SIOUX CITY | Sioux City plans to partner with the Hard Rock Hotel & Casino on an $11 million development project that would bring parking and commercial space to the southwest corner of Third and Pearl streets.
The city has eyed the empty 1.2-acre lot, which sits just south of the Hard Rock, for additional parking for Tyson Events Center functions since it purchased the land in March 2015.
City officials say the new ramp will help meet the growing need at the Hard Rock and the city's Historic Pearl Street District, as well as replace some of the spaces lost at the Tyson as part of the Interstate 29 reconstruction project.
No plans have been officially announced, but city economic development director Marty Dougherty said he expects to bring an item before the City Council in the next 30 to 60 days.
"We're actively working on that project," he said.
City manager Bob Padmore told the City Council during Saturday's budgeting session that the proposed multi-story structure would include commercial space on a portion of the lower level with parking above.
"I think it's perfect for that area," he said. "We definitely have a need for event parking when we have events. So that will serve our need as well as the day to day weekend, days and nights that Hard Rock needs as well."
The city plans to invest $5.5 million into the project for design and construction costs during the fiscal year beginning July 1, with private entities investing another $5.5 million, according to budget documents. Financing is expected to come from public and private sources, according to documents. Dougherty declined to mention private sources other than Hard Rock.
"We have been working with some prospective private entities -- and that would include the Hard Rock -- as a potential partner," he said.
The city had purchased the lot at Third and Pearl for $1.35 million in March 2015, according to county property records. The former Liberty Bank building that stood on the property was moved later that year. Dougherty said plans for the new structure would span the length of the block facing Pearl Street.
Dougherty said Hard Rock's growth and the growth of the Pearl Street district in general have spurred the need for additional parking. He added that changes to the area during interstate reconstruction have increased the ease of access to the project's proposed location.
"That's a high-visibility, high-traffic corner," he said.
The Hard Rock, which opened in August 2014, recently expanded with a $6.2 million addition to the southeast corner its gaming floor in June of last year. The expansion reduced