Proposed renovation a 'flagship' development in Des Moines Market District
Monday, November 04, 2013 10:52 AM
The Des Moines City Council will be asked today to approve the terms of an urban renewal development agreement that could set the stage for future development in the Market District, an area bounded by East Court Avenue, Martin Luther King Jr. Parkway, the Des Moines River and Southeast Seventh Street. Doyle Properties LLC has proposed a $14 million historic rehabilitation of a 104-year-old warehouse and retail building at 130 E. Third St.. which will become the corporate headquarters for Modus Engineering, according to a report to the council. "The project will be a flagship investment in the Market District area." according to the report. The urban renewal agreement calls for 100 percent of tax increment generated by the project in years 1 to 10 and 75 percent of tax increment generated by the project in years 11-15. Doyle Properties is considering the purchase of other properties in the area, according to the report.