PIERRE, S.D.(DRGNews)- The Pierre City Commission has approved a resolution of support for the Stencil Group to apply for financial assistance for its $16.6 million, 100+ unit apartment complex.
Financial advisor Toby Morris says the City has used this procedure for previous developments.
The money being applied for is part of the $200 million approved by the state legislature to build housing infrastructure. Morris says South Dakota Housing is in charge of distributing the dollars.
Morris says there’s been strong interest in the infrastructure money from towns across the state.
The Stencil Group project will be located immediately southwest of Pierre City Hall, just off Abbey Road. Once completed, the new apartment complex will include studio, one and two-bedroom apartments, a sky lounge, a theater and a workout room.
Stencil Group has existing housing developments in Aberdeen, Brookings, Mitchell and Watertown, as well as in a number of like-sized communities in Minnesota.