A group of Des Moines business and civic leaders who were working to transform the Des Moines Social Club into a year-round indoor market has decided to sell the landmark building.
The building, at 900 Mulberry St. in downtown Des Moines, will be put up for sale on Monday. Its future is uncertain, after years of financial turmoil at the Des Moines Social Club, and, recently a failed $7 million plan to reinvent its use. While the campus will be sold, we are grateful to be able to honor the spirit and intent to serve the arts, culture and the community by donating proceeds from the sale to establish the endowment,” said chair Rob Feeney, who is also president and chief operating officer of Atlantic Bottling Company.
Des Moines-area hotel property values fall 30%
âWhen the cash flow goes away, the value goes away,â says one local banker Friday, April 9, 2021 6:00 AM
For over a year, more than half of the Des Moines area’s 13,000 hotel and motel rooms have sat empty, a result of the economic shutdown caused by the pandemic.
The sudden drop of hotel guests caused revenues to plummet and employees to be furloughed or laid off. In March, the Polk County Assessor’s Office released information showing a 30% decline in assessed valuation of the county’s 123 hotel and motel properties, from a total $634.4 million in value in 2020 to $450.7 million in 2021.
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