Courtesy Lloyd Companies
Posted: Mon 11:27 AM, Nov 25, 2019 | Updated: Mon 11:36 AM, Nov 25, 2019
Sioux Steel’s downtown Sioux Falls campus may soon be home to a hotel, apartments, and a number of other pedestrian-friendly attractions.
The developer behind the project, Lloyd Companies, unveiled a nearly $200 million development plan Monday.
The plans included a “Canopy by Hilton” hotel and a 9-story mixed-use building and parking ramp surrounded by 100 apartment units. The 217-room “Canopy” hotel will include convention space, a restaurant, a ballroom that seats up to 500 people, and a bar overlooking the falls.
Sioux Steel announced its plan to move from the downtown location in 2018. It has been looking into redevelopment for the 7-acre campus ever since.
SiouxFalls.Business reports the plan’s total cost is nearly $200 million.
In a press release, Lloyd Companies said it 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.