Des Moines approves development grant for Gartner apartment project
Wednesday, June 12, 2013 1:20 PM
The city of Des Moines will pay nearly $500,000 over 10 years for the planned $5.9 million rehabilitation of a downtown warehouse into a 44-unit apartment complex that will be marketed to young professionals and Iowa Cubs fans. The property at 350 S.W. Second St., roughly a long foul ball from Principal Park, is being developed by I-Cubs owner Michael Gartner and real estate professional Troy Hansen. Gartner's One Line Drive LLC bought the property in October for $2.17 million from Wellmark Inc. The City Council also voted to support Helena Industries Inc. in its application for $183,000 in state economic development incentives for a planned $4.7 million expansion to its regional office and industrial campus at 3525 Vandalia Road. The council had previously approved a $168,000 economic development grant for the project. The expansion was made possible after Helena Industries bought 30 acres of city-owned land for $450,000.