City approves agreement with Blackbird for 701 Walnut
PERRY BEEMAN Sep 23, 2016 | 8:16 pm
1 min read time
141 wordsAll Latest News, Real Estate and DevelopmentThe Des Moines City Council has approved a preliminary deal for 10-year residential tax abatement and 10-year tax-increment financing for Blackbird Investment’s and CA Ventures’ 26-story tower at 701 Walnut St.
The deal calls for 10-year tax abatement on the residential part of the project, and 100 percent tax-increment financing in years 11 through 20. The developers also would be able to lease 276 parking spots in the 8th and Mulberry parking garage.
The tax increment is estimated to be worth $4,215,630 or approximately 5 percent of the total project cost.
The $85 million project — which includes 275 units, electric car sharing, bike parking, a dog run and a rooftop pool — would span 294,046 square feet.
Construction is expected to begin in November with completion in July 2018. The site is the eastern portion of the former Younkers site.
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