DES MOINES, Iowa – The city of Des Moines is being sued for $101 million by developers of a downtown skyscraper that’s been long delayed.
The Des Moines Register reports the developers, Justin and Sean Mandelbaum, claim “flagrant breaches” in their agreement may have killed the 40 story apartment and hotel project known as The Fifth.
The city has filed a default against the developers, and a bank<,Bankers Trust, has filed to foreclose on the project.
The Register reports the Mandelbaums are asking for a temporary injunction blocking the city from reclaiming the property in their lawsuit.
The $170 million high rise would be the second tallest building in downtown Des Moines, and would include apartments, a hotel, a theater and restaurant complex.
An 11-story parking garage is already is under construction, but has stalled.
(Image from City of Des Moines)