SIOUX FALLS, SD (KELO.com) — The Sioux Falls City Council is being asked to approve $8-million dollars in tax increment financing to support a major change in the downtown rail yard area. Developer Jake Christensen of Des Moines is proposing a $95-million development to convert the former rail yard to apartments, commercial space and a restaurant. It’s the second major development in the rail yard area of downtown. Christensen says it took time for the city to absorb the amenities provided by the Cherapa Place development several years ago, but he believes the timing is right for his project now, “For a city the size of Sioux Falls to have almost $400-million invested is A: wonderful, but B: unprecedented. And so, it’s difficult to predict how long it will take the marketplace to absorb that significant inventory that’s been added.” If it’s built, the development would include three multi-story buildings, and include a five-story parking ramp.
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