SIOUX FALLS, S.D. (KSFY) - A Sioux Falls staple has announced a partnership to redevelop its downtown property.
Sioux Steel and Lloyd Companies are teaming up on the project.
The announcement was made at a press conference late Thursday afternoon.
The Rysdon family has had the Sioux Steel property for over 100 years. They've gone through a lengthy process to redevelop it into something completely different.
Three years from now, this area will be transformed into something more like Kansas City's 'Power and Light District,'
Lloyd Companies has been working with Sioux Steel for the past three years and it was made public Thursday that they would develop the first 7.5 acres of the new property.
"It's going to be a mixed use really collaborative area. We're going to tie together the public spaces with the private spaces, and it really will seamlessly flow together," Lloyd Companies Executive Vice President of Development, Jake Quasney said.
The project will include a 200 room hotel, a conference center along with restaurants and retail spaces.
"The conference center is going to be kind of a unique facility to downtown. We have some smaller spaces that really fit a number of needs this is kind of the next level up that'll bring events that currently just don't have a downtown space," Quasney said.
The company said the new space will be inviting to all, a place where people can live, work, visit and shop right along the Big Sioux River just steps away from Falls Park.
"We set a timeline for ourselves that next spring, spring of 2020 we're going to be in the ground with the hotel and office component of it, with the rest of the project starting six, seven months later," Quasney said.
Laurel Lather is the owner of 'The Market' right next door.
"When we heard today we thought, oh this is such great news. I think it's great for downtown and especially this uptown area for what their changes are going to be," Lather said.
With new tourists and residents in the area it could be the perfect combination for a new economic awakening for the area.
"It's going to help our business, it's going to help all the businesses that are around in this area. The uptown has been slowly coming together and you see more and more businesses coming in it's been fantastic," Lather said.
Laurel said with new businesses and new opportunities coming to the area it's going to create a bigger city feel.
"That bigger city feel is a great thing but you know keeping in mind that this big city feel is really coming from the hearts, the ideas of the big hearts of the big city which you know we have great heart in our downtown and this is just going to make it bigger," Lather said.
Over the next year Lloyd Companies will start working with their design team to bring everything to life.
This new development is expected to open in 2022.