Iowa High-Rise Project Uncertain After Property Swap with Insurer
The developer of an $88 million high-rise challenge in downtown Des Moines has introduced plans to commerce the land to an insurance coverage firm in alternate for a portion of a downtown property.
Blackbird Investments’ announcement leaves the way forward for its extremely anticipated house tower unsure, the Des Moines Register reported . The developer plans to swap properties with EMC Insurance Companies and purchase the japanese half of an getting older meals court docket and mall, often known as the Kaleidoscope on the Hub.
It’s unsure whether or not the Kaleidoscope on the Hub will function the brand new web site for Blackbird’s high-rise challenge.
“This kind of caught us all off guard,” mentioned Matt Anderson, assistant metropolis supervisor. “We have a development agreement with Blackbird … so we will obviously be sitting down with them to see what their next path is.”
Blackbird and EMC introduced the deal in a joint press launch, however didn’t present additional touch upon property plans.
Both firms didn’t reply to the newspaper’s request for remark.
The property alternate offers EMC a bit of actual property instantly throughout the road from its company headquarters. The insurance coverage firm will preserve possession of the western half of the Kaleidoscope property.
Blackbird’s house tower was one in all two tasks that have been anticipated to remodel Des Moines’ downtown skyline.
Blackbird Investments bought the property in 2016 for about $2.75 million.
Anderson mentioned that Blackbird Investments had been working with the town’s allow division previous to the announcement. He mentioned the corporate deliberate to interrupt floor within the spring.
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