h digitalfootprint web 728x90

Des Moines skyscraper plan to make a comeback


Axios Des Moines: A group of investors is trying to resurrect a 33-story downtown Des Moines residential tower proposal with tentative plans that could launch construction as early as May. St. Joseph’s Group, a Des Moines-based development team, has secured around $100 million in bonds, Joe Teeling, the team’s president, told Axios this week. The 515 Walnut tower is an important link in downtown redevelopment that could transform the city’s skyline. The original proposal led to the 2018 closure and still pending demolition of Des Moines’ Kaleidoscope at the Hub — a once-bustling restaurant and retail center near Fifth Avenue and Walnut Street. The project began in 2016 as a smaller plan on the nearby former Younkers site. A series of financial and development decisions by Des Moines-based Blackbird Investments transitioned the project to its current site and iteration. Blackbird is transitioning the project to St. Joseph’s Group, said Teeling, who is also president of Blackbird Investments, the owner of the property. A nonprofit affordable housing group is being formed that would ultimately own and manage the property.

Editor’s note: A version of this story with incorrect information ran in the AM Daily on October 13. The version here has been corrected to change the name of the project to 515 Walnut and to remove references to an unrelated parking garage project.

Facebook Notice for EU! You need to login to view and post FB Comments!

dbt web 040123 300x250