Hearing scheduled on receivership of downtown Des Moines parking garage
BPC Staff Sep 21, 2020 | 4:17 pm
1 min read time185 wordsAll Latest News, Law & Government, Real Estate & Development
A virtual hearing has been scheduled to hear a motion to appoint a receiver for the parking garage under construction at Fifth Avenue and Walnut Street, Polk County District Court filings show. On Sept. 14, Bankers Trust Co. filed a foreclosure petition in district court alleging 5th and Walnut Parking LLC and developers Justin Mandelbaum and Sean Mandelbaum are in default on a $48 million construction loan that was due to be paid off on Aug. 31. The loan was used to pay for an 11-story parking garage that is under construction at Fifth and Walnut. The garage is part of multipiece, $200 million development planned by the Mandelbaums called the Fifth. According to court documents, Bankers Trust plans to list the parking garage property for sale unless the developers requested a delay. The bank also listed Christensen Development as the firm that would oversee the remainder of the construction of the parking garage. A hearing on the bank’s request is scheduled for 8:30 a.m. Sept. 29. The hearing will be held virtually via Zoom. District Judge William Kelly is scheduled to hear the request.