Latest news with #FinancialCenter
Axios
24-06-2025
- Business
- Axios
Developers propose $197M in Des Moines housing projects
Housing developers proposed $197 million in Des Moines projects via tax credit applications this month. Why it matters: The developments aim to serve a diverse range of residents, including entry-level workers, students, seniors, people with disabilities, and families, supporting both community stability and economic growth. Catch up quick: The workforce housing tax credit (WHTC) program offers state tax incentives to support the construction or rehabilitation of housing in areas with workforce shortages, with $17.5 million available to Iowa's 11 most populous counties. By the numbers: In Des Moines, 11 proposed projects will create a total of 668 new or rehabilitated housing units. Zoom in: The largest development is a $77 million conversion of downtown's Financial Center building, 606 Walnut St., into commercial space and 209 apartments. The Aston, 603 E. 6th St., would be a nearly $50 million new construction project with 161 apartments. Drake University's vacant Ross Hall, 1214 31st St., would be demolished to make way for a $17 million, 78-apartment project.
Axios
30-01-2025
- Business
- Axios
Iconic Phoenix "Punchcard Building" to get long-awaited facelift
Construction on a long-anticipated redevelopment of the Phoenix Financial Center and its trademark "Punchcard Building," recognizable for its slotted windows and unique curved facade, is expected to begin next year. The big picture: The building, at Central Avenue and Osborn Road, is slated to become a mixed-use development with residential units, hotel rooms and amenities such as a pool, spa, fitness center, restaurants, bars and a grocery. The project is slated to become part of New York developer Left Lane's Recess Hotel & Club brand, which will debut in Savannah, Georgia, in early 2026. Flashback: The Phoenix Financial Center opened in 1964 with twin rotundas and a 10-story tower. The financial center was designed by architect Wenceslao Sarmiento, who also worked on the old Western Savings bank building at Metrocenter, which now houses Tombstone Tactical, a gun store. An expansion that added eight stories to the Punchcard Building began in 1969. Yes, but: Plans for an identical tower on the north side of the property never came to fruition. Zoom in: Left Lane partner Jon Bloomberg said his firm specializes in "iconic and historic office" buildings and plans to preserve the Phoenix Financial Center's unique architecture. "We love the bones. We love what is there. But currently, it's a mostly vacant office building," he said. A lot of developers consider it difficult to convert office space to residential units, Bloomberg said, but Left Lane intentionally selects buildings that convert well because they have the right shape, dimensions, ceiling heights and other qualities. "We're thrilled about the quality and the heritage of this building and look forward to bringing something very special to the neighborhood," Bloomberg said. Catch up quick: Phoenix-based developer Ironline Partners initially planned to redevelop the site, but Left Lane took over in 2023. State of play: Bloomberg told Axios that Left Lane scrapped the previous developer's plans for a 335-unit apartment building and will instead convert the parking lot to additional amenity space. Left Lane plans for 143 residential units and 209 guest rooms and suites, along with 33,000 square feet of indoor and outdoor event space. The twin rotunda buildings will likely be home to restaurants and similar features, Bloomberg said. What's next: Bloomberg expects the design process to last through the end of the year and hopes to start construction in 2026. Left Lane is partnered with the current owner and expects to close by the end of 2025, he said.
