The DICO Superfund Site

There has been significant discussion about the future of the former DICO property in Des Moines. Much of that conversation has focused on the planned stadium and Global Plaza.

We believe it is important for the community to understand the full picture.

The DICO Superfund site consists of two separate redevelopment projects: North DICO and South DICO.

South DICO is the site of the planned stadium and Global Plaza. In June, the Iowa Soccer Development Foundation (ISDF) entered into a ground lease with the City of Des Moines for the property. Once constructed, ISDF will own the stadium.

North DICO is the site of the proposed Krause+ development, which includes a hotel, retail, restaurants, housing and an entertainment venue. Together with the stadium and Global Plaza, these projects are intended to create a larger destination and district.

Krause+ is the real estate development and property management arm of Krause Group.

DICO Is Not a Typical Development Site

DICO is a former industrial property with a complex environmental history.

Before construction can begin on either North or South DICO, substantial environmental remediation and site-preparation work is required. That means millions of dollars must be invested simply to make the land ready for development.

South DICO

• The current appraised land value of South DICO is approximately $11.4 million.
• The estimated cost to prepare the site for construction is approximately $20.6 million.
• In June, the Des Moines City Council approved the South DICO ground lease after taking these significant site-preparation costs into consideration.

North DICO

• The current appraised land value of North DICO is approximately $9 million.
• The estimated cost to prepare the site for construction is approximately $18.5 million.
• Krause+ has been working with the City to establish terms that similarly recognize the substantial investment required before development can begin.

One Site. Two Projects. One Larger Vision.

The stadium can be an important destination for Des Moines. The surrounding development is what helps turn that destination into a district—bringing hotels, housing, restaurants, retail, entertainment and additional investment to the area.

The South DICO terms were negotiated and approved by the City Council in June. We believe there should be a consistent approach to addressing the extraordinary costs associated with preparing both portions of this former Superfund site for redevelopment.

Krause Group remains committed to the stadium, North DICO and the broader vision for this part of Des Moines, even as discussions with the City regarding North DICO are currently paused.