Buying into the Equitable still calls for imagination
A few times every week, real estate agent B.J. Knapp escorts people through the upper floors of the Equitable Building and asks them to use their imagination. All he has to show them are blueprints, so he asks them to ignore the demolition debris and picture what the place will look like with their choice of finishing materials; imagine a spacious deck jutting outward, far above the downtown streets; look at all of that open space and remember that the support columns will disappear inside walls.
You don’t have to imagine the view, though; just look out the window at the rest of downtown, at the state Capitol, at Principal Park.
When the imaginative approach works, they tell him this is just the kind of urban feeling they’re looking for.
To find a buyer for one of the 54 planned condominium units at 604 Locust St., “it’s got to be somebody who grasps the concept of urban living,” said Knapp, whose father, Bob Knapp, is the main force behind the rehabilitation of the Des Moines landmark.
A young couple with strong ties to New York City has signed up for one unit. Most of the early interest, though, has been shown by Des Moines people who are thinking about leaving lawn care and commuting behind. “A lot of them are empty-nesters,” Knapp said. “Doctors, lawyers, CEO types.” It takes a certain level of wealth to justify the idea, because the price range for these condos is $500,000 to $1.2 million.
He can describe the ultimate example, which will occupy a space two stories tall on the southwest corner of the building. Whoever lives there will have a stone fireplace rising 20 feet from floor to ceiling and a catwalk stretching over the living room.
The Knapps’ company, Equitable L.P., bought the building last spring and plans to create condos on floors seven through 19. Five of those floors should be ready for occupancy in the summer of 2006, according to B.J. Knapp. A model unit is scheduled to be open for inspection this fall.
Basic floor plans can be slightly modified to accommodate a buyer’s preferences. Cosmetic choices, involving tile, stone, wood and other materials, will be made by the buyers. “These people are going to have their own designers,” Knapp said. “If somebody is going to come in and spend a million dollars, we’re not going to tell them what color the bathroom should be.”
Knapp said about five people have committed to buying condos in the Equitable. “We have a list of 20 to 25 who are interested but want to see at least the empty shell of a condo,” he said.
“I imagine we’ll have a third of the units sold by spring,” he said. “I think that’s very realistic.”
Equitable L.P. has arranged for its condo buyers to have parking spaces in a parking ramp that is to be constructed by Nelson Development at the southeast corner of the intersection of Sixth and Grand avenues. Demolition work continues at that site, but Nelson expects the ramp to be completed in the spring of 2006.
The city facilitated that arrangement after separate talks with the two developers on the parking issue. However, the city has not contributed any money to the rehabilitation of the Equitable Building, which is unusual among current downtown housing projects.


