What’s New in Iowa:
As we enter 2023, real estate developers across the United States are gearing up to withstand the economic downturn ahead. However, despite rising interest rates and construction costs, several exciting mixed-use, historic renovation, and commercial redevelopment projects are set to kick off in Des Moines early this year.
Carpenter Paper Warehouse Project
Tim Rypma of Rypma Properties is proposing a $24.3 million project that will be developed in two phases. The first phase will include a historically compatible renovation and conversion of an existing warehouse building, known as the Carpenter Paper Warehouse, into Class A commercial office space. The second phase will include a renovation and conversion of another warehouse, known as the Lortex Building, into a commercial space. Rypma is seeking federal and state historic tax credits to help fund the project and working with the State Historic Preservation Office (SHPO) to set design requirements for the historic renovation.
Falcon Drive Mixed-Use Project
Select developers at Green Acre Development, Lloyd Companies, and Rypma Properties are proposing to construct a new 5-story, mixed-use building with underground parking and 9,952 square feet of commercial space. The top four floors will contain a mix of 78 studio, one-, two-, three-, and four-bedroom apartments and various amenity spaces.
Dico Site / Stadium District Redevelopment
Krause+ is proposing a planned redevelopment of approximately 60 acres of property in the Stadium District, south of Martin Luther King Jr Parkway, and 6 acres of property in the Western Gateway.
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Iowa Digest