For nearly a decade the former Bud Mulcahy’s Jeep dealership site in Des Moines has sat underutilized and quiet with the exception of a car rental operation that occupied a small portion of the ground. The days of selling cars and trading in vehicles are long gone. Johnston-based Hansen Real Estate Services waited out the recession and economic downturn in the real estate sector and now are ready to break ground on City Square. “It took patience and perseverance but the timing is finally right to transform this site into its next life”, said Troy Hansen, President of Hansen Real Estate Services.
On October 14 at 5:30PM; the site located at 201 E. Locust in Des Moines’s Historic East Village Neighborhood will begin to transform into a $49 million dollar project that will replace an entire city block with a new hotel, apartments and a parking garage. City Square Lofts, LLC along with Siegeworks Lodging, LLC will be constructing a 137-room six-story hotel, a seven-story 124 market-rate apartment project and a 317-stall parking garage.
The hotel will be owned by former University of Iowa, three-time NCAA Champion and Olympic bronze medalist wrestler Lincoln McIlravy. Lincoln founded Siegeworks Lodging which has developed other projects including the Homewood Suites hotel in Coralville, Iowa. Craig and Troy Hansen of Hansen Real Estate Services are continuing their partnership with Michael Gartner and Michael Gartner Jr. to develop the apartment complex as well as the adjacent parking garage.
“The City of Des Moines has been tremendous through its support of this project through various economic incentives which have made City Square possible. The Historic East Village neighborhood adjacent to downtown Des Moines continues to attract real estate development and private/public investment which is apparent by the number of projects currently underway which makes it an exciting time for us to be kicking off this project”, said Troy Hansen. The groundbreaking of City Square and its eventual completion planned for spring of 2016 will add to the growing array of residential and hospitality choices in the East Village.