A former Des Moines junior high school turned events center has been acquired by an educational nonprofit after the property owner surrendered the building’s mortgage in lieu of foreclosure.
New Plan Learning, based in Schaumburg, Illinois, purchased Franklin Junior High for $3.3 million from Iowa Trust & Savings Bank, according to Polk County records. The property, at 4801 Franklin Ave., came into the bank’s possession after developer Jeff Young relinquished ownership through a process called deed in lieu of foreclosure.
The process allowed Young to be discharged of the $10 million mortgage held by his limited liability corporation without the bank foreclosing on the property.
The Franklin Jr. High building in Des Moines Monday, May 6, 2019.
Young purchased the long-vacant 213,000-square-foot building at the nexus of the Beaverdale, Waveland and Merle Hay neighborhoods in 2018. He told the Des Moines Register at the time that he intended to turn it into a mixed-use entertainment venue with hotel rooms, office space, a restaurant and boutique bars. He also acquired a disused former hospital across Franklin Avenue as part of the planned complex.
A major part of the project involved renovation of a former sanctuary, which a megachurch that previously owned the building had built on its north side, to serve as what Young said would be the metro’s second-largest indoor entertainment venue, holding up to 4,300 people.
Pandemic, legal troubles limit project’s scope
Franklin Junior High was hosting events as early as 2019, when Andrew Yang, campaigning in the Iowa Democratic presidential caucuses, spoke there. But Young never achieved all of his grand plan.
The COVID-19 pandemic arrived in Iowa in March 2020, shutting down public gatherings for an extended period. A few months later, Young pleaded guilty to fraud charges after dramatically underreporting the taxable value of five collector cars he purchased.
In 2021, he sold off the former Mercy Franklin Clinic, which he had planned to turn into offices, commercial space and condominium units. The following year, Neighborhood Development Corp. acquired the building, which had been declared unsafe, and demolished it.
Franklin Junior High went on to host events such as the Beaverdale Books’ Banned Books Festival, held there in October, and house nine tenants, including Horizon Science Academy, which opened in 2023. The charter school announced New Plan Learning’s acquisition of what’s now known as Franklin Event Center.
New Plan Learning, a nonprofit, helps budget, design, build and finance charter schools in new or existing spaces, according to its website.
“This milestone marks an exciting new chapter for our school community,” Horizon Science Academy said in a Facebook post. “Together, we’re committed to ensuring a safe, warm, and dry learning environment. One that reflects the pride, care, and dedication our students, staff, and families deserve.”
NPL did not respond to the Register’s request for details about its plans for the facility, and whether it will continue to serve as an events center.
Kate Kealey is the growth and development reporter for the Register. Reach her at kkealey@registermedia.com or follow her on Twitter at @Kkealey17.
This article originally appeared on Des Moines Register: Franklin Junior High sold to nonprofit for $3.3 million
