JV Formed to Develop Suburban Des Moines Retail
- May 15, 2008
Capital Growth Madison Marquette of Minneapolis and DRA Properties L.L.C., an Ankeny, Iowa-based real estate company, have formed a partnership to develop about 500,000 square feet of retail space in Ankeny. The retail space will be part of a larger mixed-use development, the 1,031-acre Prairie Trail, which is being developed by DRA on the former site of the Iowa State University research farm. The master plan for Prairie Trail calls for two retail components. Town Center at Prairie Trail, a lifestyle center, will feature fashion anchors, restaurants and a mix of regional and national merchants. There will also be a retail area at the southern entrance to the community, Plaza Shoppes at Prairie Trail, which will be anchored by a Hy-Vee grocery store. The rest of Prairie Trail will feature about 2,500 residences in a mix of styles; a civic and educational component, including the city library, a school and the Ankeny police headquarters; and a network of trails, parks and bike paths. According to DRA, the development will reflect the principals of New Urbanism, incorporating elements of sustainable development and aimed to reduce traffic in the area. Groundbreaking on the retail portion of the development is expected to begin in 2009. The full project is slated for completion in 2012. Ankeny is a fast-growing suburb of Des Moines. In 2000, according to the U.S. Census Bureau, it had a population of about 27,100; a special census undertaken in 2005 by the city put the population at about 36,100. I-35, which passes near the town, has been the focus of considerable retail development in recent years. Capital Growth Madison Marquette is part of Capital Growth Properties Inc., a private real estate investment company. DRA Properties was founded in 1992 by Dennis Albaugh, owner & CEO of Albaugh Inc., a global agricultural chemical company.