Principal plans $238.5M renovations in Des Moines

The Des Moines, Iowa, skyline is seen in this view looking northwest from the capitol grounds. Tall buildings, from left to center are: Polk County Courthouse (1900), 25-story Financial Center (1972), 25-story Plaza Condominiums (1985), 19-story Equitable Building (1924), 33-story Marriott Hotel (1981), 36-story Ruan Center (1974) and the 45-story 801 Grand Principal Financial Group tower (1991). The Equitable Building (center, with central rooftop lantern cupola) was the state's tallest building for 48 years, until 1972. Photo February 18, 1991.

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By Ellen Kurt

DES MOINES, Iowa (AP) — The Principal Financial Group plans to invest $238.5 million in renovations to its downtown Des Moines headquarters.

The Des Moines Register reports Principal's 10-year project could begin as soon as this summer. But the company wants to secure financial incentives from the city and possibly the state.

Principal senior vice president Ralph Eucher says the renovations remain only a proposal at this stage. The project hasn't been approved by Principal's board.

If the city approves, Principal could receive as much as $250,000 in incentives over 10 years.

The Des Moines City Council will discuss the project on Monday.

Principal employs more than 6,000 workers in the Des Moines area.

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