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Final design, financial terms approved for downtown apartment project

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The final design and proposed financial terms for the Falcon, a seven-story, 202-unit building proposed at 1435 Mulberry St., were approved this week by Des Moines’ Urban Design Review Board. The $62 million project is proposed to be built on a 1.3-acre site that had previously been occupied by the Des Moines Area Religious Council’s food pantry. The project would receive up to $5.3 million in project-generated tax increment under the proposed financial terms approved by the board. The project’s developer, Double Eagle Development, also plans to request residential tax abatement, the board was told. Construction would begin in fall 2024 with completion in spring 2026.

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