A developer pursuing a long-planned 33-story apartment tower on the former site of the Kaleidoscope at the Hub mall in downtown Des Moines says he is waiting for interest rates in the high-yield bond market to decrease before starting construction.
Developer Joe Teeling of the St. Joseph Group said Tuesday that his company still wants to move forward with the high-rise, which has been in various stages of planning for almost eight years.
It's facing a deadline in 18 months to reconnect a section of skywalk demolished along with the Kaleidoscope or sacrifice a $1 million escrow the city required him to make to guarantee the work would get done.
In an earlier interview with the Des Moines Register, Deputy City Manager Matt Anderson, accompanied by Mayor Connie Boesen, told the Des Moines Register the project is on hold indefinitely, but that Teeling updates them about every two months.
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