SIOUX FALLS, S.D. (KELO.com) -- The City of Sioux Falls has pulled out all the superlatives in the unveiling of the largest single investment in downtown history.
It has been dubbed Village On The River.
Development Director Darren Ketchum tells City Council that the Mixed Use Parking Ramp project at Tenth and South Mall Avenue will be a striking, iconic landmark.
"13 stories. One of the tallest buildings in Sioux Falls. An estimated $50 million investment."
Ketchum says one of the most exciting things is that no tax payer dollars will be needed for the city's $20 million dollar part of the project. It will be funded through cash and the sale of bonds.
When the public private partnership with Legacy Development is finished there will be 525 parking spaces, 120 hotel rooms and 37,000 feet of commercial space.
“This is such a big win for Sioux Falls and specifically downtown Sioux Falls," says Ketchum, "....will allow use to meet the city’s parking needs for the next decade, create exciting new shopping and hospitality options, and bring in millions of dollars of new property tax revenue.."
Despite all the superlatives, not all council members are overjoyed about the project. Councilor Theresa Stehly is concerned about essentially dropping this huge process in the laps of the new mayor and councilors.