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NOTABLE TRANSACTIONS: Des Moines pays $41.9 million for Fifth and Walnut parking garage BY SARAH BOGAARDS | News Intern Wednesday, March 17, 2021 7:00 AM The sale of the troubled parking garage at Fifth Avenue and Walnut Street has been finalized. The city of Des Moines paid Bankers Trust $41.9 million for the property, Polk County records show. The property includes the parking garage as well as three other commercial units. Bankers Trust originally filed a foreclosure petition on the garage in September 2020 claiming 5th and Walnut Parking LLC and developers Justin and Sean Mandelbaum were in default on payments on a $48 million loan. Prior to foreclosure, the garage was set to be part of a $200 million multipiece development called the Fifth. ....
By Chris Turner Mar 9, 2021 Genesis Health Clubs will purchase the old Sears building at Southridge Mall, with plans to turn it into a $13.5 million fitness and athletic complex. The project is a partnership between Genesis, Polk County, and the City of Des Moines. The complex will include weights, cardio, child care, five basketball courts, an indoor swimming pool, and another major attraction to be announced. Full release from Genesis Health Clubs: Genesis Health Clubs today announced the pending purchase of the former Sears building in the Southridge Mall, along with plans to develop the property into a $13.5 million fitness and athletic complex. The move solidifies Genesis’ considerable and growing footprint in Des Moines and promises to revitalize the area and trigger economic growth in the area. ....