Des Moines Sun

COVID-19 may have wrecked many parts of the national and local economy, but it hasn’t slowed down a proposed $750 million redevelopment project in downtown Des Moines, the Business Record reported.

Des Moines City Council members were briefed on plans to redevelop an 11-block, 39-acre section of Market District, described as an “an industrial area with numerous tired and dilapidated buildings, crumbling streets and deteriorating sewers.”

Plans call for a hotel, housing, office and retail space and an entertainment venue that would include an outdoor stage, bar and a rooftop viewing area, the story said.

It would take 15 years to complete, the Business Record reported.

“The health crisis that the world is under has certainly given us all reason to reevaluate our priorities and perspectives,” said Joel Plant, CEO Frank Productions, the company that would run the entertainment venue. “In that process we've turned over every rock within our organization, and we've remained very interested and bullish about the opportunity here in Des Moines.”

The plan is for the city to provide 90% tax increment financing for 20 years. The city would see a $55 million gain in property tax revenue over that period from the new development, the story said.