Des Moines Council Approves Redevelopment of Euclid Avenue Building
Highland Park has a lot of great momentum, and we’re hoping to cap that end of Euclid with a great project at 615 Euclid.
That was the assessment from developer Brian Clark regarding a freshly approved plan to transform a century-old Des Moines landmark. The Des Moines City Council on Monday approved the preliminary terms of an Urban Renewal Development Agreement outlining tax incentives for the redevelopment of the former University of Commerce building on Euclid Avenue.
The agreement cleared the council as part of its consent agenda without discussion. Clark, doing business as 615 Euclid LLC and serving as president and founder of Sonar Development Partners, has proposed extensive renovations for the structure.
Transforming the 1924 University of Commerce Building
Constructed in 1924, the two-story building originally functioned as a storefront and a business school. The approved project aims to breathe new life into the aging property by creating 14 residential apartments on the second floor, consisting of 12 one-bedroom units and two two-bedroom units. Ground-floor plans feature approximately 2,000 square feet of dedicated retail space.
The neighborhood lost a notable residential asset when the Highland Apartment building was demolished in 2023. Clark noted that the new Euclid Avenue project will directly replenish that inventory by adding much-needed workforce housing to the Highland Park area.
Des Moines Provides Tax Incentives for $5.8 Million Redevelopment
City documents place the total estimated cost of the redevelopment at $5.8 million. To help bridge financing, the Des Moines City Council agreed to provide Tax Increment Finance incentives totaling $338,000 structured over 18 years.
Public records show the property currently carries an assessed value of $145,000. Once construction concludes, city documents project that value will climb to approximately $1.95 million.
Clark pointed to surrounding neighborhood investments as the primary catalyst for undertaking the venture. He highlighted the Klein Building redevelopment, Lachele’s, Slow Down Coffee Co., and Chuck’s as key drivers of local traffic and energy.
Euclid Avenue Project Targets October 2027 Move-In Date
Construction on the Euclid Avenue property could break ground by the end of the year, with residential tenants targeted to move in by October 2027.
During the same meeting, the City Council also approved preliminary terms for a separate Urban Renewal Development Agreement with Cold Storage Rehab LLC. That agreement supports the construction of two 12-unit residential buildings at 2814 Seventh St., situated on a three-acre infill site near Riverview Park. Backed by the Neighborhood Development Corp., that project carries an estimated cost of $7.2 million and will provide 24 total units featuring a mix of one- and two-bedroom apartments.