The Des Moines City Council has given the green light to a groundbreaking $150 million apartment project that promises to transform the city’s skyline. The ‘515 Walnut Tower’, a 33-story, 390-unit high-rise, will soon grace the former Kaleidoscope at the Hub building located off Walnut Street and 5th Avenue in Des Moines, Iowa.
City Council Approval
In a unanimous 7-0 vote on Monday, the City Council approved the ambitious project, which is expected to elevate downtown Des Moines to new heights. With no financial burden on the city’s general fund, the project will be funded through $5.3 million generated from property taxes, a smart move that ensures the city’s financial stability.
Impact on Des Moines
City officials are optimistic about the project’s potential to attract attention and investment to Des Moines, ultimately putting the city on the map in the eyes of the nation. Cody Christensen, the City of Des Moines’ director of development services, expressed his excitement about the project, highlighting its ability to generate momentum and enhance the city’s already successful profile.
Affordable Housing Units
In a bid to promote inclusivity, the developer has committed to offering 39 affordable housing units as part of the ‘515 Walnut Tower’ project. This move aligns with the city’s goal of providing diverse living options and ensuring that residents from all walks of life can benefit from the development.
Job Creation and Timeline
Apart from reshaping the city’s skyline, the project is set to create 700 construction jobs over the next three years. Construction is scheduled to kick off early next year, with the building expected to be completed by the end of 2027. This timeline ensures that Des Moines residents can look forward to witnessing the transformation of their city in the coming years.
With the ‘515 Walnut Tower’ set to mark a new chapter in Des Moines’ urban landscape, residents can anticipate a vibrant and dynamic future for their city. This ambitious project not only promises to redefine the city’s skyline but also underscores Des Moines’ commitment to growth, innovation, and inclusivity. As the countdown to construction commences, the city stands on the brink of a transformative journey that will leave a lasting mark on its residents and visitors alike.
