Some of the top commercial real estate stories of 2025 includes the 515 Walnut Tower (top). photo by Drew Dau Photography. From left to right and top to bottom are the Pro Iowa Soccer Stadium, the Argonne Armory, the wells Fargo downtown campus, and the redevelopment of Valley West Mall. Business Record file photos

This past year was a busy one for the commercial real estate sector, with some big transactions, building renovations and insights into the possible future of a once popular shopping hub, which were all among the top stories readers checked out on the Business Record website.

Here are the top 10 commercial real estate stories based on page views on the Business Record website.

Also included below are other stories that told readers about major deals and projects that will help shape the future of the metro for years to come.

## Top 10 stories based on website page views

1. Soccer stadium moving ahead with infrastructure work
Organizers behind the effort to build the Pro Iowa Soccer Stadium and Global Plaza met with the Business Record in June to share an update on the campaign to raise money to build a 6,300-seat stadium and bring a United Soccer League franchise to the city.They discussed challenges they were facing in overcoming a more than $20 million funding gap, but were confident they could close that gap through value-engineering the design and additional fundraising, and begin work on the former Dico inc. superfund site in 2026. By the end of the year, leaders with the Iowa Soc

Iowa Business News Roundup

Here’s a look at recent business developments across Iowa:

Federal Lease Cancellations Yield Savings

A review revealed the federal government canceled leases for office space in all 50 states, Washington, D.C., Guam, Puerto Rico, and the Northern Mariana Islands, resulting in estimated savings of over $468 million. Iowa offices in Davenport,Sioux City,Ames,Cedar Rapids,and Indianola were impacted,with Davenport and Sioux City each losing two federal offices due to recommendations from the Department of General Services (DOGE).

Littleleaf Luncheonette Opens in Waukee

Patrick Elbert, owner of Husk Homes, transformed Waukee’s Pin Oak building into Littleleaf Luncheonette, which opened in October. Elbert initially purchased the building in 2021 for his real estate company and a millwork shop, but shifted plans after a community assessment highlighted a need for a resturant that would maintain a small-town feel in the rapidly growing community.

Elwell Company Acquires Former Zora Building

The Denny Elwell Co. purchased the former Zora bar & Rooftop building in Des Moines for $2.3 million in August. The company intends to redevelop the property, but has confirmed it will not be used as a bar. Potential future uses include a restaurant or office space for professional services like architecture, law, or lending firms. the sale followed a period where Community First Credit Union sought offers after acquiring the building at a sheriff’s auction.

Waterloo’s Crossroads Mall to be Redeveloped

The largely vacant Crossroads Mall in Waterloo will be redeveloped into a mixed-use district. ATI Group of Ankeny entered into an agreement with the city in november 2024 to demolish the 800,000-square-foot mall and construct multifamily residential, retail, and restaurant space. The mall has struggled since anchor stores began leaving before the COVID-19 pandemic and was nearly empty by 2023.

Downtown Des Moines Sees Major Advancement

If you’ve been driving around downtown, you’ve likely noticed the road closures near Fifth and Walnut streets, and the fencing surrounding the future site of the 33-story 515 Walnut Tower. Work on the foundation started in early 2025, and by the end of the year, crews with Beal Derkenne Construction were already adding floors visible above the fencing, even from several blocks away.

Once finished, the tower will have 390 apartments, ranging from studios to two-bedroom units. Residents will have access to a fitness center and a coffee shop. The top floor will feature both open-air and enclosed spaces, complete with a kitchen and seating for gatherings. The project’s estimated cost is $148 million, and it’s expected to be completed in 2027.Upon completion, the assessed value is projected to exceed $69.5 million.It’ll be the largest residential project ever built in downtown Des Moines and the most meaningful change to the skyline as 801 Grand was constructed in 1991.

Joe Teeling, head of development for St. Joseph Group, believes the 515 Walnut Tower won’t just change the city’s skyline; it’ll contribute to a thriving and vibrant downtown.

Former Wells Fargo Properties Sold

The sale of the former Wells fargo campus downtown is creating new opportunities for redevelopment and better connections throughout the area. Iowa holdings company DMCRE1 LLC purchased the four buildings for $32 million.The properties included in the deal are the Skyview building at 800 Walnut st., the Northstar building at 801 walnut St., the Towers building at 206 Eighth St.,and the Founders building at 207 Ninth St.

the sale also encompassed the 545,000-square-foot, 1,600-stall parking garage at 800 Mulberry St., a 1.8-acre surface parking lot at 80 Eighth St., and a 3.27-acre surface lot at 900 Vine St. The deal was finalized on August 14th. Gordon Glade, a partner in DMCRE1, said he and his partners are excited about the growth happening in Des Moines.