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Greg Edwards, president and CEO of the Greater Des Moines Convention and Visitors Bureau (CVB), said that of all treasures in Des Moines, the Iowa State Fair is among the crown jewels.

And the Iowa State Fairgrounds is about to add one very large new sparkle.

Work is nearing completion on a $20 million venue that could give Des Moines another attractive option for housing large trade shows and events. The 110,000-square-foot enclosed Richard O. Jacobson Exhibition Center will be a multipurpose indoor arena attached to the west end of the existing horse barn, where the old outdoor show arena previously stood.

The project broke ground in 2008 and is scheduled to be completed before the beginning of this year’s fair, according to John Putney, executive director of the Iowa State Fair Blue Ribbon Foundation. The plan is to derive revenue from the arena by renting it out during times other than during the State Fair, in order to help with maintenance of the fairgrounds and future expansions.

“It complements the whole city and the whole area,” Putney said. “And it brings more opportunities of venues to choose in Des Moines for their conventions. So we believe it is going to be a great asset for all of Iowa.”

The arena, which can seat up to 4,000 people, will have the flexibility to be used for its primary purpose, horse and other livestock shows, and also be converted for other purposes, such as concerts, trade shows, rodeos and possibly sporting events.

Putney said that because the horse industry in Iowa has grown “immensely,” there has been a great demand for expanding the venue options the fair previously offered. He also said that because of the variety of additions and renovations at the fairgrounds, there was more demand for the use of its facilities from groups from across the country.

“We realized that even though the current livestock pavilion or show arena was still very useful, we needed to expand our facilities to mirror those perhaps that were in Tulsa and Amarillo in order to be competitive for national shows,” he said.

In October this year, for example, the World Percheron Congress horse show, featuring majestic black draft horses, will take place in the new arena. The show alternates between Canada and the United States each year, but Putney said the State Fair is hoping to so impress the show’s organizers that they make Des Moines its permanent home.

Funding for the arena came from a $3.5 million donation by Richard Jacobson, along with another $6.5 million raised by the Blue Ribbon Foundation. The state provided, through legislative appropriations, $11 million in hopes of spurring further economic development.

“(The project) has had a major impact on Iowa, especially when we are looking to create jobs,” Putney said. “We believe we have already created a large economic impact in Iowa, let alone what we think is going to come from it.”

Putney said the long-term plans call for a renovation of the adjacent horse barn and possibly a skywalk that would connect the arena to the existing Bruce L. Rastetter 4-H Exhibits Building. The renovation of the horse barn, which would cost between $5 million and $6 million, would make the building all-weather and put in new removable stalls so the fair could use the floor space for additional trade show space, or other livestock shows.

This would allow the two buildings to be used collaboratively, and along with a skywalk to the 4-H Exhibits Building – also all-weather – it could give the fair the ability to host trade shows in conjunction with livestock shows.

“In Iowa, we don’t have the major league teams; we don’t have the venues like states like Illinois, Missouri, Minnesota have,” Putney said. “The State Fair really is important to everyone in Iowa, so we want to make it the best it can be.”

Edwards said the new arena is one of the main facilities the CVB will be selling to organizers of prospective events in 2010 and beyond.