A partnership for the largest public/private development project in the history of downtown Sioux Falls is announced. The city has selected a group to complete a mixed-use development with new public parking. The team includes Bender Midwest Development, US Hotel & Resort Management, and Minnehaha Properties.
The Banks will consist of a public parking facility with more than 600 spots, which includes underground parking. A roof-top patio integrates with an 80-unit upscale boutique hotel and a 45-unit apartment building. The project also allows for potential restaurant, retail and/or office spaces.
The architectural design proposes to extend the historic downtown fabric through the use of traditional building forms reminiscent of the Cataract and Carpenter Hotels with a 21st century expression. The architectural language will create a unique and welcoming experience by infusing the character of the region through use of building materials such as such as stone, brick, metal, and glass. Additional project goals include encouraging pedestrian access through sensitivity to building scale and site circulation. A final objective was to create an urban retreat via the roof top garden for gatherings and observatory of the street life below with panoramic views of the River Greenway.
The project anticipates a total investment of $40 million. A final agreement requires city council approval before a project could proceed.