Feds board up stalled downtown highrise

ALBUQUERQUE (KRQE) - Federal bank regulators have taken the first step in cleaning up the partially built Anasazi building looming over downtown Albuquerque.

On Monday workers hired by the Federal Deposit Insurance Corporation started to board up windows, paint them the same color as the building, added fences and re-key locks.

The work will cost about $100,000.

The nine-story Anasazi Downtown building had become such a problem Albuquerque Mayor Richard J. Berry threatened to tear it down.

The feds took over the Anasazi after the bank that was financing the construction failed. In June three principals in the project were indicted on bank fraud charges .  One of them, Derek Barnhill, has since pleaded guilty .

The building also has become the target of copper thieves .

The feds hope to have a plan by next month to get the project moving again.