A six-story mixed-use building would be built on the county-owned parking lot at Fifth and Cherry streets under a proposal from an Indiana developer that was approved by the Des Moines City Council Monday.
The council agreed to preliminary terms of an urban renewal development agreement with the Annex Group of Indianapolis, Ind., for the redevelopment of the parking lot. The agreement was part of the council’s consent agenda and was approved without discussion.
David wesner, vice president of development for the Annex Group, said the company is familiar with the city having built the Union at Rivers Edge project on Indianola Avenue, and was eager to submit a proposal when it learned the parking lot was available for redevelopment.He said the parking lot’s proximity to the downtown core and other development along the Martin Luther King Jr. Parkway corridor and areas to the south and west of downtown were factors in the Annex Group’s decision to submit a proposal.
“We have a pretty good understanding of what’s going on in the city with some of the newer residential development occurring south of MLK and some of the new, especially high-end market rate that’s going in the core of downtown, and the movement around the Market District, we saw this site as being in the middle of all those things,” Wesner said.
The council’s approval of the agreement is the latest step in efforts to redevelop the site,located just south of the courthouse.
Polk County issued a request for proposal for the parking lot in June 2024. The RFP was reissued in December 2024 with the help of the city’s office of economic development.
In June, the county and city entered into a 28E agreement that defined what role the city would play in evaluating development proposals for the site.
Surface parking lots downtown have been identified by developers and others as the next place to watch for development in downtown Des Moines. County officials have said the parking lot’s proximity to Court Avenue makes it ripe for redevelopment. The site would also serve as a connector from the downtown core to areas that are being redeveloped to the south and west, including the Pro Iowa Soccer Stadium and Global Plaza.
According to a city staff report, the Annex Group has proposed the construction of a six-story mixed-use building that would include approximately 280 residential units.