Over 2,100 new apartment units are expected to be added to Des Moines’ downtown area during the next two or so years with most planned in newly constructed buildings.

Some of the new units, though, are being added in buildings where office space is being converted to apartments.

“We’ll be able to compete” with units in brand new buildings, said Mark Buleziuk, CEO and managing partner of Lawmark Capital, a Canadian investment company that owns the 25-story Financial Center and other properties in downtown Des Moines.

Fifteen floors of the high rise are being converted to 209 apartments that will be known as the Mezzo on Walnut. Monthly rents will range from $1,500 to $2,500, depending on size. The conversion is underway with 20 units expected to be ready to lease in May; the remainder will be available by the end of 2026.

“Our rates are in line to compete even though [the Mezzo] is a luxury lifestyle-type of product,” Buleziuk said.

“We’ve got a first-in-class amenity package that I think will be difficult to compete with,” he said. “We will differentiate ourselves with amenities like the rooftop garden with the pool and the fire pits.”

The Financial Center includes a three-story section along Seventh and Walnut streets. The roof of the section will include the pool and other outdoor amenities and provide users with views of the area southwest of downtown.

A fitness center on the third floor of the high rise will include “a club level-like gym that looks like something you would need a membership to,” Buleziuk said. “We’re building a unique clubhouse that includes a golf simulator.”

The Financial Center at 606 Walnut St. will have 24-hour security for both its apartment residents and office tenants. Residents will also be able to lease an underground, heated parking space. 

The amenities and “our proximity to the Court Avenue District and the downtown grocery will set the Mezzo apart from other downtown multifamily projects,” Buleziuk said. “People will really feel that they’re getting value when they come here.”

The renovation and conversion project are estimated to cost $80 million. The property, including underground parking, is valued at over $13.5 million, according to the Polk County assessor.

Construction of the Financial Center began in 1972. When it opened in 1974, the Financial Center was downtown’s tallest building.

Wells Fargo, which for years occupied a large part of the Financial Center, left in 2019 prompting Buleziuk to consider other uses for the building.

At first, Buleziuk contemplated converting a portion of the building to a hotel but the pandemic prompted that use to pivot to multifamily.

“We were going to have some challenges with turning the floors into hotel rooms,” Buleziuk said. “When we started doing the floor planning for the apartments, it actually worked out better.”

Buleziuk said he doesn’t think Des Moines’ downtown area is getting oversaturated with apartments. Among the projects either underway or planned are:

· Three apartment projects at Gray’s Station, Southwest 11th Street and Martin Luther King Jr. Parkway (670 units);

· A 33-story tower at 515 Walnut St. (390 units);

· The conversion of Two Ruan Center, 601 Locust St. from office to multifamily (221 units);

· The Union at Rivers Edge, 1600 Indianola Ave. (216 units);

· The Falcon, an in-fill project at 1435 Mulberry St. (202 units);

· The Aston at 603 E. Sixth St. (161 units);

· And, the section phase of High Street Lofts, 16th and High streets (44 units).

A growing number of people are moving toward rental homes and the convenience of being able to lock and leave their residences for an extended period of time, Buleziuk said. He said he expects the Mezzo to attract young professionals, empty-nesters and retirees.

“It feels like there’s real energy and activity [in downtown] and that’s why people want to move here,” he said.

Related article: Historian: Construction of the Financial Center in 1972 ignited a wave of new downtown development

Other Financial Center tenants, plans

The Financial Center’s first floor will include offices for Slingshot Architecture, a coffee shop, restaurant and coworking space, the building’s managers said. There will be three micro retail spaces that owners can lease for a few months at a time.

The Financial Center also includes about 12,000 square feet of space on the east side of the high-rise. For years, the space had been occupied by Walgreens, which closed in early 2024. Cologix, a leading network-neutral interconnection and hyperscale edge data center company, is leasing most of the space. Some retail will be available in the portion of the building that fronts Walnut Street.

Why the name Mezzo on Walnut?

The word “mezzo” is Italian and means middle or half. Usually, the word is used to denote something in between two things. Lawmark Capital, owner of the Financial Center, hired Project7 Design, a local full-service design agency, to help them come up with a name for the apartments at the 25-story building. When P7 mentioned the word “mezzo, everyone kind of sat back and said ‘Wow,’” recalled Jesse Bunney, director of operations for Lawmark Capital. “It resonated with us.” The Financial Center is in the middle of a lot of downtown activity, said Teri TeBockhorst, president of Headlight Strategies, a Des Moines marketing firm. Within walking distance of the high-rise are the Des Moines Civic Center, Pappajohn Sculpture Park and Two Rivers Park, which is under development at the confluence of the Des Moines and Raccoon rivers, plus numerous restaurants and bar-cades. People who reside at the Mezzo “are living in the center of all the downtown activity,” TeBockhorst said. “It’s all happening around you.”