DES MOINES, Iowa — A pause in construction at the 515 Walnut Tower in downtown Des Moines nears its second week as developers wait for funding to be cleared.
Last week the project’s developer, Joe Teeling of the St. Joseph Group, LLC, told WHO 13 that work on the 33-story tower was paused due to delays in securing a loan in early October. He said they originally expected the loan to go through on Oct. 10, but a couple of little items still needed to be resolved. Teeling said at the time that he expected the loan to be funded by this week.
On Thursday, as the pause in construction nears the two-week mark, Teeling told WHO 13 that the loan had still not been funded as they are still waiting on two legal documents to be completed. He said he is “tremendously optimistic” that the loan will be funded soon.
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Andy Beal, co-owner of Beal Derkenne Construction, the project’s main contractor, said in an email to WHO 13 that they, as well as their subcontractors, are still owed payment for the work they did at the site in August and September. Beal said that work performed in October prior to the pause has also been submitted to the project’s owner, however payment for that work is not owed at this time per their contract agreement…