Four new affordable housing projects planned

Four new affordable housing projects are coming to Sioux Falls.

Lloyd Cos. is partnering with the state and city on two of them.

Lloyd will develop, construct and manage Cleveland Center, an apartment project coming to 2601 E. Eighth St.

The $4.5 million project will offer 39 affordable units for tenants with incomes at 50 percent or less of the area median income.

“We are so proud to be part of Cleveland Center,” Lloyd CEO Chris Thorkelson said. “This project recognizes the real needs that many families in our community experience, with convenient access to services, transportation and a safe place for their children to grow.”

The South Dakota Housing Development Authority is providing $4.48 million toward the project. The city of Sioux Falls is providing a $20,000 loan that will be repaid over the life of the project. Construction will begin in spring 2018, and the apartments are scheduled to open in summer 2019.

“Partnerships are what make incredible projects like this possible,” Thorkelson said. “We are grateful to the state and the city for sharing our vision and are committed to being outstanding stewards of their investments.”

At the same time, Lloyd will begin work on an expansion of the Glory House.

This $2.6 million apartment project will be located on the Glory House campus at 4000 S. West Ave. It will offer 25 affordable apartments for men and women who have been incarcerated and are re-entering the community.

The South Dakota Housing Development Authority is providing $2.3 million toward project costs, and the city of Sioux Falls is providing a $300,000 loan. Construction will start in the spring of 2018, and the apartments are scheduled to open in the spring of 2019.

“Both the Glory House project and Cleveland Center underscore our core values as a company,” Thorkelson said. “We believe we exist to improve the quality of life for people in the communities we serve. These projects provide a powerful opportunity to do that, and we’re honored to be leading them.”

The largest project, Majestic Ridge, will be on Sparta Avenue in southeastern Sioux Falls. This $8.3 million project will provide 53 affordable apartment units for tenants with incomes at 60 percent or less of the area median income. The project will be owned, developed and managed by Costello Cos.. The South Dakota Housing Development Authority is providing $6.1 million of the project costs. The city is contributing a $500,000 loan.

Construction will begin in April 2018, and the apartments are scheduled to open in June 2019.

The Sherwood Triplex/Twinhome Project will be in northeastern Sioux Falls at Pearl Street and Sherwood Avenue. The project is a joint venture of the Sioux Falls Housing and Redevelopment Commission and Affordable Housing Solutions. This $2.6 million project will provide 12 affordable housing units for owners with incomes at 80 percent or less of the area median income.

The city is providing $2.4 million of the project costs in the form of a development and construction loan, which will be repaid with the sale of the units to income-qualified buyers. The South Dakota Housing Development Authority is providing $240,000 in down payment assistance for qualified buyers. Construction will begin in spring 2018, with homes scheduled for sale in the summer of 2018.

“These four projects are excellent examples of the complexity of the affordable housing process and illustrate the need for teamwork among multiple organizations to bring projects like these to fruition,” said Les Kinstad, affordable housing manager for the city of Sioux Falls. “The 129 affordable housing units provided by these projects are a great achievement of these incredible partnerships.”

Four new affordable housing projects planned

Four new affordable housing projects are coming to Sioux Falls.

News Tip

Have a business news item to share with us?

Scroll to top