Des Moines City Council to consider proposal for office building, park near old city hall, tell me about this news in (https://www.msn.com/en-us/news/other/des-moines-city-council-to-consider-proposal-for-office-building-park-near-old-city-hall/ar-AA2cbItO?ocid=BingNewsVerp)

The Des Moines City Council is considering a proposal from the developer Heart of America Group to construct a new commercial development and public green space adjacent to the historic former City Hall on Robert D. Ray Drive in the East Village.Project Overview

• The Building: A five-story, 75,000-square-foot mass timber building planned primarily for Class A office space, featuring a fitness center, tenant meeting spaces, and potential first-floor retail or commercial space. Heart of America Group plans to relocate its own headquarters into the building.
• The Park: The developer proposes vacating a portion of the city right-of-way between the parcel and the old City Hall to build a privately owned, publicly accessible park and pedestrian area aimed at enhancing green space in the East Village.
• Estimated Cost: Approximately $24 million.

Financial and Land Terms

• Property Purchase: Heart of America Group proposes purchasing the less than 0.4-acre parcel of city-owned land for $1 million.
• City Assistance: The preliminary urban renewal agreement includes up to $3.95 million in Tax Increment Financing (TIF) incentives (roughly 16.5% of total project costs).
• Municipal Revenue & Jobs: The project is projected to create 60 to 80 construction jobs and up to 300 permanent jobs when fully occupied, while generating an estimated $150,000 annually in city parking revenue.

Timeline and ProcessBecause the proposal was unsolicited, council approval of the preliminary terms establishes a 30-day window during which competing development proposals for the city-owned land can be submitted. If finalized, construction is slated to start in spring 2027 and wrap up by spring 2028.