Four of the five highest valued projects issued building permits in the Greater Des Moines area in 2025 are in the multifamily sector, a Business Record review shows. When completed, the four projects will deliver over 1,000 new apartment units to the area.  The following are the five highest-valued projects for which building permits were issued in 2025:

1. 515 Walnut, Des Moines

$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. The permit for the project was issued Jan. 1, 2025. 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 and the most significant change to the downtown skyline since the construction of 801 Grand in 1991. Construction is expected to be completed in 2027.

2. The Falcon, Des Moines

$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. A permit for the project, under construction on a 1.3-acre site that previously had been occupied by the Des Moines Area Religious Council’s food pantry, was issued on June 5.

3. Two Ruan Center, Des Moines

$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. A permit for the project was issued Dec. 23.

4. Multi-tenant data center, Ankeny

$41.4 million, for the construction of a new multi-tenant, 105,000-square-foot data center at 2701 SE 90th 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. A permit for the project was issued May 2.

5. The Loop, Urbandale

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