Cherapa place plans $160 million expansion
SIOUX FALLS, S.D. (Dakota News Now) - Expansion of the downtown portion of Sioux Falls known as the East Bank continues. One of the plans includes office space, retail, 150 apartments, top floor condos, and over 900 parking spaces.
The expansion of the Cherapa Place development was announced today in the Sioux Falls City Council informational meeting.
If approved, Cherapa Place 2, 3, and 4 would be built all in one phase.
The project price tag is 160 million dollars. Developer Pendar Associates representatives are asking to use the city’s tax increment financing or TIFF fund program of 25 million dollars.
Future tenant, Bancorp, plans to hire at least 50 additional staff, in the salary range of 75 thousand per year.
Those representing downtown business and the city of Sioux Falls agree it’s a big win for the city.
Downtown Sioux Falls inc. Community Outreach Coordinator Sadie Swier says the creation of new, higher-paying jobs is a benefit for residents.
“People think they need to leave the city of Sioux Falls to get some of those higher-paying jobs that aren’t in the health field, that aren’t in the banking industry. And so to have some different kinds of industry-leading jobs, is going to be fantastic for our workforce,” said Swier.
Sioux Falls City Councilor Pat Starr has been going through the details since the first discussions with the council took place in October of 2019.
“Cities across the country would be begging for a deal like this. And to have a local developer that we know and trust and have a history within our city is really exciting,” said Starr.
Bancorp, a financial tech company, is currently located at 69th and western. The company directors plan to move their operation into the Cherapa Place expansion in June of 2023.
Estimates provided to City Council show a 2.65 million dollar tax revenue by 2040.
Railyard Flats is also under development just east of the Cherapa location.
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