Downtown Watertown mixed use space changing ownership hands  (Audio)

December 19, 2023

Mike Tanner

WATERTOWN, S.D.–A development project in Watertown is changing ownership hands.

The Lofts (file photo), which includes 39 one and two bedrooms apartments, and 9,000 square feet of street level commercial space is being sold.

A ribbon cutting marking the opening of the development was held on August 20, 2020.

On Monday night, the Watertown City Council approved the transfer of a development agreement and loan agreement to VKB Properties.

The project was developed and owned by Jesse Craig of Fargo.

Watertown City Manager Amanda Mack says it was a Tax Increment Financing District, or TIF District, that has the city involved in the first place……

There was also involvement by the Watertown Development Company….

VKB Properties LLC is a family-owned real estate development company based in Papillion, Nebraska.

Mack says the city will not have any say in rental prices when ownership changes hands. She says that’ll be between the new owners and the tenants of the building.