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2nd proposed Sioux Falls downtown project
Posted: Thu Jun 11, 2015 8:32 pm
by Uffda
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.
Re: 2nd proposed Sioux Falls downtown project
Posted: Fri Jun 12, 2015 1:41 pm
by Linkin5
Dang, go Sioux Falls.
Re: 2nd proposed Sioux Falls downtown project
Posted: Fri Jun 12, 2015 3:38 pm
by Garrett
Third major project for Sioux Falls in 3 months? Damn.
Re: 2nd proposed Sioux Falls downtown project
Posted: Wed Jun 17, 2015 10:21 am
by Uffda
Re: 2nd proposed Sioux Falls downtown project
Posted: Thu Mar 24, 2016 12:40 pm
by skinzfan23
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.
Re: 2nd proposed Sioux Falls downtown project
Posted: Fri Mar 25, 2016 10:27 pm
by daveoma
That's really sad. Really disappointing for SF.
Re: 2nd proposed Sioux Falls downtown project
Posted: Fri Mar 25, 2016 11:28 pm
by Coyote
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 ?
Re: 2nd proposed Sioux Falls downtown project
Posted: Sat Mar 26, 2016 8:10 am
by Uffda
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.