SIOUX FALLS (AP) - A planned mixed-use development hailed last year as the largest public-private investment in Sioux Falls history will now have just a single use - parking.
The city confirmed to the Argus Leader newspaper that private investors are no longer pursuing a planned $40 million downtown project that would have included loft apartments, retail space and a boutique hotel.
Community Development Director Darrin Smith says developers have determined that the project isn't financially feasible.
The city instead plans to build a stand-alone 600-space parking ramp at the site. The cost is estimated at more than $10 million.
Construction is expected to begin later this year and wrap up in 2017.
