Historic Mitchell Bank Building Gets New Life

A significant renovation project is breathing new life into a historic 1907 bank building located at 123 N. Main St. in Mitchell. The 13,172-square-foot, three-story structure, formerly housing Mitchell's First National Bank, is slated for transformation into commercial storefronts on the ground floor and five to six short-term rental units on the second and third floors.

The building, also known as the Branson building and part of the Mitchell Historic Commercial District, requires substantial stabilization due to recent roof collapse damage. The reconstruction project carries an estimated cost of $2.52 million, with eligible project expenses nearing $785,000. Stabilization efforts are underway, focusing on the main floors, with the roof and basement still needing attention, anticipated for completion by spring.

Tax Increment District No. 47 has been recommended by the Mitchell Planning Commission to fund the revitalization. This financing mechanism will support the project, with all project spending expected to occur within the first five years. The property's taxable value is $36,250, with improvements projected to add $663,750. The South Dakota Department of Revenue Property Tax Division's preliminary classification of economic development is crucial for the tax district's continuation.

This endeavor marks the seventh Main Street building redevelopment by owner John Adamo, who has previously undertaken similar projects. Design work, guided by original historical floor plans, is the next step, with the entire renovation expected to take three to four years to complete. Increment funds are not anticipated until 2028.