2nd proposed Sioux Falls downtown project

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Uffda
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2nd proposed Sioux Falls downtown project

Postby Uffda » Thu Jun 11, 2015 8:32 pm

It will be interesting to see if either of these to get built this one is with the city assistance

Downtown project The Banks a nearly $40 million endeavor

The largest public-private partnership in the history of downtown Sioux Falls features $40 million worth of loft apartments, retail, a boutique hotel and a public parking ramp.

City officials Thursday announced they plan to work with a partnership including Bender Midwest Development, U.S. Hotel & Resort Management and Minnehaha Properties Inc.

Called The Banks, the $40 million project includes $10 million from the city to build a parking ramp with a green roof and underground parking that will include 600 spaces. It also integrates an 80-unit, five-story boutique hotel and a six-story apartment project with at least 45 units.

Linkin5
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Re: 2nd proposed Sioux Falls downtown project

Postby Linkin5 » Fri Jun 12, 2015 1:41 pm

Dang, go Sioux Falls.

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Garrett
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Re: 2nd proposed Sioux Falls downtown project

Postby Garrett » Fri Jun 12, 2015 3:38 pm

Third major project for Sioux Falls in 3 months? darn.
From Omaha to Chicago
From Axel to Garrett

Still the same guy

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Uffda
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Re: 2nd proposed Sioux Falls downtown project

Postby Uffda » Wed Jun 17, 2015 10:21 am


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skinzfan23
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Re: 2nd proposed Sioux Falls downtown project

Postby skinzfan23 » Thu Mar 24, 2016 12:40 pm

Unfortunately the private developers backed out of the project. Only a parking garage is going to be built by the city.

Hotel, apartment investors back out of downtown project

Sioux Falls Community Development Director Darrin Smith said Thursday the mixed-use project proposal selected last summer called “The Banks” won’t be happening after private development partners deemed the project too costly to pursue.
Smith said the city will move forward with the planned parking ramp as a standalone project. The city expects to spend more $10 million for the project.
Parking ramp construction is anticipated to begin later this year, with the ramp being completed in 2017.

daveoma
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Re: 2nd proposed Sioux Falls downtown project

Postby daveoma » Fri Mar 25, 2016 10:27 pm

That's really sad. Really disappointing for SF.

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Coyote
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Re: 2nd proposed Sioux Falls downtown project

Postby Coyote » Fri Mar 25, 2016 11:28 pm

skinzfan23 wrote:Unfortunately the private developers backed out of the project. Only a parking garage is going to be built by the city.

Hotel, apartment investors back out of downtown project

Sioux Falls Community Development Director Darrin Smith said Thursday the mixed-use project proposal selected last summer called “The Banks” won’t be happening after private development partners deemed the project too costly to pursue.
Smith said the city will move forward with the planned parking ramp as a standalone project. The city expects to spend more $10 million for the project.
Parking ramp construction is anticipated to begin later this year, with the ramp being completed in 2017.


"Deemed the project too costly to pursue" does this mean that they were not able to obtain subsidies/grants/credits to make this feasible ?
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Uffda
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Re: 2nd proposed Sioux Falls downtown project

Postby Uffda » Sat Mar 26, 2016 8:10 am

Coyote wrote:Unfortunately the private developers backed out of the project. Only a parking garage is going to be built by the city.

Hotel, apartment investors back out of downtown project



"Deemed the project too costly to pursue" does this mean that they were not able to obtain subsidies/grants/credits to make this feasible ?


From what I gather from the article and another article they weren't able to get the property along Phillips Avenue which would've been the main street of downtown. So they were going to go have to go up more than They really wanted So it became cost ineffective.


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