Hubbell Realty Selling Former YMCA to Government “Under the Threat of Eminent Domain”
DES MOINES, Iowa — Hubbell Realty says it is selling the former home of the Riverfront YMCA to the federal government for the construction of a new federal courthouse, but the company is not happy about it.
On Friday the company released this statement:
“Hubbell has entered into a purchase agreement with the GSA under the threat of eminent domain. While we are disappointed that we cannot proceed with our proposed condominium development at the Riverfront site, it became very clear that this was the best path forward in order for our company to continue our work on other downtown developments.” – Rick Tollakson, President & CEO Hubbell Realty Company
The site, which sits in the heart of downtown on the Principal Riverwalk, was viewed as one of the best pieces of real estate available in the state. Both the City of Des Moines and Hubbell Realty publicly spoke out against the government’s acquisition of the land and preferred a private development. As a federal courthouse the city will not collect any property tax from the site.