The company's plans feature at least a six-story, 100,000-sq.-ft. building with commercial offices and residential space.

SIOUX FALLS, S.D. (AP) Officials say a development group will invest as much as $70 million in redeveloping the downtown Sioux Falls rail yard.

The Argus Leader reports that city officials have chosen David and Erika Billion to lead the first phase of development on 10 acres acquired in 2015 from BNSF Railway.

The Billions' project, called the Black Iron Railyard development, would encompass roughly 4 acres of the parcel. The company's plans feature at least a six-story, 100,000-sq.-ft. building with commercial offices and residential space.

The plans also include an access road and a bike trail.

The City Council hasn't yet approved the deal, which includes a $2.6 million land purchase agreement and construction milestones.

Mike Cooper, who leads the city's planning department, says the first phase of the Billions' investment is about $32 million.

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