DES MOINES, Iowa (AP) - The Des Moines City Council has reached an agreement with a developer who plans to build a 32-story tower as part of a $111 million downtown development that also includes apartments, a hotel, theater and parking.
Mandelbaum Properties on Monday won back the right to build the tower after an unexpected announcement that rival developer Blackbird Investments was withdrawing its recently submitted proposal for the site, The Des Moines Register (https://dmreg.co/2nZggop ) reported.
The Des Moines City Council voted to sell the property to Mandelbaum hours later with new timelines that require all aspects of the project to break ground by October 2019. A previous agreement would’ve given Mandelbaum until 2028 to finish the development.
“We are highly motivated to deliver this project as quickly as possible,” said Justin Mandelbaum, a principal with Mandelbaum Properties.
Officials with Blackbird said they decided to scrap their proposal because Mandelbaum agreed to faster timelines and a larger hotel.
“Upon the inclusion of these elements added by Mandelbaum Properties, we are satisfied with what the project has turned out to be,” Blackbird officials said in a statement. “We have chosen to withdraw our proposal because our objectives have been met by the city receiving a better overall agreement. We wish the best for Mandelbaum Properties and look forward to seeing the completed project.”
City Council member Christine Hensley said Blackbird’s challenge improved the Mandelbaum project.
“I think in the long run, that has been extremely positive because you ultimately ended up with a better project,” she said.
City Councilman Bill Gray said he hopes the tower will still exist when his great-great-grandchildren are alive.
“It’s going to be a hallmark for Des Moines,” he said.
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Information from: The Des Moines Register, https://www.desmoinesregister.com
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