$8.3 million historic renovation planned for Grand Avenue apartment buildings
KATHY A. BOLTEN Jun 17, 2020 | 1:01 am
2 min read time
470 wordsAll Latest News, Real Estate and Development
A Des Moines development team is proposing an $8.3 million historic renovation of three multifamily apartment buildings located at 2801 Grand Ave. Architectural rendering by Goche Inclusions LLC
The final design and financial assistance package for a proposed $8.3 million historic renovation of three apartment buildings at 2801 Grand Ave. received approval this week from Des Moines’ Urban Design Review Board.
Reagan House LLC, whose members include Tim Rypma, Paul Cownie and Jeremy Cortright, plans to rehabilitate the buildings, which include 47 efficiency and one-bedroom apartments.
The brick buildings were constructed between 1917 and 1921, Polk County real estate records show.
Ronald Reagan, the 40th president of the United States, lived in Unit 1 of the middle building when he worked as a sports announcer for WHO radio in the mid-1930s, Rypma told the board.
The development team is seeking state and federal historic tax credits.
Building renovations are expected to include rehabilitation of historic windows and replacement of vinyl ones, repairs to the exterior masonry, and roof replacements. Kitchens will be remodeled and floors and ceilings repaired, according to information provided to the board. In addition, mechanical, electrical and plumbing will be replaced.
The project is the latest one planned or underway along Grand and Ingersoll avenues, west of downtown Des Moines. Others include:
• An $18.3 million renovation of a former motor lodge that was converted to apartments at 2525 Grand Ave. The renovation of the three-story structure will return the building’s use to a hotel.
• A Lincoln Savings Bank is under construction at 1922 Ingersoll Ave.
• A $35 million project at 3750 Grand Ave. that includes the construction of an eight-story condo building and renovation of a portion of a former church.
• A $17 million streetscape project underway along Ingersoll between Martin Luther King Jr. Parkway and 28th Street.
The Urban Design Review Board approved a financial package that includes tax increment financing incentives over 13 years capped at $1.39 million, or at 12% of the project’s total costs. City officials estimate the project will generate more than $4.6 million in property tax revenue the over 30 years.
The property is currently valued at $1.5 million.
Construction is expected to begin in November with completion slated for March 2022.
Hildreth Construction is the project’s general contractor; Goche Inclusions LLC and Genus Landscape Architects are providing design services.
Image (above): The map shows the location of the three apartment buildings at 28th Street and Grand Avenue that will undergo a historic renovation.
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