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West Des Moines council OKs agreement for spec office building; subcommittee cool to high-density, mixed-income apartment project

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The West Des Moines City Council approved a site plan and development agreement for a two-story, 40,000-square-foot office building at 1011 Office Park Road on Monday evening, and the council’s development subcommittee indicated earlier in the day that it is not a big supporter of high-density apartment buildings.

The $6.5 million speculative office building is being developed by Joseph Cordaro’s Jarcor LLC. Under a two-year-old development incentive, Jarcor will qualify for a rebate of tax increment finance revenues of $925,360.

The program provides a 100 percent TIF rebate for companies that agree to retain or create five full-time jobs and spend at least $500,000 on upgrades or new construction.

The office building is expected to be completed in May 2020.

Meanwhile, the council’s development subcommittee encouraged an Indianapolis developer to devise a new plan for a mixed-income apartment development at the southeast corner of 88th Street and E.P. True Parkway.

TWG Development, which has redeveloped the former Register and Tribune Building in Des Moines to apartments and has two other large, mixed-income projects in the city, planned a 54-unit development, with 10 percent reserved for affordable housing.

The project would have been located on a 3.46-acre parcel owned by Robert Boesen.

At a rate of roughly 14 units per acre of development ground, the project would have been a high-density development, said Lynne Twedt, the city’s director of development services. The committee indicated it could support a medium-density development of about 12 units per acre, she said. The $10.5 million project would have used Iowa Finance Authority tax credits to support the affordable apartments.