Sioux Falls Chooses Lloyd Properties to Develop on Phillips Avenue
An open parcel of land just south of the railroad bridge near Falls Park, known as the Uptown area, will soon have two buildings offering mixed use space.
The city made the announcement Tuesday (August 1) that long standing Sioux Falls developer Lloyd Companies will take the reins on the 1.75-acre site at West 2nd Street and Phillips Avenue featuring office, retail space, apartments and a common courtyard.
“This great investment will create exciting opportunities to live, work, and play in our thriving downtown,” says Daren Ketcham, Director of Community Development, City of Sioux Falls. “The quality and density of this development will transform this underutilized and blighted property into a downtown destination.”
The address of the property will be slated as 701 and 721 North Phillips Avenue.
“We are honored to have an opportunity to partner with the City of Sioux Falls and fulfill a vision that has been part of the City’s downtown revitalization plan for decades,” said Chris Thorkelson, President and CEO, Lloyd Companies. “We are committed to Sioux Falls and are passionate about our investment into downtown. We believe that our modern, mixed-use lifestyle development will generate excitement and the residential density needed to support new commercial growth on the north end of downtown.”
The estimated cost of the project is just over $43 million. The project is slated to being this fall and is scheduled to be complete in spring 2019.