Fleming Building Renovation

[DMRyan]

I have never heard about this development before, but poking around on the Nelson Development website, I found mention of a renovation and reuse of the Daniel Burnham designed Fleming Building at 6th & Walnut Street. Floors 1-3 would remain as commercial office/retail space. The remainder of the 11-story building would be converted to 80 market rate apartments. This may be an answer to getting anything to happen in the now declining core of downtown at 6th & Locust. I doubt the Ruan II or Bank of America Buildings make as suitable of renovation material for a residential rehab someday, although the Des Moines Building is absolutely primed for conversion if the issues with tenants and boiler equipment can be solved at that site.

The website mentions a start date of 2009, which makes me wonder if this has legs any longer. Nelson Development appears to be a contract buyer of the property in 2008. It's listed as a future project on their website.

I couldn't find any photos of the building in my collection, so I had to use this old photo and postcard.

[dogbo]

All seems to be quiet on this front.

[Mastermind]

http://blogs.desmoinesregister.com/dmr/ ... il-agenda/

An incentive package for the redevelopment of a historic building in downtown Des Moines will be considered at Monday’s City Council meeting.

[Ingersoll1978]

This building will be a very attractive apartment conversion (along with it's neighbor to the south). It's amazing how so many of these apartment projects continue to fill up.

[DMRyan]

110 apartments units in this building a small dent out of the office space glut if it's successfully converted. I wonder if we hit a saturation point on apartments in the near term. The Iowa Finance Authority thinks so based on their stated policy of holding off on tax credits for more downtown projects. So far, the track record on filling up the apartment units doesn't seem to suggest an over abundance of units, but there will be three new apartment projects coming on line this year and Hubbell still wants to convert the Sealy Mattress Building too.

[DMRyan]

I just commented on the last study about the downtown rental housing market and low and behold, this is in the Register today:

Improved outlook is seen for Des Moines affordable housing

A couple of new reports indicate downtown Des Moines can again support development of affordable apartments.

Last fall, a Denver consultant advised the state to stop providing tax credits that support affordable housing in downtown Des Moines. The report said the market would soon be saturated, given projects already under development, conversion of condominiums to rental properties and large layoffs.

In new reports, a different consultant, VWB Research of Columbus, Ohio, looked at projects both downtown and near the city's core. Its report says it expects nearly 96 percent occupancy of about 1,000 existing and planned tax credit-supported apartments.

The projects' capture rates are "excellent and do not limit potential development in the area," the consultant says.

http://www.desmoinesregister.com/articl ... le-housing

Back to the Fleming Building, it looks like the proposal is for market rate apartments, so no IFA housing tax credits on this one.

[Ingersoll1978]

I saw that too. Quite frankly, these apartment buildings are filling up. As I've said before, apartments are crucial for downtown, as they will create more demand for condos in the future (as they mature and experience living downtown, some will want to stay and invest).

[Young DSM Social Club]

Unless I completely misread human society, I would think the Fleming Building, with market rate apartments, on the skywalk, in the thick of downtown would rent far faster than the Sealy Building.

While I think this subsidized apartments have their place, I do know they scare away a lot of people. I think the Fleming Building will do very well. How awesome if they are able to attract some retail to the first two floors.

I do think the subsidized apartments are more appropriate to the fringe areas where I think you'd have less interest from the general public.

[Ingersoll1978]

Here's a tidbit from the Register about this project:

http://blogs.desmoinesregister.com/dmr/ ... sley-says/

• Support a preliminary agreement with ND 22 Fleming, LLC for a roughly $1.6 million incentive package to aid the redevelopment of the historic Fleming Building, 604 Walnut St. Jake Christensen, a managing member of the company, plans to convert some 60,000 square feet of vacant office space in the building into 111 market rate apartments. The project will benefit downtown by adding housing units and taking vacant office space from the market, city officials say. There will be approximately 1.5 million square feet of office space when insurers Wellmark and Aviva relocate to new corporate campuses. The total project cost is estimated at $14.7 million. The city’s assistance would come via annual grant payments funded by economic development money from the downtown tax increment finance district. The grant payments — used to cover a financing gap for the project — would be spread over 10 years.

[DMRyan]

A great must read article on the downtown housing situation in this week's Business Record. Of news to this project is that they are still pushing for a fall 2010 start date for the $15 million conversion of the building to 100 market rate apartments.

See the article here:
http://www.businessrecord.com/main.asp? ... M=64802.07

[dogbo]

They seem to be working away on this project now.

[DMRyan]

Probably just demo and clean up work at this point, but encouraging nonetheless.

[DMRyan]

Not much to see here, but while taking photos of downtown buildings, I noticed the yellow debris chute hanging out of the window of the Fleming Building. Progress is coming along indeed.

[dogbo]

Since the Fleming project is referenced, putting this here for lack of a better place:

Developers of old buildings quickly snag tax credits

Walking through the Fleming Building in downtown Des Moines, Mike Nelson says the new apartments’ living space will be larger than in the developer’s earlier projects, making up about half of each unit.

Surveys of existing tenants show renters, in their 20s and 30s, “want to stay connected,” said Nelson, who is redeveloping the 102-year-old building into 95 market-rate apartments. They want space where they hang out with friends, rather than in kitchens and bedrooms. “They’re interested in living efficiently,” he said.

Across the state, historic renovation projects like Nelson’s are getting a boost from an expanded tax credit that’s been quickly tapped out

http://www.desmoinesregister.com/articl ... eedfetcher

[DMRyan]

...and the Mitchell Transmission Building, Rocket Transfer Lofts, Des Moines Building and Younker's Building to boot. Could be a much better year for projects downtown if all of these renovations take off.

[casbern]

...and the Mitchell Transmission Building, Rocket Transfer Lofts, Des Moines Building and Younker's Building to boot. Could be a much better year for projects downtown if all of these renovations take off.

Agreed. A lot of the developers I talked to for a project recently didn't believe that the Younkers building was going to receive funding... This is huge for the redevelopment of Walnut St. IMO.

[dsmspence]

I'm very excited to see these projects move forward! The picture of the unfinished unit in the Fleming Building looks amazing. I can't wait to see the finished product. The Mitchell and Younkers Buildings will be exciting to finally see get lifted and add to those corners of Downtown and the Des Moines Building will be GORGEOUS once it's finished, I'm sure. If you have the time, I highly recommend taking a walk down 6th Ave and peeking in the front door at the lobby. You'd never guess that's what the inside looks like.

On another note, we're all lucky that the Fleming Building is getting saved in such style. Not many people realize historically and architecturally significant this building is.

[hawk61401]

Not many people realize historically and architecturally significant this building is.

Exactly, dsmpence. As I posted on here, many moons ago ...

"D.H. Burnham designed the Fleming Building in Des Moines. Many people might not realize just how famous D. H. Burnham was. Burnham designed the famous Flatiron Building in New York City. One of the first buildings to use a steel skeleton, it reached an amazing height of 285 feet when it was completed in 1902. Des Moines has a rich heritage from many world famous architects".

[dsmspence]

Yet another great piece to this project is the great webpage that Fresk has put together for the Fleming Building. The flow of the site is great with literally every single detail one would want to know about the building, even down to a bio on the architect and an explanation on why this building is so important. Great collateral also, the feeling is perfect. Good job, Fresk!

http://theflemingbuilding.com/

[casbern]

That is one good looking website. I did not know that the first and the second floors would be retail/office. That's an interesting spin.

[urbanite17]

The site does look great and this will be a great addition to the downtown housing market! Has anyone heard of potential retail/commercial tenants looking to locate in here? Will those current tenants stay?

The location is great downtown, especially with the expected redevelopment of Walnut St. coming after the transit mall is taken out.

[DMRyan]

Curious to know if there were any commercial tenants left by the time the renovation demo work got going? Perhaps an office user or two, but weren't the first floor tenant bays both empty?

[casbern]

Curious to know if there were any commercial tenants left by the time the renovation demo work got going? Perhaps an office user or two, but weren't the first floor tenant bays both empty?

At least that what it looks like. These could be really cool spaces. Can't wait to see this come on line with Walnut being opened up.. a lot of synergies going on here.

[dogbo]

The site does look great and this will be a great addition to the downtown housing market! Has anyone heard of potential retail/commercial tenants looking to locate in here? Will those current tenants stay?

The location is great downtown, especially with the expected redevelopment of Walnut St. coming after the transit mall is taken out.

I believe the last of the commericial tenants are now of the building.

[casbern]

On 3/15 the Fleming Building is hosting a meet and great with the developers, architects, and dreamers for a night of refreshments and appetizers.

The flier says to come learn how this space fits into the remaining of the downtown Des Moines core.

3/15 7PM
Fleming Building - 3rd Floor
218 6th Avenue
Des Moines, IA 50309
http://www.theflemingbuilding.com

[dogbo]

^cool. Wish I was avail that evening to attending. Hopefully someone from the forum will attend and report back.

[Des Moineser]

They don't do a good job locking the doors at this building, I walked right in tonight while I was snooping around downtown. The interior has been cleaned out and painted on the second and thirds floors, the first floor mostly has drywall piled up and holes punched in things. The views on the above floors will be exquisite, however, with no windows on the backside of the building, it feels smaller on the lower levels.

The only other tidbit to note, I was able to take the elevator up to the 11th floor (the elevators are SKETCH for anyone who hasn't ridden them, by the way), but couldn't explore because of asbestos and lead abatement.

Found some nice OSHA citations up there too, issued to RedNet Environmental Services, the company responsible for asbestos removal.

[DMRyan]

I must be getting old, I had to google the meaning of the phrase "the elevators are SKETCH" part of your urban B & E report Des Moineser

I get the suspicion that full work has not begun in earnest on this project yet. I know they've done demo and constructon prep, but the developer must be waiting on the last bit of financing to come through or something.

[DMRyan]

It's game on for this project. After a little financing slowdown, things are moving forward and construction should be resuming once again.

[dogbo]

That's good to hear!

Seems it has been a slow couple weeks on the forum for development related news.