June 17, 2021

If early interest is any indication, downtown’s newest condominiums could be spoken for nearly two years before anyone can move into them.

In the month since both the Cherapa Place and Steel District developments announced they would include condos, both developers have seen many potential purchasers begin lining up.

“It’s really been incredible,” said Luke Jessen, senior director of development at Lloyd Cos., which is developing the Steel District on the former Sioux Steel property.

“We were not expecting as many people as have reached out.”

The Steel District condos, which are integrated with a parking ramp at the development, will include 15 homes on the sixth floor and five two-story walkout brownstone-style ones facing the Big Sioux River.

“People are really excited about the location,” Jessen said. “They love the idea of being close to the Levitt and close to Falls Park, and Jacobson Plaza coming and Kiwanis Park and being right on the bike trail and having all that activity around them.”

The nearby announced restaurants and Canopy by Hilton hotel, with more dining and beverage options, also are draws, he said. Condo owners will have access to a fitness center at the development and an owners’ lounge that will be designed around their preferences, he said.

Condos likely will range from 1,100 to 1,800 square feet but could go larger and, in theory, someone could purchase all 20,000 square feet on the top floor for a single unit. Lloyd is partnering with Amdahl Construction Co. and Skogen Inc. as preferred builders.

The development is not able to discuss the sales process for determining who can purchase condos yet but expects it will be ready in late July.

“We just encourage people to contact us to get on a list for when we are ready to talk about the process,” Jessen said.

At Cherapa Place, where there likely will be 10 to 12 condos, response has been equally robust.

“It’s been great, a wonderful response,” said Anne Haber, a partner in developer Pendar Properties. “We have a good list of interested parties we’re staying in touch with as plans and details emerge.”

Residents there will purchase shell space and then work with contractors to design their homes.

“People are looking at larger square footages,” Haber said, which could mean a more limited number of condos.

“Being on the river is part of it, having that urban atmosphere with outdoor amenities and some of the nature element around you is awesome. There’s definitely a group of people who have reached a point in life where they’re tired of the upkeep of a home and want to travel and spend time elsewhere and having a second home and simplify their life.”

Residents will have access to “a huge 5,000-square-foot entertaining space, with a 5,000-square-foot roof deck,” she continued. “And all the condos have humongous decks with amazing views capturing downtown and the Falls and the Arc.”

Pendar Properties also is finding traction on the rental side of downtown living. Its new Railyard Flats project will begin moving in residents near the end of the month. It’s one of the only buildings on Saturday’s Downtown Loft Tour that actually has immediate availability – but even that is shrinking.

“We’re at about 60 percent (leased),” Haber said.

“I don’t think Sioux Falls has seen anything like this. The building itself is super unique with the mass timber, and we really went far on the amount and quality of the cabinetry and true luxury finishes. And it’s well-planned spaces – the roof deck amenities and outdoor spaces are awesome with the bike trail and a cozy courtyard and the integration of SculptureWalk and the hammock hooks. It has a great community feel and has all the right pieces in this incredible structure.”

Check-in for the loft tour is at The Cascade, 701 N. Phillips Ave., which is where tickets will be sold from 10:30 a.m. to 3:30 p.m. Self-guided tour hours are 11 a.m. to 4 p.m. Guests can tour The Cascade and its amenities, plus one floor plan that is available. The nearby Phillips Lofts’ lobby will be open as well.

Tickets are $5, and kids 12 and younger are free. New this year: Catch a ride from place to place on the trolley for free with your loft tour sticker.

While there won’t be many lofts available, it’s a chance to see different buildings and get connected to properties for when options do open up.

“Our housing market has shown it’s competitive, and the residential side of downtown living is essentially full,” Jessen said. “Living downtown is very, very popular, and it has been in every building we’ve opened. And now downtown just has more to offer and is really the hub of activity in our city.”