As 515 Walnut — downtown Des Moines’s first new skyscraper since the completion of the 13-story Davis Brown Tower in 2007 — rises on the northwest corner of Fifth Avenue and Walnut Street, lead developer Joe Teeling is coming to realize just how big it is.
In addition to being the largest residential project on record in Des Moines’ central business district, the 33-story tower is among the tallest residential buildings currently under construction in the country.
Groundbreaking on the 390-unit high-rise, the first project of its kind for Teeling, was held in late February and workers currently are on the ninth floor.
“Just seeing it go up, I am beginning to realize not only is it exciting, but I am grateful we are making progress,” Teeling told the Des Moines Register on Wednesday, Sept. 10.
What is the status of 515 Walnut?
As the crew begins construction on the middle portion of the tower. Facade work on the lower levels is underway, with glass enclosing the framework up to the third floor.
515 Walnut has overcome challenges, just as any development project, Teeling said. Following the groundbreaking, he said, builders encountered unexpected remnants of concrete and steel from a building that occupied the site preceding construction in 1985 of the Kaleidoscope at the Hub. His St. Joseph Group demolished the empty shopping mall and food court to make way for the new tower.
The project has since caught up to its expected timeline, he said, adding, “Now that we’ve come out of the ground, it’s gone pretty well.”
Nearly a decade in the works, 515 Walnut was first proposed by Des Moines’ Blackbird Investments in 2016. The firm later faced lawsuits in connection with other projects, stalling work, and the city terminated its development agreement in June 2020.
Teeling, who once served as president of Blackbird, said he was not involved in the suits. He went on to revive the project in 2022, with St. Joseph purchasing the plans.
Amid rising interest rates, construction finally got underway after St. Joseph secured a loan from an East Coast equity group, alleviating concerns about interest rates on the bonds that were originally to provide the capital.
The one remaining concern is what effect President Donald Trump’s tariffs could have on the costs of materials for the project. S&P Global says the construction industry could be among the sectors most vulnerable to price increases on imported goods.
“That wasn’t really planned originally,” Teeling said. “It’s a variable that’s not going badly, but it’s just something we are always keeping an eye on.”
How does 515 Walnut compare to other high-rise projects across the country?
515 Walnut is one of about 100 skyscrapers in the country above 100 meters in height that are under construction or have been completed in the last eight months, according to Shawn Ursini, a senior building database manager with the Council on Tall Buildings and Urban Habitat in Chicago.
Des Moines’ soon-to-be newest tower will clock in at 347 feet, or 106 meters. Based on current information, it would be the 94th-tallest building in the country that is under construction or recently completed, Ursini said.
Of the high-rise projects under construction across the U.S., 61 are fully residential. The Council on Tall Buildings confirmed St. Joseph’s proud assertion that 515 Walnut is the only all-residential building of 100-meter-plus height under construction between Chicago and Denver. In the immediate region, only Omaha’s new Mutual of Omaha headquarters office tower, soon to top out at 677 feet, or 206 meters, is taller.
“This is not to say there aren’t additional projects on the drawing boards, some of which (have) development approvals in hand, but the current high interest rates and escalation of material prices have led to a bit of slowdown in tall building construction nationwide for the time being,” Ursini said in a Wednesday email.
Bringing high-rise apartments to Midwestern cities has been successful, Teeling said, pointing to Kansas City, which plans a 25-story high-rise apartment building in the downtown area. Several others residential high rises are underwayor recently opened in Chicago.
Des Moines is the fastest-growing major metro in the Midwest, and the population of downtown and the East Village has grown rapidly since 2000.
“We believe the metro area is ready for a skyscraper,” Teeling said. “We just thought the time was right.”
How does 515 Walnut compare to other high-rise buildings in Des Moines?
515 Walnut is slated to be the fourth-tallest building in Des Moines and Iowa. It will bump past the 345-foot Financial Center and slot in behind the Marriott Hotel at 365 feet, the Ruan Center at 459 feet and 801 Grand at 630 feet.
As the building takes shape and grows, it will grab more attention. But rivaling it will be the high-rise crane that lifts steel and other materials to the level where builders are working. Since the crane has to be taller than the tower to access the roof, Teeling expects its expandable tower to eventually reach 450 feet.
What is going inside 515 Walnut?
515 Walnut tower will contain a mix of studio, one-bedroom and two-bedroom apartments. Of the 390 units, 39 will be priced to be affordable to households that earn 65% of the area median income, or $51,415 for a single person.
The first floor will house the apartment lobby, a grab-and-go food spot, bike storage, a dog wash area and a mailroom for tenants. The second floor will include a workout facility and will be linked to the downtown skywalk system.
Floors three and up will house apartments, with an open-air space atop the building. Plans for what that communal area will look like are still in the works, but Teeling expects it to be a place where tenants can gather and enjoy the view.
When will 515 Walnut reach maximum height?
With the winter season looming, Teeling acknowledged weather could slow construction.
“I am certain that we will be slowed up a little in the winter because if it’s too cold, we won’t be able to pour” concrete, Teeling said. But he added that the plan is to continue working through the winter as weather permits.
Because of the uncertainty, he wasn’t able to specify when the tower will top out, but said he remains confident about the expected completion target of spring in 2027.
“It would be a guess to tell you that right now,” Teeling said “We’ve got a schedule, but I really don’t know. We’re pretty close to being on our spring of ’27 [completion date]. I feel pretty good about that.”
“We’ve got a good rhythm,” he said. “The weather has been really good for us lately, so that has helped. I just think steady wins the race here.”
Reporting contributed by Addison Lathers.
Kate Kealey is a general assignment reporter for the Des Moines Register. Reach her at kkealey@registermedia.com or follow her on Twitter at @Kkealey17.
This article originally appeared on Des Moines Register: Developer Joe Teeling provides an update on construction of downtown Des Moines skyscraper
Reporting by Kate Kealey, Des Moines Register / Des Moines Register
USA TODAY Network via Reuters Connect
