Lloyd Companies announces $200 million plan to redevelop downtown Sioux Steel site
Another big construction project is in the works for Sioux Falls.
Monday, Lloyd Companies announced a $200 million plan to redevelop the downtown Sioux Steel site.
The plan calls to redevelop more than seven acres of land by constructing a seven-story Canopy by Hilton hotel, a nine-story mixed-use building, and a parking ramp surrounded by apartments.
Sioux Falls Director of Planning and Development Services Jeff Eckhoff says the city has worked with Lloyd to plan the project.
"What's really unique about this, and you'll see this in larger cities, is it'll be wrapped," Eckhoff said. "The ramp will be wrapped with residential and retail opportunities, so when it's all said and done it doesn't look like a ramp. It'll be a very attractive project."
Mayor Paul TenHaken's Chief of Staff, Erica Beck, says the city is excited about the prospect of adding to an already booming downtown.
"From the mayor's office perspective, it will be a transformational project for our community that will truly set us up for the regional destination that our community will become," Beck said.
Though the project is set to be done in phases, Executive Vice President of Development for Lloyd Companies Jake Quasney says the elements all go together and are expected to be done in 2022.
"A lot of it has to happen all together because of the timing," Quasney said. "When you're dealing with a downtown urban project and you need to provide parking for it, you can't build one component and not have the parking."
Quasney says he wants to ensure members of the community this is not like other projects in the area.
"It's not just pretty pictures, we have a six-inch stack of papers of plans for those buildings," Quasney said. "We've spent over $2 million on this project already, it's real, it's coming to fruition, and we know we can make this thing work."
Lloyd Companies intends to request $21.5 million in tax increment financing from the city of Sioux Falls to support the proposed parking ramp in the first phase of development.
The TIF District and Development agenda are expected to appear on the City Planning Commission and the Sioux Falls City Council agenda in the coming months.
If approved, phase one of construction will start as early as next year.
Sioux Steel will continue to operate on a portion of the property as construction begins, but will eventually transition the manufacturing operations to their Lennox location.