New details were unveiled Tuesday for a mixed-use parking ramp in downtown Sioux Falls. Restaurants, a hotel and stores are part of the plans for the project near 10th and Phillips, just behind Pave.
City leaders say this would be another big win for Sioux Falls.
At 13 stories, this structure would be one of the tallest buildings in downtown Sioux Falls and all of South Dakota. It would include 525 public parking spaces, 120 hotel rooms and more than 37,000 square feet of commercial space.
“By being able to add to these underdeveloped sites in downtown, is critical. When you have a street front with a parking lot, it doesn't really call people to walk by that area. And so when you have buildings there, it draws people into new areas and that's very important. We want to get people connecting from the core of downtown to the River Greenway and to the East Bank and vice versa,” said Joe Batcheller, president of Downtown Sioux Falls Inc.
City leaders say -- once completed -- the $50 million project will serve the people of Sioux Falls for at least 80 years, the length of the contract with Legacy Development.
“Having a private development invest with the city is first of its kind,” said Chrstine Erickson, Sioux Falls city councilor.
Legacy will invest approximately $30 million of private funds into downtown. The rest of the estimated $20.6 million will be paid for by the city’s enterprise funds which are user fees from parking and fines.
“So we're not using sales tax dollars. We are not subsidizing this project. It simply is being paid for with user fees. So if you park downtown, you will take part in paying for this particular structure,” said Erickson.
“It's going to be a welcomed addition to downtown,” said Batcheller.
The second reading will be on December 5. That is when the city council will vote to approve the project. If approved, ground could be broken as soon as spring of 2018.