Lloyd Builds On Affordable Housing Success With New Projects Awarded And Opening
Lloyd Companies is proud to bring new affordable housing options from one side of South Dakota to the other.
With support from the South Dakota Housing Development Authority, which assisted with a combination of tax credits and other affordable financing mechanisms, Lloyd will be developing two new projects for income-qualified residents this year in Mitchell and Rapid City.
In Mitchell, Lloyd plans to break ground on Copper Flats, a 35-unit apartment project in the Stardust subdivision near Menard’s, in partnership with the nonprofit Mitchell Area Housing Inc., whose purpose is to facilitate and assist families in securing quality housing and to encourage home ownership in the surrounding area.
In Rapid City, Blackstone Flats will bring another 35 units to the community in partnership with Club for Boys, which offers additional services to residents including busing from school and extra programs and activities.
Both new projects will offer one, two and three-bedroom apartments and include a community room, playground and on-site management.
The two new communities will break ground later this spring and open about a year later.
“It’s a competitive process, so we were selective with our applications and are excited to begin working on these priority projects,” said Drew O’Brien, Development Project Manager and Broker Associate for Lloyd.
“Both of these communities have a huge need for additional affordable housing and we’re looking forward to offering it.”
Additionally, Lloyd plans to continue its longtime relationship with LifeScape to develop new living options for its residents in Sioux Falls and Harrisburg.
The coming months also will bring new opportunities for residents to move this year, as projects started in 2023 begin to open.
Lloyd Construction is wrapping up two tax credit projects across the state, including FortyOne Flats near 41st Street and Ellis Road and The Silos at Ellis Crossing, and Springs Edge in Rapid City, across from the market-rate Sedona Flats community.
Both new projects bring 41 new apartments and shared community space including playgrounds.
Additionally, Lloyd will open the second phase of the Glory House, adding 51 apartments for a population that has trouble accessing housing following incarceration.
“We’re beginning pre-leasing now and already have extensive lists of interested residents,” O’Brien said. “We anticipate a quick lease-up as we have experienced with our other recent affordable projects.”
That’s consistent with past affordable housing projects several of which opened in 2023, including The Grove just south of The Silos, Jefferson II in northwest Sioux Falls and the second phase of Heartland Heights in Rapid City.
“All of these are 100 percent leased, so there’s clear demand for this housing and we’re excited to be able to offer more of it,” O’Brien said.
“We always want to make sure we’re building this housing mixed in with everything else we offer at Lloyd Companies, including townhomes and market-rate apartments. We continue to look at additional opportunities and prioritize our projects. These apartment communities have a significant impact on residents and our communities and we’re proud to help develop, build and manage them.”