2 days ago
Des Moines cancels $15.5M storage facility project
A $15.5 million storage facility project near Des Moines' developing Market District has officially been canceled.
Why it matters: City leaders are optimistic about transforming the Market District into a vibrant, mixed-use neighborhood.
Eliminating the storage project paves the way for development that could better align with that long-term vision.
Catch up quick: The City Council in 2021 agreed to sell two acres of public land and awarded $1.2 million in incentives for a storage project at 503 SE 12th St.
The property is located on the edge of the District, a $750 million revitalization area and at least one resident questioned the council about whether incentivizing storage units was the best use of money and prime real estate.
Driving the news: On May 19, the City Council voted to terminate the development agreement for the project after Climate Control developers indicated they no longer intend to build it.
Cody Christensen, DSM's development services director, tells Axios that city officials were informed that rising construction costs, increased interest rates, and the death of a partner in the company influenced the decision.
"Though this is unfortunate, having additional land available for development in the area provides opportunities for other proposals," he said.
