Construction on a building that will change the Des Moines skyline for the first time in decades has begun.
The 515 Walnut apartment tower is set to be 33 stories and stand at 360 feet tall. It will be the fourth tallest building in both Des Moines and Iowa, falling short to the Marriott Hotel, the Raun Center and 801 Grand. At 630 feet tall, 801 Grand has been Des Moines’ tallest building since its completion in 1991. Though 515 Walnut won’t be the tallest building in Des Moines overall, it will be the largest residential building ever built in downtown Des Moines.
This tower will be the first major change to the Des Moines skyline in decades. The new high-rise will be built on the old site of the Kaleidoscope at the Hub mall. At around $140 million, the project is estimated to be completed by 2027.
Development firm the Saint Joseph Group is building the tower and it is financed to up to $3.8 million through an East Coast equity fund. The old site of the mall would only generate tax revenue of $838,210 over the next 30 years if left untouched. The new high rise is expected to generate $22 million after 20 years and over $44 million after 30 years. Along with higher revenue taxes, the total assessed value of the site — building and land included — for taxation will be worth $69.5 million.
Though the skyscraper is expected to have a vastly lucrative future for the city, there are some concerns about how this will affect the people in Des Moines. For some Drake students, the perspective of a new skyscraper is exciting as it may help attract incoming students to Drake.
“I personally am excited for it,” senior economics major Catalina Samaniego said. “I think Des Moines could feel like a ‘bigger city,’ and with it being apartments, I think it can increase property values in the areas for others. Hopefully, other apartments may see the new buildings and try to offer more competitive pricing as a lower-cost alternative to the new expensive high rises. I hope it’s built with sustainability in mind.”
Sustainability is a leading concern when planning a project this big. 515 Walnut will run on all-electric power and will be a part of MidAmerican Energy’s Commercial New Construction energy efficiency program.
“Positively, it might encourage more people to live downtown rather than in suburbs, and living closer together in cities is more sustainable than living spread out in suburbs,” said environmental science major Havyn Fish.
Fish also sees the possible negative environmental impacts of this project.
“On the other hand the construction will likely emit a lot of carbon and high-rise buildings typically raise the average temperature because of the energy they use and the heat they absorb from the sun, so it’s not good for the environment,” Fish said. “I think residential building is a better use of a skyscraper than using it for office space or something like that.”
Eve Loehrer contributed to writing.
