Developer Tim Rypma, a partner in Stapek Partners LLC, is proposing a historically compatible renovation of the three-story structure at 112 S.E. Fourth St. that originally was known as the Central Oil Works warehouse.

The structure has been home to Garden Nightclub since 1984, according to material provided to the council.

The renovation of the 17,6570-square-foot building is proposed to include adding four apartments on the third floor, offices on the second and commercial retail or a restaurant on the street level. A large outdoor green area is planned north of the building for patios. Construction is expected to begin this spring with completion by the end of the year.

The property is in the Market District, an aged industrial area roughly between East Court Avenue, Southeast Fourteenth Street, Scott Avenue and the Des Moines River that is seeing a surge of redevelopment. Future plans for the area include development of an indoor-outdoor event venue, a hotel, office and commercial spaces, apartments, and condominiums.

The council this week approved preliminary terms of a development agreement with Stapek Partners that includes providing up to $831,473 in tax increment finance to the developers over 15 years. Stapek Partners is also seeking historic state tax credits.