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Sioux Falls developer’s $13M renovation depends on city land

July 28, 2018

SIOUX FALLS, S.D. (AP) — A Sioux Falls developer wants to spend $13 million to renovate a downtown apartment building but the plans hinge on obtaining a small but crucial piece of city-owned land.

Green Acre Companies is interested in doubling the size of a subsidized rental apartment complex downtown, the Argus Leader reported . The plans call for 90,000-square-foot building that will offer retail, restaurants, apartments with floor-to-ceiling windows and a rooftop patio.

But the renovation project depends on buying and building on a plot of city-owned land. It would require Sioux Falls to declare the property surplus and sell it to Green Acre.

Owners and tenants in a neighboring building, Equity Square, oppose the project. Equity Square’s owner, Riverview Square LLC, is prepared to fight the surplus designation.

The city property includes a permanent easement giving Equity Square’s tenants access to parking and a loading dock. Green Acre promised Equity Square it would continue to have that access, but Equity Square isn’t convinced.

Josh Aberson of Green Acre said he believes Equity Square owners are concerned that the new building would block their views.

The City Council will consider the dispute on Aug. 7.

Sioux Falls Planning Director Mike Cooper said the parcel of land doesn’t serve a purpose in the city’s plans for downtown, making it a prime candidate for a surplus designation.

“The only use of it is for the access, but there would still be that requirement even if the property is sold,” Cooper said. “The city has no interest in terms of developing it or expanding it as a city purpose.”


Information from: Argus Leader, http://www.argusleader.com

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