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On Thursday, October 23rd, Sherman Associates broke ground on the Holiday Inn Express at Gray’s Lake Office Park in Des Moines. Construction on the 102 room hotel will be complete in fall 2015.
Sherman’s plans for the Gray’s Lake Office Park and the Gray’s Landing Development also includes a 24,104 square foot office building and two multifamily developments. George Sherman, Tony Kuechle and Will Anderson of Sherman Associates lead the development project. Ball Construction of Des Moines will serve as the General Contractor on the Holiday Inn Express. Lincoln Savings Bank provided financing on the hotel.
Speakers at the Groundbreaking included, Mayor Franklin Cownie, Council Member Christine Hensley, and Matt Anderson, Assistant City Manager for the City of Des Moines, George Sherman of Sherman Associates, Rick Ball of Ball Construction, and Kyle Yencer of Lincoln Savings Bank.
The 160 acre Gray’s Landing area is located directly south of the Central Business District, north of Gray’s Lake, and east of Water Works Park. The area is bounded by Martin Luther King, Jr. Parkway to the north, SW 9th Street to the east and Raccoon River to the south and west. The intent of the Gray’s Landing Redevelopment Project is to replace the former heavy industrial Brownfield site with a mixed-use urban village that will add significant new value to the downtown area.
The Gray’s Lake Office Park, the commercial component of the larger Gray’s Landing Development Project, will line Martin Luther King, Jr. Parkway, a major arterial into the central business district. Gray’s Lake Office Park is to create approximately 700,000 square feet of commercial office and retail. Upon full build-out for the commercial portion will have a value in excess of $130 million dollars.
By creating interdependency with the Central Business District, the Gray’s Lake Office Park can enhance the success of downtown redevelopment initiatives by meeting its need to new workers and consumers and offering support services. The project will contribute to the long-term economic viability of the downtown core and serve as a national model of effective public/private cooperation.
Gray’s Landing anticipates incorporating the development of 1,200 housing units valued at over $175 million dollars. This housing component will support the overall downtown growth and provide an urban fabric to the Gray’s Lake Redevelopment.
Holiday Inn Express Facts:
The Holiday Inn Express brand is a quality, mid-priced hotel product that is attractive to a variety of travelers. Due to the site’s proximity to downtown Des Moines, the hotel will serve both business and tourist clientele.