Incentives for proposed mixed-use project get council’s preliminary approval
Business Record Staff Mar 29, 2023 | 7:43 am
1 min read time212 wordsAll Latest News, Real Estate & Development
A mixed-use project proposed in Des Moines’ East Village neighborhood would receive up to $4.5 million in financial incentives under a preliminary development agreement approved by the City Council this week.
Heart of America Group is proposing the construction of a 186-unit multifamily and commercial development at 603 E. Sixth St. The proposed $44 million project would include a minimum of 4,000 square feet of street-level commercial space.
Preliminary terms of the development agreement include providing up to $4.5 million in tax increment financing over a 20-year period, according to information provided to the council. Heart of America also plans to request 10-year declining residential tax abatement, an incentive offered by the city. (For more information about the preliminary agreement and project, click here.)
The proposed project would be constructed on the site once occupied by the American College of Hairstyling. The building on the site would be demolished.
Work on the project is expected to begin by fall.