SIOUX FALLS, S.D. (KELO) — A new $160 million development will change the face of Eastbank in downtown Sioux Falls.
Three new buildings are planned right by the current Cherapa Place near the Arc of Dreams.
Cherapa 2, 3 and 4 will add 180,000 square feet of office and retail space to this corner of downtown, along with 150 apartments, 12 luxury condos and 1,000 parking spaces.
“I bought this land over 17 years ago and we had a vision to deploy this land for the betterment of the community,” Cherapa Place Developer Jeff Scherschligt said. “Now we’re taking advantage because of the railyard relocation. Really going to the next step and carrying out the next step of our vision, which is Cherapa 2, 3 and 4.”
Cherapa 2 will be a nine-story building connected to the current six-story Cherapa Place by a 5,000 square foot walkway three stories above the ground, all topped with an outdoor deck overlooking the river to the west and what will be the Cherapa Plaza to the east.
“Hopefully, Cherapa is creating one of the most dynamic wedding and event venues in the state,” Scherschligt said.
Cherapa 2 will also have commercial and retail space on the lower level, then 130,000 square feet of office space, topped with two stories of condos overlooking the river.
Cherapa 2 is now planned to be a nine-story building, which is an update from these provided renderings.
Bancorp financial services has already claimed 50,000 square feet of office space in Cherapa 2.
“They are the key tenant that’s really allowing the project to move forward,” Scherschligt said.
Cherapa 3 and 4 will be built directly behind Cherapa Place and 2 along the east border of the property; these buildings will include parking ramps covered by retail and commercial shops on the lower level and 150 new apartments to the top.
“This project will support a $25 million TIF (Tax Incremental Financing) that’s over a 20-year period,” Scherschligt said. “So that’s the public side of it. That will be used to pay for those parking ramps and a little bit of the underground work on the site.”
The project also includes a new roadway and center plaza, with plans to create some public outdoor spaces.
“It’s not just our buildings; it’s the community’s buildings and I think they’ll be proud of it,” Scherschligt said.
Construction on all three buildings is planned to begin this fall, with the project wrapping up sometime in 2023.