OCTOBER 26, 2023:
The Pierre Metropolis Fee has accepted a decision of help for the Stencil Group to use for monetary help for its $16.6 million, 100+ unit residence advanced.
Monetary advisor Toby Morris says the Metropolis has used this process for earlier developments.
The cash being utilized for is a part of the $200 million accepted by the state legislature to construct housing infrastructure. Morris says South Dakota Housing is accountable for distributing the {dollars}.
Morris says there’s been robust curiosity within the infrastructure cash from cities throughout the state.
The Stencil Group undertaking can be situated instantly southwest of Pierre Metropolis Corridor, simply off Abbey Highway. As soon as accomplished, the brand new residence advanced will embrace studio, one and two-bedroom flats, a sky lounge, a theater and a exercise room.
Stencil Group has current housing developments in Aberdeen, Brookings, Mitchell and Watertown, in addition to in a variety of like-sized communities in Minnesota.
OCTOBER 4, 2023:
The Pierre Metropolis Fee accepted a plan to redefine lot boundaries for the brand new residence advanced deliberate for northeast Pierre.
The replat combines three tons into one, making a 4.5-acre lot that can home the 4-story residence constructing. As a part of the replat, an undeveloped street, Augusta Avenue, was vacated and designated as the doorway to the brand new residence constructing.
“The replat is an administrative step to legally redefine and file boundaries on the request of the property proprietor,” mentioned Fee President Jamie Huizenga. “It additionally establishes areas and easements for correct utility placement.”
The plan to construct a 112-unit residence constructing on the website simply southwest of Pierre Metropolis Corridor was introduced by Stencil Group, a personal improvement agency from Sioux Falls, on the Sept. 26 Metropolis Fee assembly. The plan consists of studio, one-bedroom and two-bedroom flats, garages, and different off-street parking for these dwelling within the flats.
Commissioner Huizenga says it is a optimistic improvement for the group.
“We have now a personal developer who’s shopping for an appropriately zoned lot, is investing in Pierre, and helps with our depleted housing inventory,” mentioned Huizenga. “The group has been asking for added housing for at the very least 15 years; it will completely assist stability Pierre’s out there housing choices.”
Metropolis workers famous the mixed tons have all the time been designated for multi-family housing.
Development of the Stencil improvement, often known as Abbey Highway Flats, is anticipated to start but this yr. Development ought to take 14-16 months.
.
SEPTEMBER 27, 2023:
A brand new, $16.6 million, 100+ unit residence advanced is coming to the northeast a part of Pierre.
At this week’s (Sept. 26, 2023) Pierre Metropolis Fee assembly, Stencil Group CEO Nate Stencil outlined the plan for the undertaking that can be situated instantly southwest of Pierre Metropolis Corridor, simply off Abbey Highway.
Stencil mentioned the corporate focuses its investments in small markets and has had its eye on Pierre for some time.
Stencil mentioned this residence advanced can be thought of workforce housing.
As a part of the undertaking, Monetary advisor Toby Morris mentioned Stencil Group is requesting a $1.2 million TIF (Tax Increment Financing) district.
Morris mentioned the TIF district can be in impact for lower than 14 years.
As soon as accomplished, the brand new residence advanced will embrace studio, one and two-bedroom flats, a sky lounge, a theater and a exercise room.
Stencil Group has current housing developments in Aberdeen, Brookings, Mitchell and Watertown, in addition to in a variety of like-sized communities in Minnesota.
.
SEPTEMBER 26, 2023:
Stencil Group, a Sioux Falls primarily based developer, is bringing a big residence advanced to northeast Pierre.
At this week’s (Sept. 26, 2023) Pierre Metropolis Fee assembly, Nate Stencil, Stencil CEO, outlined the plan for a 100-plus unit residence constructing that can be situated instantly southwest of Pierre Metropolis Corridor, simply off Abbey Highway. Development of the $16.6 million undertaking is anticipated to begin by Might 2024 and take 14-16 months to finish.
Stencil Group has current housing developments in Aberdeen, Brookings, Mitchell and Watertown, in addition to a variety of like-sized communities in Minnesota. In line with Stencil, the corporate focuses its investments in small markets and has had its eye on Pierre for some time.
“The group matches our enterprise mannequin nicely, and we’re very a lot trying ahead to being a part of Pierre,” mentioned Stencil. “We retain possession of virtually all our properties. As an organization we construct in a group, and we keep in the neighborhood.”
As a part of the undertaking, the Pierre Metropolis Fee accepted an MOU with Stencil Group. It identifies what the undertaking can be, in addition to Stencil’s intent to request a $1.2 million TIF (Tax Increment Financing) for the undertaking.
Pierre Mayor Steve Harding says the event is unbelievable information for Pierre.
“We have now been speaking about housing inventory in Pierre for so long as I’ve been on the fee,” mentioned Pierre Mayor Steve Harding. “I’m enthusiastic about this advanced and the fashionable facilities it can present to its renters.”
The brand new models will embrace studio, one, and two-bedroom flats. The advanced can even embrace a sky lounge, theater and exercise room.
Picture of what the brand new Stencil Group residence advanced in Pierre will appear to be when accomplished.
(L to R): Pierre Mayor Steve Harding and Stencil CEO Nate Stencil with picture of what the residence advanced will appear to be when accomplished.
Courtesy photograph.
