150 Unit Apartment Building Proposed For Downtown Sioux Falls
People from around the country are finding out about how good we have it here in Sioux Falls and that is pushing demand for housing to an all-time high. Homes can sell within hours of being listed despite record-high asking prices and bidding wars on desirable properties can push the final selling price even higher.
The downside to this quick growth is the number of families being priced out of the real estate market. Those families then look into renting, but as you would expect, the extra demand has caused a shortage of apartments and rising rent prices. The days of renting a nice two-bedroom apartment for under $600 are long gone in Sioux Falls.
But there may be some relief coming if a proposed apartment complex becomes a reality in downtown Sioux Falls. The catch; these apartments wouldn't be move-in ready until the first quarter of 2024.
Here are the details. Lloyd Companies is partnering with Green Acre Companies to redevelop an area in south downtown Sioux Falls. The City of Sioux Falls selected their proposal for the site on First Avenue south of 12th Street as the one that best meets the goals of the 2025 Downtown Plan.
According to a press release, the proposed project includes a four-story building with more than 150 apartments and more than 5,000 square feet of commercial space, including a city parking lot, and 120 underground parking spaces as well as adjacent street parking. This project focuses on smaller units, with significant community space.
“Multifamily occupancy across the city continues to set records, but downtown residential units are especially in demand,” said Luke Jessen, Lloyd’s Senior Director of Development.
Selling the property will require City Council approval. If approved, Koch Hazard Architects will be finalizing the design with the goal of beginning construction in the summer of 2022 and opening for residents in the first quarter of 2024.