United Group Insurance

Des Moines high-rise project uncertain after property swap

News

January 11th, 2018 by Ric Hanson

DES MOINES, Iowa (AP) — Plans for an $88 million high-rise apartment tower in downtown Des Moines are uncertain after the developer announced a property swap with an insurance company. The Des Moines Register reports that Blackbird Investments announced on Wednesday plans to sell the property of its highly anticipated high-rise project to EMC Insurance Companies. In exchange, the developer would acquire the eastern half of an aging food court and mall owned by the insurance company, known as the Kaleidoscope at the Hub.

Blackbird and EMC announced the deal in a joint press release, but did not provide further comment on property plans. Assistant City Manager Matt Anderson says the exchange caught city officials off guard. Anderson says they’ll be meeting with Blackbird to discuss next steps in their development agreement with the city.