Local city and business leaders gathered downtown today for the groundbreaking of the 515 Walnut Tower, a 33-story residential high-rise that leaders say will transform downtown Des Moines.

Although work has been underway at the site, where crews have been drilling holes for the structures that will support the building, the official ceremonial groundbreaking was held today to celebrate the project and those who have been involved in making it happen.

Speakers at the event included Joe Teeling, the developer behind the project and founder of St. Joseph’s Group, Des Moines Mayor Connie Boesen, and Tiffany Tauscheck, president and CEO of the Greater Des Moines Partnership, who said the project was historic for the city and region, and would be a catalyst for workforce attraction and retention and help meet the growing need for housing in the community.

The tower will feature 390 units, including studio, one-bedroom and two-bedroom units, a fitness center, coffee shop, and a rooftop terrace with both open-air and enclosed areas.

The estimated cost of the project is $148 million, with completion expected in 2027. Once complete, its estimated assessed value will be more than $69.5 million.

It will be the largest residential project ever built in downtown Des Moines and the most significant change to the downtown skyline since the construction of 801 Grand in 1991.

Teeling said the tower will not only change the city’s skyline but contribute to a thriving and vibrant downtown.

The 515 Walnut Tower is expected to be completed by spring 2027.

Related stories:
Work underway on 515 Walnut Tower
Meet the owners of Beal Derkenne Construction