Long time Des Moines area residents remember the iconic riverfront YMCA, located at 101 Locus in downtown Des Moines. Long a staple of the Des Moines landscape, the building was demolished last year in summer 2015.
Hubbell is currently in due diligence regarding its re-development plans for the property, but recently a new “backup” offer was submitted Chicago investment company CA Ventures. No stranger to Iowa, CA Ventures is currently working on a high-rise in Iowa City.
According to Kent Darr of the Business Record:
Hubbell President and CEO Rick Tollakson said last week that the due diligence period on the company’s purchase of the site has been extended until late in September and that several months of meetings will be required to come up with a final plan for the site.
Currently, Hubbell is considering a nine- to 10-story U-shaped structure that would open to the river and include a restaurant.
Hubbell has offered about $4.5 million for the property, enough to cover a guarantee by Des Moines Redevelopment Co. to purchase the property if a buyer could not be found. In addition, Hubbell is paying for additional fees and interest that are being incurred by the YMCA as it waits for the final sale of the property.
Read the full article here.