Sioux City developer announces downtown luxury lofts
By Kristen Johnson, Multimedia Journalist/ Weekend Anchor - bio | email
A local developer is hoping to turn the top of an old office building into a modern tree house in the middle of Sioux City's downtown.
It's an idea we first told you about a year ago. Now, the dream is becoming reality.
At six floors high, Stifel Nicolaus is smaller in stature, than some of its neighbors, but the building's owner has lofty goals.
"We thought we'd test the waters with the United Center, and the market said yes," said Bart Connelly, of Connelly Tiehen & Sons.
With a wait list to live at the United Center, and mortgage rates at an all time low, Connelly's moved down the block, to 4th and Jackson, piggy-backing on the success of his first downtown condo project, with plans for more housing.
"I think there's a lot of great architecture and a lot of potential here," explained Connelly, of why he's chosen to continue to invest money into the community. This is his fifth redevelopment project.
Connelly thinks he's found a formula for luxury lofts in Sioux City. Preserving the past, by giving older buildings a new lease on life.
Unlike the United Center building which was built all the way back in 1906, the Stifel Nicolaus has been here since the 1970's, and because of that, Connelly says there are a lot less limitations with what they can do here. That project was ten million dollars. He expects this one to be about four million.
"It was built as a warehouse, this was actually built as an office building, so you have some ceiling height that we didn't have the luxury of," said Connelly.
Though the idea is the same, the look will be decidedly different. Larger lofts, less urban, more contemporary, with the same spectacular views of all three Siouxland states.
"It's like being in a really modern, cool tree house."
Phase one calls for 12 lofts, each two or three bedrooms, 900 to 12-hundred square feet, priced between $160 and $220-thousand. Work is already underway. The lobby's been completely updated, giving a sense of the atmosphere the rest of the building will carry. There are plans for more commercial development on the first three floors too.
"We did receive a large lease that's yet to be announced," said Connelly, adding that the tenant will likely need to keep their identity confidential even after they move in.
The lofts will be ready to show prospective buyers by the end of the year.
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