Des Moines' Market District Receives $9.5M for Hotel & Development

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The Market District development in Des Moines, Iowa, received a $9.5 million investment from the Iowa Economic Development Authority (IEDA) through the Iowa Reinvestment Act. This funding will support the construction of a seven-story mixed-use boutique hotel and luxury condominium project, as well as a 500-space parking ramp, as part of the larger $600 million Market District redevelopment.

Why it matters

The Market District project represents a significant turnaround for the area, which was previously occupied by industrial facilities. The redevelopment aims to create a vibrant mixed-use destination that will attract around 200,000 visitors annually, contributing to the local economy. The IEDA funding is part of a statewide initiative to support transformative projects that enhance quality of life and stimulate economic growth.

The details

The $9.5 million in IEDA funding will be allocated to two key components of the Market District: a $50 million mixed-use hotel and condominium project, and a $19.3 million 500-space parking ramp. The hotel will feature 180 guestrooms, luxury condominiums, a full-service restaurant, retail spaces, and a rooftop amenity area. The first phase of the Market District is planned to include 2,500 residential units and 30,000 square feet of retail space, with future phases involving additional land acquisition for potential office development.

• The IEDA board expanded the existing Capital City Reinvestment District by 43 acres to encompass the Market District.
• A six-story, 258-unit apartment building is already proposed for Southeast Fourth Street, with construction anticipated to begin in late 2026 and completion by late 2028.
• Developers will not begin receiving the tax credit rebates until January 2028.

What’s next

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