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Commercial Real Estate Weekly | July 3, 2019
The logo of Skøl, a Viking-themed establishment at 401 S.E. Fifth St., has been stamped onto a refurbished piece of wood that will hang over the business' entrance. The restaurant and bar, operated by Full Court Press, is expected to open in late July.
Des Moines restaurant group preparing to open a Viking-themed (think Leif Erikson) establishment
By Kathy A. Bolten | Senior Staff Writer

First there was the Cajun/Creole-themed eatery. Then came establishments with nods to England, Germany and Belgium.

Now a Des Moines restaurant group wants to salute Scandinavia with a Viking-themed restaurant and bar aptly named Skøl, which is Scandanavian for "cheers."

The restaurant and bar will be in a concrete-block building located at 401 S.E. Fifth St. The building formerly was the home of Mad Meatball which closed earlier this year.

Jeff Bruning of the restaurant group Full Court Press, said he’s been mulling the concept of an establishment with a Viking them for about 18 months. "With the popularity of ‘Game of Thrones’ it seemed like a good idea," he said.

The building, owned by Christensen Development, LLC, is being remodeled to include a wood exterior and a small edition to accommodate coolers, Bruning said. The front of the building, which faces Martin Luther King Jr. Parkway, will feature wood shakes that will cover much of the exterior wall.

Skøl’s menu will include several varieties of roasted meats, some of which will be made into street tacos, Bruning said. Also included will be smoked salmon.

Brown-colored liquors will also be featured, including several varieties of whiskey, rum, Scotch  and bourbon. Numerous varieties of beer will be available as will ciders and meads. Vikings drank mead – a sweet, fermented beverage made from honey, water, spices and sometimes, fruits – during celebrations, according to the National Museum of Denmark.

Bruning said he’s been surprised by the number of Des Moines-area residents whose background has ties to Denmark, Sweden and Norway. "After I thought about, it made more sense," he said. "We’ve got Grand View [University] who are the Vikings and a lot of people who live around [the campus in northeast Des Moines] have a Swedish or Nordic background."

Skøl will be among several themed establishments Full Court Press operates in the Des Moines-area. Hessen Haus gives a nod to Germany with 50 imported German biers and dishes; The Royal Mile to England with English beers, foods and Scotch; The Red Monk to Belgium with about 90 Belgium-style beers; and The Iowa Taproom to Iowa with more than 90 Iowa craft beers.

Bruning hopes Skøl will open in late July.
A building at 401 S.E. Fifth St. is being remodeled to house Skøl, a Viking-themed bar and restaurant that is expected to open in late July. Photo by Kathy A. Bolten
$7.4 million medical center planned for West Des Moines
By Kathy A. Bolten | Senior Staff Writer

Construction is moving forward on a $7.4 million, two-story 28,000-square-foot facility that will house Blank Children’s Hospital’s STAR and Developmental centers.

The West Des Moines City Council, in a 3-0 vote on Monday, approved the project’s site plan.

This is the first time in Blank’s 75-year history that the hospital has operated a free-standing facility. The medical facility will be located on 2 acres at 4055 Westown Parkway in West Des Moines.

Carlos O’Kelly’s restaurant previously was located on the site. It closed in 2014; the building was demolished in August 2018, according to city documents.

Central Iowa Hospital Corp., parent company of Blank Children’s Hospital, bought the land in April for $400,000, Polk County Assessor records show.

Blank’s STAR Center cares for children who have been victims of abuse, exposed to drugs, are in the foster system, or need extra support. The Developmental Center provides diagnosis and treatment for children with developmental, behavioral and physical conditions such as autism or Down syndrome.

Both programs are growing and need additional space to serve clients, according to a spokesperson. Additional positions will be created at the centers so that more children can be served.

The new facility, which will be near the interstate system, will be easily accessible to patients and their families, the spokesperson said.

Construction is expected to be completed by early 2020. Edge Construction is the project’s general contractor.
LOCAL NEWS

Clive plans purchase of 10 flood-prone properties for more than $1.6 million
The City of Clive is in the process of purchasing 10 properties prone to flooding from North Walnut Creek and Walnut Creek for more than $1.6 million, city officials announced this week. An additional $383,000 in federal and state Hazard Mitigation Grant funds have bumped up the initial $1.25 million set aside in Clive’s 2018 Flood Prone Property Buyout Program, allowing the city to pay owners 110% of the 2018 Polk County Assessor’s total value of their properties. Based on research from FEMA and the U.S. Army Corps of Engineers, Clive estimates the financial benefit of mitigating flood risk on the 10 properties is more than $5 million in avoided property damages and associated costs. The city plans to have all properties demolished by the end of 2019.

Clive facility receives national award
Silvercrest at the Woodlands, an assisted living facility in Clive, recently was recognized by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL) with the 2019 Silver – Commitment to Quality Award. The award program is based on the core values and criteria of the Baldrige Performance Excellence Program, which also serves as the foundation for the metric-based AHCA/NCAL Quality Initiative. The Baldrige framework helps organizations among different business sectors improve organizational effectiveness and achieve strategy-driven performance.
IN CASE YOU MISSED IT

Federal courthouse construction to begin soon
Construction is expected to begin in mid-July on the federal courthouse in downtown Des Moines with a groundbreaking ceremony planned for late August, according to the U.S. General Services Administration. Plans to build a new courthouse are moving forward even though Des Moines officials and civic leaders oppose constructing the structure on prime downtown riverfront real estate.
NOTABLE TRANSACTIONS

Clear Sky Capital Woodland Park LLC of Pheonix, Ariz. paid $7.7 million to D & D Real Estate Holdings II LC for Timberland Crest apartment complex at 4530 Lower Beaver Road in Des Moines. The multi-building complex, built in 1973, has more than 160 units. The property was valued for $5.5 million in 2019 by the Polk County Recorder, records show. The transaction was completed on June 19.

Probuild Co. LLC paid $2.7 million for 8.6 acres at 5631 N.E. 17th St. in Des Moines. The parcel is in a heavy industrial area in Des Moines. Probuild, a building materials supplier located in Dallas, bought the property from ABP IA LLC on June 17, records show. Bluelinx, also a building materials supplier, is located at the site, records show.
NATIONAL/REGIONAL NEWS

Iowa-based insurers part of $125 million South Florida CRE financing
As we follow news stories around the country, we occasionally see articles that
provide a glimpse into interesting ways that Iowa-based operations are doing
business and making deals around the country. For instance, here’s a story from
the Daily Business Review about a South Florida developer that recently
obtained $125 million in financing through a syndicate of insurers that
included a couple of Greater Des Moines-based companies — Athene Annuity &
Life Assurance Co. and American Equity Investment Life Holding Co. According to
recent financial filings, American Equity has more than $3 billion invested in
commercial real estate across the United States, or about 5.7 percent of its
$52 billion portfolio of assets. Athene holds $291 million in mortgage-loan
assets, a relative sliver of its $132.9 billion asset base.

U.S. suburbs growing again as millennials flee cities
Millennials are flocking to suburbs across the country, straining schools, clogging roadways and causing farmland to be replaced with subdivisions, reports Valerie Bauerlein for The Wall Street Journal. After the financial crisis walloped the housing market in the early 2010s, average growth rates in large cities outpaced the suburbs, Bauerlein reports. Now the trend is reversing with average annual growth in big cities slowing. In addition, single-family home construction is on the rise in most suburban areas while in urban areas it has declined, according to the National Association of Home Builders.
PLANNING & ZONING LINKS
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