Ryan Galloway has purchased the historic Murillo Building at 611 High St. with plans to convert the 106-year-old structure into residential real estate. City records indicate that Galloway, managing partner of Murillo Flats LLC and an employee of Hatch Development Group, said an investment of more than $560,000 will be required to complete the project. Last week, the Des Moines City Council approved to support the developer’s application to the Iowa Department of Economic Development for state-funded Enterprise Zone tax benefits, including a $50,700 Investment Tax Credit and a $9,600 sales-tax rebate. Last month, the City Council approved a preliminary commitment to provide the project a $250,000 Community Development Block Grant loan. In 2008, the Murillo Building was relocated to its current location from 14th Street to make way for Wellmark Blue Cross and Blue Shield’s new corporate campus. Murillo Flats paid $175,000 for the property, which has been vacant for two years. The sale closed on April 21, according to the Polk County assessor’s website.