New 32 story residential tower, 9 screen theater proposed for downtown Des Moines

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dmclone

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Over lunch I thought I'd take take a look at one of those rental magazines. The standard rent in one of these new complexes seems to start at about $1,600 for a 2 bedroom. It's been a LONG time since I've rented but doesn't this seem a tad bit crazy for Des Moines?
 

SCNCY

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Over lunch I thought I'd take take a look at one of those rental magazines. The standard rent in one of these new complexes seems to start at about $1,600 for a 2 bedroom. It's been a LONG time since I've rented but doesn't this seem a tad bit crazy for Des Moines?

That's $800 per a room. In Downtown Kansas City, a one-room luxury apartment is going for $1,200 (Two Light, a new luxury building has 1 bedrooms going for over $1,300). I think you can find other one bedroom apartments for about $1,000, but on the outdated side. I have seen that the more rooms you have in an apartment, the cost per a room decreases. So $800 per a room doesn't seem unreasonable to me.
 
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alarson

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this is a big push in the right direction. I am more confident the 5th will get built now.

Yeah, having 13 stories of the 40 story tower signed and spoken for certainly helps. I would imagine that this helps tremendously on the financing side.
 
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WhatchaGonnaDo

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Over lunch I thought I'd take take a look at one of those rental magazines. The standard rent in one of these new complexes seems to start at about $1,600 for a 2 bedroom. It's been a LONG time since I've rented but doesn't this seem a tad bit crazy for Des Moines?
A year ago we were renting a 1BR for just over $1000/month
 

BryceC

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Over lunch I thought I'd take take a look at one of those rental magazines. The standard rent in one of these new complexes seems to start at about $1,600 for a 2 bedroom. It's been a LONG time since I've rented but doesn't this seem a tad bit crazy for Des Moines?

It's insane - most buyers could probably buy a 250k property and end up paying less than that. That gets you a lot of house/townhouse/condo in Iowa.
 

canker2323

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Over lunch I thought I'd take take a look at one of those rental magazines. The standard rent in one of these new complexes seems to start at about $1,600 for a 2 bedroom. It's been a LONG time since I've rented but doesn't this seem a tad bit crazy for Des Moines?

I think that sounds very reasonable for a brand new high rise apartment. I assume there is a door man, gym, and swimming pool right?
 
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dmclone

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I think that sounds very reasonable for a brand new high rise apartment. I assume there is a door man, gym, and swimming pool right?

Some had small gyms or free YMCA memberships. No pool, door man, etc. for that price. $1,600 was just the start, most nice ones were over $2k/month without income assistance.
 

mj4cy

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$1600 for two bedrooms in downtown DSM seems reasonable.

Maybe it's because I was in NYC recently where my buddy pays $2500+ for a small 1 bedroom in Manhattan.
 

mj4cy

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I realize it is a little confusing since the thread has discussed two different proposed towers.

This update is to the one referenced in the thread title. The other, the Blackbird Tower, seems more iffy to me given lost their old location.

On this this tower (aka…The Fifth), looks like it lost a movie screen (now 8 vs 9) but up to 40 floors. Still luxury apartments, restaurant, plus a plush hotel and 24 hour art museum???

https://businessrecord.com/Content/...-to-Des-Moines-tower-development/-3/248/82367

Still remain skeptical on any tower in downtown until I see steel rising. So many things have to go right to make these happen.

Looks like for the 5th, the existing parking deck is gone. I got approached to do some temporary shoring designs for it. So that tells me this project at least has some wheels turning.
 
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WhatchaGonnaDo

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Looks like for the 5th, the existing parking deck is gone. I got approached to do some temporary shoring designs for it. So that tells me this project at least has some wheels turning.
The old parking deck has been demo'd for some time now. Completely gone.
 

cyfan92

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Even having a 12 story boutique hotel is a great get for Downtown DSM! I'll consider any apartments above this to be gravy since everyone seems to doubt that actually happens
 

capitalcityguy

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Here's a look at the latest renderings:

201805_Fifth_5th_Ave_Court_0e4f6d166edb50e3e0b16e125966ebcf.jpg


More here:

https://urbandsm.com/des-moines-project-pages/des-moines/downtown/fifth-tower
 

alarson

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Does anyone know what the current plans are for this project, The Fifth:

https://urbandsm.com/des-moines-project-pages/des-moines/downtown/fifth-tower

I’ve noticed the foundation and/or the parking garage is under construction. Is the hotel, movie theater and high rise apartments still in the works? Any chance there will be some condos for sale instead of all apartments on the floors above the hotel?

Just a couple months ago it came out they were working with Alamo Drafthouse on the theater side.

Mandelbaum is behind the start date deadlines for both the tower and the theater though, so we'll see.

The blackbird project at the old kaleidoscope mall seems dead though.
 

BWRhasnoAC

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It's insane - most buyers could probably buy a 250k property and end up paying less than that. That gets you a lot of house/townhouse/condo in Iowa.
That's a 30 year commitment. Not everyone is faithful their job security is that good. I do get angry thinking about how much money I've dumped into my stupid 1 bedroom apt in South Florida. 55k over 3 years I could have put into a house.
 

Ozclone

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That's a 30 year commitment. Not everyone is faithful their job security is that good. I do get angry thinking about how much money I've dumped into my stupid 1 bedroom apt in South Florida. 55k over 3 years I could have put into a house.
Is it though? I know very few people who own a house for even 20 years before selling, and a lot who sell in under 10.
 

mj4cy

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Does anyone know what the current plans are for this project, The Fifth:

https://urbandsm.com/des-moines-project-pages/des-moines/downtown/fifth-tower

I’ve noticed the foundation and/or the parking garage is under construction. Is the hotel, movie theater and high rise apartments still in the works? Any chance there will be some condos for sale instead of all apartments on the floors above the hotel?

Not sure what's all going up, but there are a couple concrete stair towers that are 12-14 stories high. Not sure if they're going to go higher yet or will fill in more of the structure to brace the towers first.
 
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