GSA under contract to pay $6.5M for former Riverfront Y site, location for a new federal courthouse
BUSINESS RECORD STAFF Aug 27, 2018 | 6:52 pm
1 min read time
169 wordsAll Latest News, Government Policy and Law, Real Estate and DevelopmentThe U.S. General Services Administration has agreed to pay nearly $6.5 million for 101 Locust St., where a new $140 million federal courthouse is planned to go under construction in the spring.
On Friday, Hubbell Realty Co., which paid nearly $4.8 million for the property in October 2016, and the GSA said they had reached a purchase agreement for the property, which is considered the last prime development ground near the Des Moines River in downtown Des Moines.
Hubbell had announced plans for a $75 million luxury condominium project one day before the GSA issued a report saying it wanted the property for the courthouse, rejecting three other locations, including a redevelopment near the existing courthouse and its annex along East Court Avenue. The purchase price is $6,487,173, according to a release from the GSA.
“GSA is committed to meeting the needs of our customer agencies in a way that represents the best value for American taxpayers,” acting Heartland Acting Regional Commissioner Kevin Rothmier said in a statement.