SIOUX FALLS, S.D. (KELO AM) A new place to work, live and play is coming to the Uptown area of downtown Sioux Falls.
The city has picked the Lloyd Companies to build a $43.5 million mixed use development on Phillips Avenue across from Falls Park West. The complex will have shops, offices, and up-scale apartments, some overlooking the Park. The end result will be 20,000 square feet of commercial/office space, more than 200 residential units, and more than 250 underground parking spaces.
Site work could start this fall on 2.5 acres on North Phillips Avenue. A grand opening is possible in the spring of 2019.
City officials estimate that the development will eventually generate up to $500,000 in new property taxes each year. The Huether Administration is supporting a Tax Increment Financing District (TIF) totaling about $4 million for the project.
This isn't a completely done deal. For example, City Council must still weigh in.
The Uptown area keeps popping with construction. This latest announcement complements the future Levitt Shell for free concerts, which will be built in the same vicinity.