A group of Sioux Falls businessmen has offered the city nearly $2.6 million to buy three undeveloped blocks along North Phillips Avenue.
If they succeed, the group plans to build a 12-story hotel and a series of buildings that would include 500 residential units, 300,000 square feet of office and retail space, and entertainment venues, including restaurants and a small movie theater.
Monday, the Sioux Falls City Council heard plans to build a more than $100 million complex along Phillips to the Falls.
"It's a dense, pedestrian-friendly environment," said Jeff Hazard, with Koch-Hazard Architects, a partner with Uptown At The Falls, LLC.
The city has put a price of $2.6 million on the land. The developers say they're fine with that cost. After a development agreement is drawn up between the city and developers, construction would happen in phases over the next eight to ten years.
That's exactly what kind of thing Sioux Falls needs to put in there, then hopefully they can develop the other side towards the falls. Some hot retail (Apple store, etc) would help bring some of the retail action to downtown, away from the sprawlzilla monster. Phillips is buy far the best street in Sioux Falls, IMO, with shops and whatnot.
City moves forward with Uptown at Falls Park project
The city of Sioux Falls is set to sign a development agreement that would open three blocks of land on North Phillips Avenue to one of the most ambitious developments ever seen in downtown.
The project consists of three phases over the next 10 years. The first phase is already under way with the renovation of buildings along Main Avenue. This summer project officials hope to break ground on two new six-story buildings on Fourth Street and Phillips Avenue. Phase one includes 137,000 square feet of office space, 57 residential units, 331 indoor parking spaces and 120 outdoor spaces.
When completed, all three phases could include 360,000 square feet of office and retail space along with 500 residential units and indoor parking for 1,600 vehicles.
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