New life at Village of Ponderosa
The commercial village is being resurrected through sales of bank-owned buildings
Thursday, April 11, 2013 12:01 PM
Commercial buildings in Village of Ponderosa in West Des Moines are being sold by banks that acquired them as loans went into default. In all cases, new owners are buying at a discount.
Conceived as an upscale neighborhood with office and retail amenities to match, the Village of Ponderosa development is southeast of Mills Civic Parkway and South 60th Street. It was stopped by the spectacular financial collapse of the Ladco development companies and their founder, Jon Garnaas.
Tanner Kinzler is one of those new owners.
Kinzler wanted to make certain that Embassy Club West would have a home, so he and his father, Kevin, decided last month to buy a building that had once housed the West Des Moines Gateway Market in the Village. Embassy Club West moved in two years ago after Gateway Market’s owners decided to focus their efforts on their main operations on Woodland Avenue.
Tanner Kinzler is a member of the Embassy Club board, and a location in the western suburbs seemed to offer an appeal to young professionals in the area. The flagship Des Moines Embassy Club is located downtown.
Kinzler Equities LLC paid $1.7 million for the property, which First Commercial Bank obtained in a foreclosure against Ladco and other partners in a development deal.
The purchase provided several advantages for Embassy Club West, said Tanner Kinzler, who is chief operating officer and vice president of Kinzler Construction Services Inc., a company founded by his father.
“What it came down to was that the club was looking for stability and a new landlord,” Tanner said.
Embassy Club West makes for a dependable tenant.
“The club has a long-term horizon. ... It’s a 100-year-old organization with a track record of stability,” Kinzler said. “They don’t make a lot of changes and they don’t make changes fast.”
Kinzler said he hopes that the sale of bank-owned commercial buildings sparks renewed interest among developers willing to make new investments at Village of Ponderosa.
As for buying a home for Embassy Club West, Kinzler said that “only time will tell” whether it was a smart buy.
“It’s a good investment in the long term; short term, some people think we are nuts for making an investment in that neighborhood,” he said.
Here are other recent ownership changes in the Village of Ponderosa.
recent ownership changes:
590 Market St
• Former location of Ladco Development Inc.
• Sold for $895,000 by Republic Bank to a limited liability company operated by attorney Thomas Bernau.
• Assessed value at time of sale: $2.57 million.
520 Market St
• Embassy Club West, formerly Gateway Market
• Sold for $1.7 million by First Commercial Bank to Kinzler Equities LLC
• Assessed value at time of sale: $2.4 million
• Foreclosure judgment: $4.4 million
505 Market St
• Outcomes Inc., a medication therapy management services company, obtained the property last year.
• Foreclosure judgment: $4.1 million to First American Bank, assigned to Outcomes for
440 Fairway Dr
• Sold for $1.6 million by
Great Western Bank to GRL Properties LLC.
• Assessed value at the time of sale: nearly $1.9 million.
• Foreclosure judgment: $3.2 million
620 S 60th St
• The former location of VisionBank, the sale of this property is said to be imminent.
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