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A PAUSE IN CONSTRUCTION CREWS WORKING ON 515 WALNUT, A 33 STORY HOUSING PROJECT, HAVE NOT BEEN ON SITE THIS WEEK. ����vlog KAYLA JAMES JOINS US NOW. KAYLA, AN EMAIL SENT TO CONTRACTORS WAS SHARED WITH US LAST WEEK. IT SAID WORK WOULD STOP UNTIL PAYMENT WAS RECEIVED. THAT’S CORRECT. NOW, FIRST OF ALL, WE DID HAVE A CREW STOP BY THE SITE MONDAY AND DID NOT SEE ANYONE WORKING THERE. STACY, THAT PAYMENT YOU MENTIONED WOULD NEED TO COME FROM THE DEVELOPER, SAINT JOSEPH GROUP. WE SPOKE WITH THE PRESIDENT OF THE COMPANY. HE SAYS THE LACK OF PAYMENT IS DUE TO A CONSTRUCTION LOAN NOT BEING CLOSED AT THE MOMENT, SOMETHING THEY’RE WORKING ON. WE HAD A LITTLE BIT OF A CHALLENGE GOING DOWN INTO THE GROUND WHEN WE FIRST STARTED DIGGING, RUNNING INTO SOME PROBLEMS UNDERGROUND WITH CONCRETE AND STEEL. BUT THAT SAINT JOSEPH GROUP PRESIDENT JOE TEELING SAYS WAS IN JANUARY AND ONCE CREWS GOT THROUGH THE ISSUE, WE’VE CAUGHT BACK UP AND WE’RE RIGHT ON SCHEDULE FOR SPRING OF 27. AS OF LATE OCTOBER, 13 OF THE 33 FLOORS OF 505 WALNUT HAVE BEEN POURED, BUT RIGHT NOW, WORK ON THE DOWNTOWN HOUSING PROJECT IS ON PAUSE. WE’RE TAKING A WEEK OR SO OFF. WE HAVE BEEN WORKING THE LAST MONTH ON OUR CONSTRUCTION LOAN, AND WE THOUGHT WE’D PROBABLY HAVE IT CLOSED LATE LAST WEEK, AND IT’S NOT CLOSED YET, TEELING SAYS. IT’S $168 MILLION PROJECT. IT’S FUNDED BY EQUITY, WHICH HE SAYS HAS BEEN COMPLETELY COMMITTED AND ALONE, HE SAYS, WILL BE WELL OVER $100 MILLION WITHOUT CLOSING THE LOAN. CONTRACTORS HAVE BEEN IMPACTED. THEY’VE BEEN PAID ALL THE WAY UP THROUGH LAST MONTH. SO THEY’VE BEEN WAITING ON THE LOAN TO CLOSE AS WELL. ����vlog RECEIVED AN EMAIL THAT WAS SENT FROM THE CONTRACTING COMPANY TO CONTRACTORS LAST WEEK. IT SUMMARIZES THE SITUATION, NOTING THE COMPANY HAS SENT MULTIPLE DEFAULT NOTICES TO THE OWNERS ABOUT PAYMENT IN ACTION. IT THEN READS THAT EFFECTIVE LAST FRIDAY, WORK WILL STOP AT THE SITE UNTIL PAYMENT IS RECEIVED FROM THE DEVELOPER. IT ALSO READS THAT THE CONTRACTING COMPANY ISN’T EXPECTING TO HAVE TO REMOVE ALL EQUIPMENT AND MATERIAL FROM THE SITE, AND THAT IT, QUOTE, FULLY EXPECTS THIS TO BE RESOLVED IMMINENTLY. END QUOTE TEELING SAYS THE SAME. THERE’S A LOT OF UNDERWRITING. THE LOAN HAS BEEN APPROVED, AND WE’RE NOW JUST FINISHING UP OUR FINAL LEGAL DOCUMENTS, WHICH ARE THERE’S A LOT OF THEM BECAUSE IT’S A VERY BIG PROJECT AND A LOT OF FOLKS INVOLVED, BUT WE’RE JUST EXPECTING TO HAVE IT DONE BY WEEK’S END. TEELING SAYS THE PROJECT WILL BE ON SCHEDULE. THIS IS GOING TO BE A FIRST CLASS PLACE TO LIVE. IT’S GOING TO CHANGE THE SKYLINE AND CHANGE DOWNTOWN DES MOINES. NOW, WE DID REACH OUT TO THE CONTRACTING COMPANY, AND WE WERE REFERRED TO TEELING. I ASKED HIM IF WORK WILL START AGAIN MONDAY, IF THE CONSTRUCTION LOAN IS CLOSED. HE SAID YES. HE AND HIS TEA