Jordan Creek Mall Shakes Things Up1/21/2015
Now in its second decade, Jordan Creek Town Center will seek new stores as leases expire. Teen retailer Abercrombie & Fitch will close Jan. 24, along with its neighboring Abercrombie Kids store, both on the upper level. Wet Seal and Delia’s have both reported financial struggles in previous years and are in the process of closing their stores near the main entrance. Sideline restaurant, the former Eighty Six’d and Champps, has already closed. Mall officials say they are considering another restaurant to replace it or possibly using the space for retail. Victoria’s Secret, located on the lower level, will move into the two Abercrombie spots sometime in the spring. This new space has about 3,000 additional square feet to the current Victoria’s Secret location and will feature an expanded Pink brand department. The mall is said to be close to signing on a new-to-Iowa retailer to fill Victoria’s Secret’s prior location, which may combine with the neighboring store that used to be Coldwater Creek.
Downtown apartments receive $3 million grant
Minneapolis developer Sherman Associates’ proposed project The Edge at Gray’s Landing, a 90-unit apartment complex to be built on the southern edge of downtown Des Moines, received a $3 million disaster relief grant to move forward. The Edge is one of several new residential developments in the works in an area known as River Point West, south of Martin Luther King Jr. Parkway. The estimated cost is $14.5 million, and construction is planned to start in April. The Eagle View Lofts did not receive the grant from Community Development Block Grants. That project proposed a $16 million, 120-unit complex along the Des Moines River. The project cannot move forward without the grant.
Abandoned nursing sold to developer
Indiana developer Mitch Coluzzi purchased the old nursing home on 24th Street near Hickman Road for $100,000, with plans to turn it into a 24-unit apartment building. The building has been sitting empty and rotting since 2004. Coluzzi plans to gear the new apartments — which will be open by August — toward families and disabled veterans. The project is said to cost more than $1 million.
Meredith buys New York advertising firm
Des Moines-based publisher Meredith Corp. announced recently that it has purchased Selectable Media, an advertising firm in New York that provides native and engagement-based advertising across digital platforms including desktops, tablets and smart phones. Two executives from Selectable Media, CEO Matt Minoff and COO Marc Rothschild, will begin new positions under Meredith’s digital division while working from New York.
Women’s clothing store Proper to close
Midwest Clothiers launched the concept for Proper, an upscale women’s boutique that began as a pop-up store, in 2013. The company had considered locating Proper in a storefront in the East Village, and manager Kiley Stenberg tested the market by setting up the shop in various locations over several months. It was most recently part of the men’s clothing store Badowers at 2817 Ingersoll Ave. in Des Moines. Co-owner of Midwest Clothiers Tim Sitzmann said they had high hopes for Proper, “but it just wasn’t meant to be.”
Downtown Wellmark YMCA now open
The new 186,000-square-foot Wellmark YMCA opened after more than 10 years of planning. The facility, filled with all-new equipment, opened to the public on Jan. 1. It will be one of the biggest downtown branches in the country, according to Vernon Delpesce, who is president and CEO of the YMCA of Greater Des Moines.
New York-based company buys vacant land in Johnston
American Realty Capital Properties purchased a 14.6-acre piece of land in Johnston for $37.9 million. The acreage was previously owned by Ryan Companies US Inc. and is located at 8325 N.W. 62nd Ave. The firm is said to be holding the property for future development, though no word on what that will be yet. This acquisition was the most expensive transaction recorded by the Polk County Assessor’s office in 2014, which recorded 507 commercial real estate transactions equaling $585 million. CV