Construction is steadily progressing on 515 Walnut, downtown Des Moines’ first new skyscraper since 2007 and its largest residential project to date. The 33-story, 390-unit high-rise is set to become the city’s fourth-tallest building at 347 feet and is slated for completion in spring 2027.
The Council on Tall Buildings and Urban Habitat (CTBUH) confirmed the tower’s broader significance. According to Shawn Ursini, CTBUH senior building database manager, 515 Walnut is among about 100 U.S. skyscrapers above 100 meters currently under construction or recently completed. Of these, 61 are fully residential, but 515 Walnut is the only all-residential tower of its height under construction between Chicago and Denver. Ursini noted that while other projects are on the drawing board, “current high interest rates and escalation of material prices have led to a bit of slowdown in tall building construction nationwide.”
The project has faced obstacles, from leftover debris on site to financing challenges amid high interest rates, but Developer Joe Teeling, whose St. Joseph Group revived the long-stalled project in 2022, said construction is now on schedule. Rising costs tied to tariffs remain a concern, though crews are pressing forward with façade installation and mid-tower construction.
When finished, the building will include a mix of studio, one- and two-bedroom apartments, with 39 reserved as affordable units. Amenities will feature a gym, skywalk connection, and communal rooftop space, further signaling a shift toward high-rise living in the rapidly growing Des Moines metro. Teeling added, “We believe the metro area is ready for a skyscraper. We just thought the time was right.”
Learn more at the Des Moines Register.