When one of Don DeWaay’s clients heard of his plans to develop a one-stop financial services park for wealthy investors in the midst of the Medical Mile on University Avenue, the client half-jokingly referred to it as the “Mayo Clinic of Money.”

The analogy isn’t off the mark, says DeWaay, founder and CEO of DeWaay Capital Management. He plans to assemble a host of select professional firms to fill the 103,000 square feet of high-end office and retail space, nearly half of which will be occupied by his investment management company.

“I think people are tired of having a disconnect with their advisers,” said DeWaay, who founded the firm in 1987. “They may have an attorney, a stockbroker and an accountant, and they’re not communicating with each other. What I’m going to do is bring highly competent people together, similar to the approach that the Mayo Clinic takes, so that opportunities aren’t sifting through the cracks.”

DeWaay, whose fee-only firm caters to high-net-worth investors and specializes in offering alternative investment options to its clients, is well-known to many through his weekly syndicated radio program, “The Profit Zone,” as well as through frequent speaking engagements across the country.

Plans for Commerce Park by DeWaay, to be located at 13001 University Ave. in Clive, include five commercial buildings in an upscale office park setting, anchored by a 42,000-square-foot headquarters building for DeWaay Capital Management.

To help fill up the headquarters building, DeWaay plans to more than double his workforce of 40 employees within the next three years and form a broker dealer organization that will employ up to 50 additional people.

The concept behind Commerce Park is that select accounting, legal, insurance and other professional firms will lease space in the adjacent commercial buildings to form a one-stop financial center. The business park will also feature high-end retailers such as a gourmet coffee shop and spa, as well as business incubator space for start-up companies.

The model for this approach has historically been referred to as the “family office,” he said.

“The wealthiest people have used this formula for years. The difference is we’re bringing this down to a level to serve people who thought they couldn’t have that level of sophistication.”

Though most of DeWaay Capital Management clients have a minimum net worth of $1 million or are professionals with $200,000 or more in annual income, the firm in some cases works with clients below that level, such as individuals who are rapidly growing a professional practice or business.

The majority of DeWaay’s staff researches alternative investments that a wide range of options, among them oil and gas contracts, venture capital or real estate acquisitions.

“A lot of people are mired in the traditional model of investing: stocks and bonds, mutual funds,” he said. “When they find out there’s a much bigger universe out there (of alternative investments), they’re pretty excited.”

The new headquarters building, which is expected to be completed by November, will replace DeWaay Capital Management’s current 7,000-square-foot space at 1415 Grand Ave. in West Des Moines. The new building, designed by JMA Studio of Des Moines, will feature a state-of-the-art 250-seat conference center that will be made available to Commerce Park tenants.

DeWaay said he is personally bankrolling the entire office park project, which in total represents an investment of about $25 million.

Working with the Greater Dallas County Development Alliance, the firm in May 2005 was approved to receive a $900,000 incentive package from the Iowa Department of Economic Development, provided the project results in the creation of 45 new jobs over the next three years paying an average of $23 an hour. The firm is also working with MidAmerican Energy Co. to receive financial incentives for the use of energy-efficient construction.

DeWaay Capital Management’s continued growth has given it the ability to tackle a development of this size, DeWaay said.

“Though this is a project of significant magnitude, our revenues are very solid and rapidly growing,” he said. “Additionally, we’ve had virtually 100 percent client retention.”

DeWaay said it’s likely he will offer his investment clients an opportunity to purchase shares in the broker dealer operation as a private offering. Through a broker dealer network, contracted representatives throughout the country will offer the same investing approach that DeWaay Capital Management now offers regionally. The company, which is now working to receive approval from the National Association of Securities Dealers, expects to work with between 100 and 200 financial representatives.

“The biggest area of growth for us is outside of Iowa, in part because of endorsements we receive from many national associations,” he said. For instance, he spoke recently at an American Association of Swine Veterinarians convention in Kansas City.

Groups such as these “like the fact that we can bring together professionals to work with them, and that we can bring together investments that they may never otherwise have heard of,” he said. “We’ve had invitations to speak all over the country. That’s really opening a lot of growth for us nationally in our practice.”