Lloyd will develop, construct and manage Cleveland Center
, a new apartment community coming to 2601 East Eighth Street.
The $4.5 million project will offer 39 affordable apartments for tenants with incomes at 50 percent or less of the area median income.
“We are so proud to be part of Cleveland Center,” 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 learn and 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 The Glory House Project
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 reentering 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.”