Downtown high rise advances with $107 million price tag in Des Moines
Details have been hammered out for Des Moines’ next skyscraper.
For the price of $107 million, Justin Mandelbaum will transform Des Moines’ core entertainment district with a 32-story high-rise. It’s called The Fifth, and it will combine a movie theater, a climbing gym, day care, nightlife venues and a parking ramp below luxury apartments.
The massive project, which was announced in July, put a stake in the ground Monday with a preliminary agreement approved by the Des Moines City Council. The plan includes a stack of agreements and various city contributions expected to reach $25 million over the next 20 years.
City officials praised the substantial downtown investment by a local developer. They rattled off a series of needs that the private project addresses, including public parking, at Court Avenue and Fifth Street — adjacent to the downtown Hy-Vee grocery store under construction.
“I would say tonight is really the biggest hurdle for the project,” Mandelbaum said Monday.
The Fifth will bring a nine-screen, upscale movie theater with recliner seating and a new restaurant to Court Avenue.
Main Street Theatres, known for the Aksarben Cinema in Omaha, is the proposed operator of the theater. The same business is slated to run the restaurant, which will serve the theater and nonmoviegoers.
A jazz club is planned for the opposite side of the building, on Walnut Street.
Mandelbaum said he cannot yet name the operator of the rock-climbing facility, but preliminary plans for a climbing wall have evolved: “Climbing enthusiasts will be excited when we’re able to announce.”
The project will add 200 market-rate apartment units, ranging from studios to three-bedroom units, and 20,000 square feet of commercial space downtown.