Sioux Falls, SD
Before the city can move forward with the mixed-use ramp, the council needs to approve the bonds that will pay for it. They also need to approve a developer and a construction company. All three of those decisions are on the agenda for Tuesday's meeting and there is expected to be a lot of debate.
If it passes, the Village on the River will be located north of 10th Street and right between Phillips Avenue and the Big Sioux River.
The building would be 13 stories tall, making it one of the tallest buildings in town. In addition to 525 public parking spaces, it would include 120 hotel rooms. There would also be plenty of room for restaurants and other businesses.
The plan to pay for it? The city would pay just over $20 million. Most of that money would come from the bonds that the council will be voting on.
Legacy Developments, the private investor, will cover the remaining $30 million.
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