[CPEO-BIF] Gray's Landing, Des Moines, Iowa

[Lenny Siegel <lsiegel@cpeo.org>]

Reclaiming industrial site requires study, money, work

A contaminated area south of downtown Des Moines is being cleaned up and 
redeveloped for construction of new townhomes, office and retail space

By DONNELLE ELLER
DES MOINES REGISTER (IA)
April 29, 2007

George Sherman and Jackie Nickolaus are ready to turn contaminated 
industrial land into a new Des Moines neighborhood.

But before the developers start a bulldozer or dig a foundation, they 
will spend about $53 million to buy land, demolish old buildings and 
remove debris on the 200-acre site just south of downtown Des Moines.

Putting together the complicated financial package to prepare the land 
for construction has taken months of work with city, state and federal 
leaders and private lenders.

"No one can sell the land for $50 million. You start the project with a 
gap," said Nickolaus, project manager for Sherman Associates of 
Minneapolis, lead developer of the $210 million commercial, retail and 
residential development now called Gray's Landing. It was formerly 
called Riverpoint West.

...

For the entire article, see
http://desmoinesregister.com/apps/pbcs.dll/article?AID=/20070429/BUSINESS/704290350/1029/BUSINESS

--


Lenny Siegel
Director, Center for Public Environmental Oversight
c/o PSC, 278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org


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