From Family Farmland to a Lasting Legacy

When the Homan family first homesteaded outside Sioux Falls in the late 1800s, “they lived in the homestead shack for several years, and when they had the resources, the family first built the barn, and then the house,” said Frank Homan, the fourth generation of family in South Dakota.

“I once asked my grandmother why they built the barn first, and her answer was that the barn was the cornerstone of the farm, and the house was a luxury.”

Generations of work ethic and respect for the land later, the Homan family knew as the city limits edged closer to their property south of town, there would be decisions to make.

“My father passed away in 2002 and after that my mother and the seven kids made the decision that we would take a run at developing the property ourselves. It was a big decision, but we weighed the risks and rewards, and decided to make the commitment to set up Springdale Development.”

He had the professional background in entrepreneurship and business leadership to take the property through its early stages of development, including platting, zoning and annexation. He even worked with local developers to secure a lift station to support the land.

“But in 2012, the seven siblings on the Springdale Development board decided to take our efforts to the next level,” Homan explained.

He put out a request for proposals to developers in Sioux Falls and the surrounding areas.

Building Relationships

“And after conducting interviews, it was obvious to all of the family board members that Lloyd Companies was the clear and only choice,” he said. “What set them apart was the depth and breadth of their experience, but it was more than that. We could see the Lloyd team was extremely knowledgeable, professional, and more than anything had unquestionable integrity.”

Lloyd Companies’ Jordan Rieffenberger, CCIM, SIOR remembers those early years clearly – including the first time he saw the Homan farmland, which is now on multiple sides of the intersection of 85th Street and Minnesota Avenue.

“I remember driving out to the site with Craig Lloyd and us saying it felt like a long drive way out there,” Rieffenberger said. “When we started, 85th Street was just gravel.”

The Lloyd Companies team, led by Rieffenberger and vice president of commercial real estate Raquel Blount, SIOR, and the Homan family’s Springdale Development coalesced around a shared vision for the land.

“They shared with us the hope and vision for a legacy development they could be proud of as a family,” Rieffenberger said. “It was important to them to be able to drive their kids and grandkids by it and have it be something they were proud to show them.”

Lloyd Companies “gave us great advice,” Homan added. “It was long-term advice to help us with our objectives. And from there they were amazing as far as sourcing potential buyers for the lots. They don’t just do the blocking and tackling to bring buyers and help us negotiate those transactions. They give us excellent insights into the vision and plan for the site long-term and that’s very useful.

The Homan family “has really high expectations for our partners,” he continued. “We care about the type of buyer that purchases our lots, and the economics of each transaction, and Lloyd Companies has come through with flying colors on both those deliverables.”

Dakota Crossing Development

The original Homan property comprised two 160-acre parcels, totaling 320 acres.

The first, known within the family as the home quarter, became Dakota Crossing on the northeast side of 85th Street and Minnesota Avenue. After the Homan family’s final land sale within the home quarter closed in 2022, the full 160 acres had been sold and moved into varying stages of development.

The first projects there were residential and date back a decade, including the Prairie’s Edge multifamily development and owner-occupied townhomes.

Residential growth has continued. Prairie Towers, a mixed-use development at 200 W. 85th Street, includes 102 apartment units and first-floor commercial space.

Commercial activity followed with a gas station and convenience store, funeral home, auto service station and medical office building.

“It went faster than we ever thought it was going to,” Blount said. “The multifamily and townhome projects became anchors that brought in new residents, and then the commercial activity quickly followed.”

That was bolstered by the announcement that Walmart, the nation’s largest retailer, would be building on the Homan’s second property, known as the south quarter, on the southwest side of 85th and Minnesota. The store opened in 2016 and became a major catalyst for additional commercial activity in the area.

“Originally we also looked at the home quarter, Dakota Crossing, for a large box retailer given the zoning at that time allowed it,” Rieffenberger said. “But ultimately we didn’t think it was the best fit for that corner and we went with multiple commercial lots to maximize the value and fit within the legacy vision for the overall development.”

One of the final commercial land sales within Dakota Crossing was to McDonald’s, which opened its restaurant on South Minnesota Avenue just north of 85th Street in October 2022.

The Corridor Today

Today, the transformation is visible from every approach to 85th Street and South Minnesota Avenue. Established housing, retail, automotive and medical uses now surround the intersection, reflecting the mixed-use development pattern envisioned by the Homan family and Lloyd team.

South Veterans Parkway adds another layer of connectivity immediately west of the intersection. The first segment, from Western Avenue to Cliff Avenue, opened to traffic in November 2024, while the broader southern corridor continues through phased construction.

Paying Homage

Across the development, there are tributes to the Homan legacy, from one street named after the family to another named “Dakota Hawk” in honor of their father’s CB radio handle name. Cresten will be installing a bench and plaque to honor their mother, Mary Homan, alongside the playground and utilizing the large glacially made boulders from the original family farm.

“We just wanted a way to honor and remember her,” Tupy said. “Without Mary, none of this would have developed. It was her vision and the family’s vision to see this area develop and we’re just fortunate to be continuing the legacy.”

Mary passed away in 2019, at 93. By that point, all involved in the development felt like part of the family.

“In the early days, we would take all the documents to her at Avera Prince of Peace and meet with her and it was fun,” Rieffenberger said. “She’d have a gift from the gift shop for me to take to my kids, and it was a true visit. Over the years, I’d start to see our family’s Christmas card on the cabinet along with the ones of her grandkids, because we’d gotten to know her so well.”

The Partnership Continues

The development “filled in exactly the way we thought it would,” Homan said. “We came with an open mind, and for us it was all about a long-term goal of putting a development in place that was of the highest quality with the most reputable developers. We let Lloyd guide us; we didn’t have any preconceived notions, and the properties that are being developed or have been put in have been top shelf.”

“We aimed to be a true development partner,” Blount said. “And we’re really proud of it. We wanted to handle everything so they could live their lives and Frank just had to make the big decisions. And it worked out almost exactly how we drew it up.”

“We have an annual meeting set up with Lloyd Companies, and progress reports on an as-needed basis, because I know when there’s something worthy of talking about they will let me know,” Homan said. “Our vision is to continue the legacy plan and create something we can be proud of. We’re not in a rush.”

“Everything about why we selected Lloyd – the integrity, the trust, they’re excellent at what they do and best in class – that’s still all applicable,” Homan said.

“I didn’t talk to Craig a lot, but when I did it was extremely meaningful because he’s such a visionary and a great person. Raquel and Jordan are my go-to’s and they are great, accessible since we first engaged them. I know how busy they are. But they’re always there. They’ve just been amazing partners throughout the whole process.

For any commercial real estate or land development needs, reach out to Jordan Rieffenberger, CCIM, SIOR or Raquel Blount, SIOR.