As one drives down Interstate 235, the outline of the 515 Walnut Tower continues to rise into the downtown skyline as the 33-story residential high-rise takes shape.

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.

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. Developer Joe Teeling is working with Beal Derkenne Construction on the project.

As the 515 Walnut Tower continues to climb skyward, the Business Record wanted to check in on the status of the project and what’s next.

Andy Beal, co-owner of Beal Derkenne Construction answered questions by email. Here are his responses, which have been lightly edited.

How many floors have been erected? 

Level 25 was just poured last week and we expect level 26 to be poured in the next week or so. The project is moving up vertically generally on cycle, weather permitting!

What work is being done on the interior?

There is significant work occurring throughout the building on the interior. The units commence on level 3 of the building and extend up to level 33. We have active interior work occurring on levels 3-20 right now, from framing and mechanical, electrical and plumbing  [MEP] rough-in at the higher levels, interior paint, flooring and cabinets at the mid levels and accessories and final trim out at the lower interior floors.

At what point will the street closures that are in place be removed?

We are anticipating the street closures to remain in effect until second quarter 2027.

Is construction running on schedule?

Adjusting for the earlier financing impact in late 2025 and weather-related impacts, the building construction itself is on schedule. Big picture, the structural cycle is up to level 26. The exterior facade is at level 21, and interiors are cycling levels 3-20 as anticipated.

What steps are you most excited for and what should the community expect to see from street level in the coming weeks and months?

In the coming weeks, the crane will jump one more time to its final height required to construct the balance of the structure. The countdown is on to the topping out of the building, which technically will be level 34, the roof.