Des Moines

Finn · Post by **Finn** » Wed Sep 01, 2004 10:59 pm

I have been over to the "sister site" for Des Moines. DMRyan and Ingersoll1978 have done a great job and the forum activity is busy. I have also seen some great pics on the site and look forward to the site finishing the set-up phase and having a gallery similar to the eomaha gallery.

Des Moines is also seeing a lot of downtown development with a new arena/convention center/exhibition hall, new condominiums and apartments, business expansion (Wells Fargo, Allied/Nationwide Insurance, etc.) and a new riverfront walk/promenade. I was quite impressed when I visited a month ago (I had not seen the city in years).

Ryan/Ingersoll - a couple of notes to pass on:

The developer of the Hubbell Tower project tried to push the 80 apartments through with no parking. This has caused concern and although the city does not have a parking-per-unit ratio, the developer will not be able to get project insurance without some parking implemented.

East Square Village Apartments are refining apartment features so they can charge rents to meet pro-forma. They will enter at the top of the market with proposed rents.

Vine Street is leasing but rents were slightly reduced as continual construction and equipment hindered leasing efforts. Agents had to meet prospective tentants (who arranged appointments) at a back entrance and walk them to see units, as they are not able to use the leasing office for walk-ins. This should change soon and despite the inconvenience, absorption was around 15 units for the first month.

Again, good job on the site.

DMRyan · Post by **DMRyan** » Thu Sep 02, 2004 8:19 am

Finn, thanks for the compliments!

I appreciate the inside information you shared too. I learned a couple of things. You said you worked in the real estate industry didn't you?

Finn · Post by **Finn** » Thu Sep 02, 2004 11:50 am

Ryan -

Yes, I work in the industry. I was in Des Moines to look at a few sites and do some studies. I learned a lot about the current growth and activity, especially around downtown. I was very impressed with Des Moines as I had not been there for about ten years. I was excited to get the opportunity to do some work in the Midwest (I also recently looked at a site in Council Bluffs). The work included the projects previously mentioned and your website has allowed me to keep an eye on what the latest development of various projects. It is exciting to see the transformation of the downtown and East Village areas. All of the activity in the area will foster more residential development.

DMRyan · Post by **DMRyan** » Thu Sep 02, 2004 12:38 pm

I can't believe the developer of the Hubbell Building (a locally reknowned developer no less) would try to fudge this development through without parking. There's a parking lgarage directly next to this building and a small surface lot behind it, so hopefully an agreement can be reached.

Finn · Post by **Finn** » Thu Sep 02, 2004 2:18 pm

The group that owns the Fort Des Moines Hotel owns the parking garage to the west. The hotel has an arrangement with the garage to provide a specific number of spaces for the hotel, the rest are public. There will be no deal with Hubbell, as it would compromise the allocation of reserved spaces for the hotel.

The lot to the south is too valuable in terms of real estate and I believe the owner is banking on a future sale. It would be attractive as a vacant site in downtown.

There are also approximately 20 spaces between the Hubbell Tower and the alley (west towards the parking garage). These spaces are used for commercial tenants of the Hubbell Tower and the owner did not want to have to disrupt their amenity. However, due to insurance, the owner may not have a choice. Some of these units might have to be used as well as possibly working out a deal with the city on reserving some surface spaces in the lots a couple of blocks away (towards MLK Jr. Blvd.) The city does not have a parking ratio requirement and the fact that the building is downtown and directly on the skywalk are benefits that will not require a lot of on-site parking spaces. It does not appear to be a deal killer if some parking is provided.

Ingersoll1978 · Post by **Ingersoll1978** » Tue Sep 07, 2004 3:28 am

Thanks finn for the feedback! We can't wait to get the set-up phase done as well!!!

Also, thanks for the great insider info on these great projects that are helping to shape the future of Downtown Des Moines.