SIOUX FALLS S.D. (KELO) — The Riverline Steering Committee has come back with a recommendation for the city to purchase the property for the proposed district.
The Steering Committee is a special committee, helping guide plans for the proposed Riverline District in downtown Sioux Falls. That committee met last week to discuss real estate purchases as well as timelines.
The Riverline District would be located on the east side of the Big Sioux River, at the edge of Sioux Falls’ downtown. The property will be 7.2 acres pictured below.
During last week’s informational meeting, city councilor Rich Merkouris said the Riverline Steering Committee has taken formal action to recommend the assignment of the Real Estate Purchase Agreement with State Partners, LLC.
According to the Real Estate Purchase Agreement the purchase for the property will cost $8 million, which the city has allocated funds for in its budget.
Councilors will vote on the motion at Tuesday’s city council meeting. Approval of the motion would assign and transfer the Real Estate Purchase Agreement with State Partners, LLC from the Sioux Falls Development Foundation to the City of Sioux Falls. They plan to close the purchase on July 1, 2025.
Merkouris said they want to be transparent with the process.
“We are continuing to build towards a public vote,” Merkouris said during last week’s informational meeting. “We had a good discussion on when’s the best time for a public vote and we are looking at the Fall of 2025 or the Spring of 2026, what are the benefits and negatives of both and what’s the timeline to get there.”
In February, Mayor Paul TenHaken announced the city wanted to move forward with a plan to build a new convention center and full-service hotel at the Riverline District and repurposing the existing convention center into a public indoor recreation and playground area.
A report from Johnson Consulting said the existing SFCC lost 139 events totaling $2.99 million of revenue in 2023. The vast majority of lost business is because the SFCC does not have enough available dates.
If the city fails to break ground on the Riverline Project within five years of date of closing, the seller will have the option to repurchase the property from the city.
According to the city, “The repurchase option protects the city if there is not public support for the project. The purpose of the sale is for a public investment that creates further economic opportunity for the city.”
Merkouris said they hope to have a solid timeline as more information becomes available.
“Our goal is in the month of January to kind of finalize that timeline so we can continue to remind the public of, we are working towards this time when everyone will have an opportunity to vote on this vision,” Merkouris said.
Merkouris added the city will be receiving an additional report to aid with brining clarity for the plans from the city that is scheduled to be released in January, will detail costs and the potential repurpose of the existing convention center.
The city’s Riverline discussions are ongoing along with a possible $68 million aquatics and indoor recreation bond for a new outdoor pool at Kuehn Park and and indoor recreation center at Frank Olson Park.
