Campaign Seeks Iowa Reinvestment Act Funds for Stadium and Global Plaza as part of
Larger 65-Acre, $535 Million Development Spanning Multiple Downtown Neighborhoods
Des Moines, Iowa (February 2, 2021) – Pro Iowa, the campaign working to bring professional soccer to Iowa, is working in partnership with Krause+, the real estate development arm of Krause Group, and the City of Des Moines, to drive revitalization of areas in Downtown Des Moines, including transformation of the Dico Superfund site, into a community space with connectivity to recreation, housing, commerce, and entertainment.
Pro Iowa and Krause+ are collaborating with the City of Des Moines to seek approval from the Iowa Economic Development Authority to establish a reinvestment district that would open access to tax-generated funds from the Iowa Reinvestment Act (IRA) for the redevelopment of the Dico Superfund site. The site would house a Global Plaza and Iowa’s first professional soccer stadium. If approved, the reinvestment district would include 65 acres of total development set to activate sections of Raccoon River, serve as a connector for downtown, and create dynamic, mixed-use neighborhoods. Krause+, along with Sherman Associates, would lead development of areas included within the reinvestment district.
Beyond the Dico Superfund site, Krause+ plans to redevelop parts of the Western Gateway to include hospitality, food and entertainment, retail and housing. The reinvestment district will also include additional properties owned by Minneapolis-based developer Sherman Associates that continues to transform the Gray’s Landing area with recent housing, retail and hospitality developments.
“The reinvestment district will transform blighted, vacant and brownfield sites in the heart of Des Moines and replace them with dynamic, mixed-use neighborhoods that use the power of place to draw people of all ages and backgrounds to downtown,” said Des Moines mayor Frank Cownie.
“The development is a wonderful compliment to projects we have in place,” said Will Anderson, Sr. Developer with Sherman Associates. “New connections and throughways will bridge existing and developing neighborhoods and unlock new opportunities for residents to live, work and play downtown.”
Final plans for the reinvestment district and stadium development continue to take shape, with input from various community and cultural groups and business leaders, and will be finalized by the end of the month. Pro Iowa is working with Capital Crossroads to host roundtable meetings with a diverse group of leaders and stakeholders in the public, private, and nonprofit sectors to ensure the project has extensive community input and serves the needs of people from all backgrounds.
"The Pro Iowa Stadium and Global Plaza will be a welcoming space for sports, community gatherings and events that will continue to ensure a vibrant Downtown and further contribute to a strong region," said Jay Byers, President and CEO of the Greater Des Moines Partnership. "The stadium project provides a solution to transform the long-standing contaminated Dico site, which has long been an eyesore in a prime area that is the gateway to our Downtown core.”
To date, Pro Iowa has raised $13.7 million in private donations toward development of the professional soccer stadium, which will be owned by Iowa Soccer Development Foundation, a local nonprofit. Stadium development on the Dico Superfund site serves as a catalyst for additional development of the reinvestment district. The project is a long-term commitment that will take years to complete but provide positive economic impact for decades to come.