Six of the 10 highest-valued projects issued building permits in Greater Des Moines in 2025 were in the multifamily sector, according to a Business Record review. When completed, the six projects will add over 1,300 new apartment units to the area. 

The following are the 10 highest-valued projects for which building permits were issued in 2025:

1. $109 million, for the construction of a 33-story residential tower at 515 Walnut St. in downtown Des Moines. The project is being developed by St. Joseph Group; its general contractor is Beal Derkenne Construction. Total project costs are estimated at $148 million. The tower, which will include 390 studio to two-bedroom apartments, is the largest residential project built in downtown Des Moines. Construction is expected to be completed in 2027. Permit issued: Jan. 1.

2. $50 million, for the construction of a seven-story, 202-unit multifamily project at 1435 Mulberry St. in downtown Des Moines. The project, called the Falcon, is being developed by St. Louis-based Double Eagle Development. The project is under construction on a 1.3-acre site that previously had been occupied by the Des Moines Area Religious Council’s food pantry. Permit issued: June 5.

3. $45 million, for the historic adaptive reuse and redevelopment of Two Ruan Center at 601 Locust St. in downtown Des Moines. Office space in the building is being converted into 221 apartment units. The redevelopment by Ruan Redevelopment Partners LLC is expected to include the addition of fitness centers, coworking space, a bike wash and repair station, a rooftop lounge and covered indoor parking. Permit issued: Dec. 23.

4. $41.4 million, for the construction of a new multi-tenant, 105,000-square-foot data center at 2701 SE 90th St. in Ankeny. The project’s developer is Edged Des Moines LLC. The data center is the first in Iowa for Edged, who builds the facilities for third-party users. Permit issued: May 2.

5. $39 million, for the construction of the Loop, a 215-unit multifamily project at 10600 Plum Drive in Urbandale. The project by JCorp Inc. will include 215 apartment units, 124 underground parking spaces and about 5,300 square feet of commercial space. Permit issued: Oct. 27.

6. $34.9 million, for the construction of Phase 1B West of the new terminal at the Des Moines International Airport, 5600 Fleur Drive in Des Moines. The project includes the addition of airline operations spaces on the Apron Level and the addition of two hold rooms/gates at the Concourse Level. Permit issued: Feb. 13.

7. $32.7 million, for the construction of a new, 133,670-square-foot high school on the Des Moines Christian campus at 4300 136th St. in Urbandale. Permit issued: Nov. 6.

8. $31.6 million, for the construction of a seven-story, 161-unit multifamily apartment complex at 603 E. Sixth St. in Des Moines. The project’s developer is Heart of America Group. Permit issued: Sept. 18.

9. $30 million, for the construction of independent living apartments and 28 townhomes at Wesley Life’s The Village at 1203 N. E St. in Indianola. The project also includes a skilled nursing addition with private suites and the creation of a culinary hub. Permit issued: April 25.

10. $29.9 million, for the construction of a 194-unit apartment building at 1155 SW Prairie Trail in Ankeny. JCorp Inc. is the project’s developer. Permit issued: March 3.