Sioux City Seeks Interest in Redevelopment of Downtown Building

SIOUX CITY, IA—The city of Sioux City and consultant Hunden Strategic Partners of Chicago has issued a Solicitation of Interest from developers and/or development teams regarding the ultimate redevelopment of the troubled Badgerow Building here.

The 12-story 622 4th St. historic building in Downtown Sioux City was acquired by the city last year for $750,000, according to a report in the Sioux City Journal.

Hunden Strategic Partners was hired by the city last month to assist it with the eventual redevelopment of the vacant property that six on a 0.22-acre site just north of the Missouri River and I-29.

The art-deco building, built in 1933, operated initially as an office building. It is located on the edge of Sioux City’s Historic 4th Street Entertainment District.

The city is seeking to have the building redeveloped to accommodate a mix of uses, including, but not limited to, retail, restaurant, office, and market rate residential. Sioux City is open to helping induce a compelling redevelopment via the use of incentives if proven needed, city officials state.

This SOI is the first step in a process that will culminate in a negotiated agreement between the city and a qualified developer. A pre-submittal Q&A conference call and pre-recorded tour of the building is part of the process so that interested parties do not need to travel to Sioux City in order to view the building or ask questions.

Development teams are expected to have experience and expertise in urban mixed-use project financing, development, design, construction, and operation, including office, residential, retail, restaurant and/or parking. Experience with historic buildings and historic tax credits is preferred, but not required.

The city anticipates entering into an agreement with a firm to serve as the developer of the proposed project. The city intends for the developer to purchase the building as part of the Agreement, as well as for the developer to finance and redevelop the project, to manage the process, and to provide for the operation and management of the project.

Firms are invited to submit their interest in developing mixed-use projects of this type. Submittals are due electronically no later than 4:00 p.m. CT on Wednesday, May 13, 2020.

For more information on the SOI, to download the SOI materials, and to register as a document holder to be included in future communications, please visit www.hundenpartners.com. Navigate to the “Downloads” tab on the website to download SOI materials.