.bodytext {float: left; } .floatimg-left-hort { float:left; margin-top:10px; margin-right: 10px; width:300px; clear:left;} .floatimg-left-caption-hort { float:left; margin-bottom:10px; width:300px; margin-right:10px; clear:left;} .floatimg-left-vert { float:left; margin-top:10px; margin-right:15px; width:200px;} .floatimg-left-caption-vert { float:left; margin-right:10px; margin-bottom:10px; font-size: 10px; width:200px;} .floatimg-right-hort { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 300px;} .floatimg-right-caption-hort { float:left; margin-right:10px; margin-bottom:10px; width: 300px; font-size: 10px; } .floatimg-right-vert { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px;} .floatimg-right-caption-vert { float:left; margin-right:10px; margin-bottom:10px; width: 200px; font-size: 10px; } .floatimgright-sidebar { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px; border-top-style: double; border-top-color: black; border-bottom-style: double; border-bottom-color: black;} .floatimgright-sidebar p { line-height: 115%; text-indent: 10px; } .floatimgright-sidebar h4 { font-variant:small-caps; } .pullquote { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 150px; background: url(http://www.dmbusinessdaily.com/DAILY/editorial/extras/closequote.gif) no-repeat bottom right !important ; line-height: 150%; font-size: 125%; border-top: 1px solid; border-bottom: 1px solid;} .floatvidleft { float:left; margin-bottom:10px; width:325px; margin-right:10px; clear:left;} .floatvidright { float:right; margin-bottom:10px; width:325px; margin-right:10px; clear:left;} After more than five years of planning, Sherman Associates Inc. could have a groundbreaking ceremony as early as January for its Riverpoint West project, with the demolition of the former Jeld-Wen building.

Financing for the 300-acre downtown development, located directly south of West Martin Luther King Jr. Parkway and northeast of the Raccoon River, was finalized in mid-November, and involves a combination of developer equity, city contributions and new-market tax credits. Minneapolis-based Sherman is still working to acquire privately owned parcels, including 10 acres Hubbell Realty Co. owns, and is developing a conceptual plan for the entire development, which it expects to submit to the city in February.

The first phase of development will be office and retail development in the northwest section. Sherman has chosen Terrus Real Estate Group as the listing agent and is working with it to develop marketing materials to attract buyers for parcels. Sherman has also considered developing some of the lots. Its estimated cost for land acquisition and infrastructure development in the first phase is $21 million.

“We will let the free market guide the uses that will take place in there,” said Matt Anderson, an economic development coordinator for the city of Des Moines, “but we do have some design guidelines. … We’re looking at at least three-story development. Something that’s going to last a long time.”

“We do have a schedule in our development agreement with the city,” said Jackie Nickolaus, project manager for Sherman, “but it is dependent a large extent on absorption.”