Chamber purchases Commerce Center building
The Greater Sioux Falls Chamber of Commerce today purchased the downtown office building it has occupied for the past 30 years.
The Commerce Center, located at the corner of Eighth Street and Phillips Avenue, was built by Dunham Company. It opened in 1992, with the Chamber as one of its original tenants.
Alex Ramirez, Chair of the Chamber’s Board of Directors, said, “This purchase demonstrates the Chamber’s commitment to investing in downtown development and the overall growth of the city. We are taking a historic step to acquire a long-term asset on behalf of our membership.”
The purchase price was $5.7 million. Chamber President & CEO Jeff Griffin stated that the investment captures the Board’s vision for the future of the organization.
“The strength of our Chamber membership and decades of prudent financial planning positioned us to seize the opportunity presented to us by Dunham Company to purchase the Commerce Center,” said Griffin. “This acquisition puts us in a position to stabilize our annual expenses while building equity in downtown Sioux Falls.”
The Commerce Center also houses several other non-profit, community-focused organizations that work closely with the Greater Sioux Falls Chamber of Commerce. The Sioux Falls Development Foundation, Experience Sioux Falls, Sioux Falls Sports Authority and Sioux Empire Housing Partnership will all benefit by locking in long-term, affordable rent in the space.
Lloyd Property Management has been hired to manage the property and lease the 10,000 square feet of space currently open. Immediate plans for facility improvement include a redesigned ADA entry, façade work, and updated building signage. An open house and ribbon cutting will be scheduled for late summer.
Front: Jeff Griffin, Alex Ramirez
Back: Keith Miller, Joan Bartling, Scott Lawrence