- Associated Press - Friday, March 25, 2016

SIOUX FALLS, S.D. (AP) - A planned mixed-use development hailed last year as the largest public-private investment in Sioux Falls history will now have just a single use - parking.

The city confirmed to the Argus Leader newspaper (http://argusne.ws/1UgeGZQ ) that private investors are no longer pursuing a planned $40 million downtown project that would have included loft apartments, retail space and a boutique hotel.

Community Development Director Darrin Smith says developers have determined that the project isn’t financially feasible.

The city instead plans to build a stand-alone 600-space parking ramp at the site. The cost is estimated at more than $10 million.

Construction is expected to begin later this year and wrap up in 2017.

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Information from: Argus Leader, http://www.argusleader.com

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