The former president of Regency Land Development has taken over the company’s ownership share in a prime property located near Interstate 80 in West Des Moines.

William Spencer said he and a partner have assumed Regency’s stake in Pavilion Park, a 270-acre project located just east of what will be the Alice’s Road overpass on I-80. The Iowa Department of Transportation recently approved funding for the overpass and said its design will allow for the future addition of onramps and offramps.

The overpass and interchange have been key components of the metro area’s long-range transportation planning, providing an eventual link to Polk, Dallas, Warren and Madison counties.

Pavilion Park initially was envisioned as an office park. However, Spencer and other partners in the development have asked the city of West Des Moines for a rezoning that will allow medium- and high-density residential and retail commercial uses on the property.

Spencer said the majority of the project will be devoted to office development.

Regency was buying the land on contract for $9.73 million from Valley View Development LC.

Spencer said that he and a partner have assumed a 44 percent interest in the $6 million to $7 million balance of the contract, which is due at the end of the year under the terms of the deal with Valley View Development. Regency transferred the contract May 6 to Pavilion Park LC Spencer’s TJK Investments LC took on Regency’s role in Pavilion Park.

Construction could begin in 2009, providing the rezoning is approved, a development agreement can be reached with the city of West Des Moines and market conditions are right, Spencer said.

However, he noted that the development group is in a strong financial position and can wait out a weak economy.