Developers to Convert Des Moines Office to Le Meridien
The 11-story downtown project is slated to begin construction in February 2027.
Updated on Oct. 20, 2026 in Commercial
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Developers plan to transform a former Wells Fargo building in downtown Des Moines into a 157-room Le Meridien hotel. The $48 million renovation project aims to repurpose the site starting in February 2027.
Why it matters
The redevelopment seeks to address elevated office vacancy rates in the city's downtown core while revitalizing the facade of the former financial institution. It represents a significant investment in the area's hospitality sector.
The 11-story building will be renovated at a cost of $48 million, with $3.9 million in tax incentives covering 8% of the financing. Post-construction property value is projected to reach $12 million, up from the current valuation of just under $1 million.
The players
DMCRE2 LLC
This is the development firm that purchased the building in 2025 to lead the conversion project.
Wells Fargo
This major financial institution sold seven downtown properties for $32 million before consolidating its operations.
Le Meridien
This is a premium hotel brand under the Marriott International umbrella known for its boutique-style properties.
The details
Renderings for the property at Eighth Street show an exterior design featuring horizontal lighting and an illuminated hotel sign. Interior plans include significant floor reconfigurations to accommodate new amenities such as a bar, restaurant, ballroom, and spa.
Timeline
2025: DMCRE2 LLC purchased the building.
October 6, 2026: Plan narrative submitted to the review board.
February 2027: Construction is expected to begin.
Spring 2028: Construction is expected to be completed.
Culture Shift
This project reflects the broader societal shift toward adaptive reuse of legacy office buildings as downtown districts move away from traditional corporate models. It capitalizes on the necessity to transform vacant physical footprints into mixed-use assets that encourage urban activity.
Residents and downtown commuters can expect a significant change to the streetscape at the intersection of Mulberry and Eighth streets once construction is complete. The addition of a new restaurant, bar, and ballroom will also provide new amenities for the local community to utilize.
The takeaway
Repurposing aging financial infrastructure into hospitality assets is becoming a critical strategy for urban centers facing high office vacancy. Investors should monitor how these conversions influence both local property valuations and neighborhood foot traffic.
What happens next
Construction is slated to commence in February 2027, with the project expected to be completed in spring 2028.
Further reading
For more on local development trends, visit Des Moines Commercial.
Source note: This article includes information reported by Des Moines Register.
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