#United States #Financial Center #Des Moines #Foss & Company #Lawmark Capital

From Office Tower to Urban Living: Financial Center Transformation

Foss & Company, renowned for its expertise in tax credit syndication, recently celebrated a pivotal milestone by finalizing financing for a transformative project at the Financial Center, a historic landmark situated in downtown Des Moines, Iowa. Originally constructed in the early 1970s, this 25-story tower was the tallest building in Iowa upon its completion and has since become an integral part of the city's skyline.

The ambitious redevelopment initiative, spearheaded by Lawmark Capital, involves converting the Financial Center into 209 market-rate apartments coupled with about 152,000 square feet of commercial space. The project is particularly noteworthy as it aims to create much-needed housing in the urban core, balancing the preservation of historical architecture with contemporary living needs.

A Model of Adaptive Reuse

What makes this undertaking stand out is its focus on adaptive reuse, a concept gaining traction in urban revitalization. The renovation will convert floors one through three and floors four through eighteen into living spaces while retaining vital commercial units on the ground floor. This strategic decision not only enhances residential offerings in Des Moines but also supports local businesses, fostering a vibrant community atmosphere.

Amenities are another highlight of the redevelopment. Future residents will enjoy features such as:

• - A golf simulator for leisure and recreation
• - A cutting-edge fitness center to promote health and wellbeing
• - A rooftop deck complete with a swimming pool, ideal for soaking in the stunning views of the city
• - Direct access to the downtown skywalk system, connecting residents easily to various destinations within the urban hub.

John Bowman, a partner at Foss & Company, emphasized the importance of such transformative projects: “The Financial Center is precisely the type of project that highlights the value of Federal Historic Tax Credits. We are witnessing a significant shift towards office buildings being repurposed into vital housing, and this closing reflects our commitment to fostering high-quality, community-focused development.”

Supporting Local Growth

Mark Buleziuk, CEO of Lawmark Capital, expressed pride in contributing to this historic building’s next chapter: “Our partnership with Foss & Company has been instrumental in securing Federal Historic Tax Credits, making this redevelopment possible. We see this as a crown jewel for Central Iowa.”

This landmark development isn't purely about restoring a building; it reflects a broader trend where companies like Foss & Company are increasingly involved in financing complex historic tax credit transactions. Their leadership in the growing sector of office-to-residential conversions highlights a commitment to support sustainable urban living while preserving architectural heritage.

A Glimpse into Foss & Company

Foss & Company has been a significant player in the tax equity investment landscape since its founding in 1983. Having financed over $11 billion across various projects, they specialize in aiding partners to leverage tax equity for historic rehabilitation, renewable energy, and advanced energy production facilities. Their mission is clear: to navigate the intricate world of tax equity investments while ensuring impactful developments resonate with community needs.

Conclusion

As the Financial Center undergoes this remarkable transformation, it sets a precedent for future urban development projects. Not only does it breathe new life into an iconic structure, but it also addresses housing demands in the heart of Des Moines. This project exemplifies how thoughtful redevelopment can successfully merge historical integrity with the lifestyle demands of modern urban dwellers.