Land Sale For Uptown Delayed

Posted by South Dakota Real Estate

July 9, 2007

A million dollar deal with the city has been delayed almost a month for the Uptown at Falls Park project. The city council put off a vote on the sale of an acre of land to developers of the project, that calls for 500 residential units, 300,000 square feet of retail and office space, as well as underground parking for about 1,500 cars on north Phillips Avenue.

Right now the developers for the Uptown at Falls Park project are renovating two buildings. As part of phase one, they are also looking to buy an acre of land next to those buildings from the city. But a snag over drainage issues is delaying the sale.

Developers want to make this acre of green-space on north Phillips Avenue part of a $100 million development.

Developer Les Kinstad says, “It’s not like buying a bare piece of farm ground or it’s not like buying a house, there’s a great deal more to it.”

The Sioux Falls city council was expected to vote on the sale of this land this week, but the vote has been pushed back to July 16. Les Kinstad, a developer with the Uptown Project, says questions about drainage is one issue that forced the delay.

Kinstad says, “When you look at any development sight it’s a lot more than drainage there’s lots and lots of issues you have to work through and this happens to be one of them.”

The first renovated building for the Uptown Project is expected to open for business July 15th, the day before the city council is scheduled to look at approving the land sale.

KELOLAND TV

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