(661 5th Avenue in Des Moines, Rendering by Substance Architecture)
DES MOINES, Iowa - The city of Des Moines is providing financial help to preserve downtown buildings that were built in the 1950's.
The structures are known as "mid-century modern International Style" architecture.
Des Moines economic development coordinator Ryan Moffatt says there's a major up-side in preserving the buildings because they tend to sky-rocket in value once they're renovated.
He says there's a trend to rehabbing the structures. "We've, kind of, got this continuation, or series, of these older, obsolete office space basically being renovated from floor to ceiling, giving them a lifespan for the next 50 to 75 years," said Moffatt.
One of the buildings currently being renovated is located at 611 5th Avenue. It dates back to 1954, when insurance companies were moving into Des Moines and building headquarter sites.
The structure's owner, Knapp Properties, is spending more than $23 million on renovations.
One of the updates is the reintroduction of the window pattern that was reduced in the 1980's during an energy crisis. The change will restore the building closer to its original architectural form.
The Des Moines City Council has approved $3.8 million to assist the project through a "tax increment financing" arrangement, which will help the owner pay for $2.8 million needed to remove asbestos.
Moffatt says the investment by the city, which will lesson the tax burden for the owner, is worthwhile. "It's a fortress," Moffatt said. "It's built very well. It's structurally in good shape. It's a very sustainable practice to go and renovate the place. And so, we're very supportive of that effort to keep this in productive use."
Once the building is renovated and fully occupied, its value expected to increase 17-fold to $12 million. It's currently a "spec" property, meaning the owner is looking for businesses that would be its tenants.
Moffatt says downtown is starting to lose some of its "mid century international style" architecture. "The is a type of building stock that, quite honestly, that we're starting to lose a little bit of," said Moffatt. "There was a building that was demolished recently in the Principal Financial Group's campus that they didn't really have an intended use for. But it was also of this same era."
Principal Financial Group currently only has plans for a green space in place of the demolished structure.