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VA. Developer Eyes Historic Downtown Des Moines Building

By Becky Ogann

Story Created: Jul 17, 2008 at 9:46 AM CST

Story Updated: Jul 17, 2008 at 9:49 AM CST

DES MOINES (AP) - A Virginia developer has expressed interest in purchasing and renovating the historical Younkers store in downtown Des Moines. It's been vacant since Saks closed it in 2005.

Developer Michael Alexander signed a proposal to buy the 288,000-square-foot property from owner Saks Inc. earlier this year. He hopes to fix up the 109-year-old building and put in a hotel, retail space and residential units.

Alexander says the sale will ultimately hinge on complicated financing that would include state, federal and local tax credits or incentives. He says he's hopeful a sale can proceed to a closing, possibly as early as September.

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