Redevelopment of the Younkers block on Walnut Street in downtown Des Moines will proceed under local ownership after Blackbird Investments completed its purchase of the property from Wisconsin-based Alexander Co.

Blackbird Investments, a development and investment group that has played a role in key downtown historic renovations, announced today that after several months of negotiation it has closed on the purchase of the project.

In addition to 60 apartments that were part of Alexander’s renovation, Blackbird plans underground parking and 11,500 square feet of first floor retail. Work will resume this summer, with an anticipated completion date of late spring 2016, according to a release.

In recent months, the company has renegotiated a development agreement with the city of Des Moines and sought the transfer of about $10 million in state and federal tax credits that had been awarded to Alexander. The purchase price was $2.75 million.

Renovation of the downtown icon had ground to a stop after a fire in March 2014 destroyed the east side of building, which stood between Seventh and Eighth streets. Employers Mutual Casualty Co. has sued Alexander Co. and The Hansen Co. in connection with the fire and for damages suffered by EMC’s headquarters building.

Continue reading for more details about Blackbird’s plans for the building, what it plans to tackle first, and who else is involved in the project. Full Insider article >>>