Raven Announces $15 Million Renovation
October 18, 2011, 4:57 PM
SIOUX FALLS, SD -
Raven Industries solidifies its presence in downtown Sioux Falls.
The company's CEO announced a multi-million dollar project that keeps its corporate headquarters in the heart of the city.
Raven Industries CEO Dan Rykhus announced a $15 million renovation project at its corporate facility. It's a big announcement for the downtown district as it means the company will not move out of the area.
"We took a look to say, 'Is it really right to invest in downtown or should we build something on the edge of town like a lot of companies have done?' And very quickly we came to the conclusion to stay downtown. We believe in this part of the city. It's important to us that we attract employees. There's a great draw in being downtown," Raven CEO Dan Rykhus said.
Raven has more than 380 employees in the downtown district right now, but plans to hire more in the next year.
The renovations will allow for all of the company's corporate office employees to remain in one building. In addition to making room for new employees, Raven will modernize the interior office space but reveal the exteriors of the buildings and their nearly century old characteristics to fit in with the rest of the downtown atmosphere.
"We're really working hard to preserve the historic character of downtown with our building project and also the visual appeal of the River Greenway project," Rykhus said.
Phase one of the project is already underway. Construction crews are working on the exteriors of the buildings.
Architectural renderings show the company's new main entrance will be on the west side of the building.
Rykhus says the company's revenue jumped $75 million last year and he predicts the company's growth to continue based on the niche markets the company serves.
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