SIOUX FALLS, S.D. (KELO) — More changes are coming to the skyline in downtown Sioux Falls.
On Monday, Lloyd Companies announced plans for a major groundbreaking at the Sioux Steel Site, off of 6th Street near Falls Park. A seven-story Canopy by Hilton hotel will join a nine-story mixed use parking ramp building surrounded by apartments, office and retail.
Officials with the project told KELOLAND News the project will cost $185 million.
Canopy by Hilton started in 2014 and is designed to to have a local, boutique-style feel. The closest Canopy to Sioux Falls is in the Mill District of Minneapolis.
The hotel will have 217 rooms with convention space, including a bar overlooking the Falls and a restaurant connecting to a pedestrian alley.
The hotel is scheduled to break ground in Summer 2020 and open in 2022.
“We are excited to introduce Canopy by Hilton to Sioux Falls, a destination full of adventures,” Gary Steffen, global head, Canopy by Hilton said in a news release. “The property will enable guests to explore the city’s many outdoor wonders, growing food and beverage scene and unique local boutiques.”
According to Jennifer Seifert-Brenna, leader of the Lloyd Hospitality division, there are less than 12 Canopy by Hilton hotels in the world in markets like Washington D.C., Chicago, London and Reykjavik.
The hotel will connect via a skywalk to a 900-stall, eight-story parking ramp, which will be wrapped by 100 apartments and 30,000 square feet of retail or office space. The parking ramp will be owned and maintained by Lloyd Companies.
Sioux Steel plans to operate a portion of the property as construction begins but they will transition all operations to the Lennox Campus.
“We’ve been operating on this site for 100 years and are now honored to make it available to the community,” Hugh Dodson, Sioux Steel’s development director said.
Lloyd Companies will be seeking $21.5 million in tax increment financing from the city of Sioux Falls to support the parking ramp and first phase of the development. The TIF and development agreement are expected to come in front of the city planning commission and the Sioux Falls City Council agenda in the months ahead.
This is a developing story. Stay with KELOLAND News and KELOLAND.com for more coverage on-air and online.