 A Maryland-based developer is planning to build a new data center in Van Meter over 300 acres of farmland. (Business Record)

🐮 Iowa's iconic butter cow is heading to the Smithsonian. (Des Moines Register)

⭐️ The answer: It sounds a bit husky!

• Thanks to Christine Marchand of Cumming for the pun!

If you're looking for a unique trick-or-treating experience this year — don your costumes and stop by Ingersoll's local businesses.

Driving the news: The Avenues of Ingersoll & Grand is hosting a family-friendly trick-or-treating event with local businesses along the corridor.

• Shops between 28th-31st Streets, as well as 36th and Ingersoll will be passing out candy to visitors.

Zoom in: Some participating shops include Crème, Chain and Spoke, Chocolaterie Stam, Despensary, DZO Korean BBQ and Star Bar.

If you go: 4-5:30pm on Wednesday, Oct. 23.