Principal Financial Group Inc. will take over the ownership and development of a parking ramp at the northwest corner of Seventh Street and Grand Avenue, lifting a $30 million development project from the city of Des Moines’ financial shoulders and returning the property to tax rolls.

Principal will buy the block bound by Grand, High Street, Seventh and Eighth streets and construct, own, and finance a parking garage with spaces available for surrounding office tenants, residents, hotel guests and other transient parkers.

Nelson Construction & Development will purchase the west half of the block bound by Grand, High, Sixth Avenue and Seventh and develop an eight- to 12-story mixed-use project featuring parking, street level commercial space, luxury apartments and possible office space.

It will lease about 100 parking spaces in the Principal ramp.

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