Multifamily Housing Development Unveiled, MOU Signed
Stencil Group, a Sioux Falls based developer, is bringing a large apartment complex to northeast Pierre.
At tonight’s City Commission meeting Nate Stencil, Stencil CEO, outlined the plan for a 100-plus unit apartment building that will be located immediately southwest of Pierre City Hall, just off Abbey Road. Construction of the $16.6 million project is expected to start by May 2024 and take 14-16 months to complete.
Stencil Group has existing housing developments in Aberdeen, Brookings, Mitchell, and Watertown, as well as a number of like-sized communities in Minnesota. According to Stencil, the company focuses its investments in small markets and has had its eye on Pierre for a while.
“The community fits our business model well, and we’re very much looking forward to being part of Pierre,” said Stencil. “We retain ownership of almost all our properties. As a company we build in a community, and we stay in the community.”
As part of the project, tonight the City Commission approved an MOU with Stencil Group. It identifies what the project will be, as well as Stencil’s intent to request a $1.2 million TIF (Tax Increment Financing) for the project.
Pierre Mayor Steve Harding says the development is fantastic news for Pierre.
“We have been talking about housing stock in Pierre for as long as I’ve been on the commission,” said Pierre Mayor Steve Harding. “I’m excited about this complex and the modern amenities it will provide to its renters.”
The new units will include studio, one, and two-bedroom apartments. The complex will also include a sky lounge, theater, and workout room.