SIOUX FALLS, S.D. (KELO) — Lloyd Companies is calling it the biggest project in its history and a once in a generation opportunity that will transform downtown Sioux Falls forever. Monday, it’s announcing plans for a hotel and a large mixed-use development for the Sioux Steel site. That is the location near Falls Park and to the east of Levitt at the Falls.

“This is the biggest project that Lloyd Companies has ever undertaken,” Lloyd Companies President and CEO Chris Thorkelson said.

Headlined by a rare seven-story Canopy by Hilton hotel, the first phase of proposed development at the Sioux Steel site will also include a nine-story mixed use building and a 930-stall parking ramp surrounded by apartments, office and retail.

“Really the development is a makeup of about $185 million in construction and development opportunity. It’s the biggest project for Lloyd Companies in its history but we know we have to hit a certain mark in that particular area as a very unique piece of ground,” Thorkelson said.

Thorkelson credits Craig Lloyd and former city planner Steve Metli with getting the north end of Phillips Avenue to where it is today. Lloyd himself says it’s exciting partnering with the Rysdon family of Sioux Steel on the project.

“It’s a vision of a lifetime for our firm and the Rysdons. This is something that’s going to be a legacy project. You’re going to be looking at this thing 50 years and go, ‘Wow. Whoever thought of that?'” Lloyd said.

Sitting behind a stack of papers, Lloyd says the site was deeply vetted. When asked if that’s because of the controversial downtown parking ramp, this is what he replied.

“I think that parking ramp and all the investment the city has made is a good investment. It’s also a good investment for the future. This happens to be our namesake on the falls changing the whole north end of Phillips Ave. We’ve done that for 5-6-7 years and we’re finally getting to the culmination of what Uptown and the Sioux Steel project will really look like. I’m excited. I’m out to pasture but the next generation is taking this to a new level,” Lloyd said.

That next generation includes Executive Vice President of Development Jake Quasney. He’s proud of how walkable the development will be. Quasney adds there will be convention space featuring a ballroom that can host a 500-person wedding, a junior ballroom, breakout rooms and more.

“A facility that really steps up our game from a conference standpoint in Sioux Falls,” Quasney said.

It will help keep large events downtown.

“We want to attract more people and I think you’re going to see not only those things that are already happening here in Sioux Falls but some new events. That’s what we’re excited about,” Quasney said.

As part of the development, Lloyd Companies will be asking the City of Sioux Falls for $21.5 million in tax increment financing to support the proposed parking ramp in the first phase of development. If that is approved, construction could begin in 2020.

Craig Lloyd said Lloyd Companies has proven time and time again the company has always done what it’s said it was going to do.

“We vetted this thing so many ways but Sunday. We’ve been working on it for a number of years trying to figure out what to do, how to do it. Really to leave a legacy for the Rysdon family and Sioux Steel because it’s a 100-year-plus company and we’re just honored to be part of it,” Lloyd said. “You can see by the stack of papers that we’ve done more than our share of homework.”