YANKTON, S.D. (KELO) – A new apartment housing complex will be coming to downtown Yankton. 

On Monday, the Yankton City Commission approved a tax increment financing (TIF) district to help Sioux Falls-based developer, Stencil Group, build a four-story, 104-unit apartment complex north of Riverside Park. You can see renderings of the project in the photos below. 

The project is estimated to cost about $18.2 million and the TIF will not exceed $2.3 million. Construction is projected to start in July and the building would open in the Fall of 2024. 

A 2022 Yankton housing study said the estimated vacancy rate within the conventional market rate would be 1% or less for rental units. 

A city memo on the project says “all indications are that there is still a substantial need for workforce housing.”