The City of Pierre and Stencil Group partnered to develop a new apartment complex in northeast Pierre, off of Abbey Road.
In their agreement, the City will allot up to $1,237,543 of the complex’s property tax to finance the project.
Stencil Group will develop the property and be responsible for the financial risk.
The complex will consist of 112 units made up of studio, one, and two-bedroom apartments. Other features include a sky lounge, theatre, and workout room.
Officials expect construction to begin in the spring and take 14-16 months to complete.