Impact Of Foundation Park: ‘Not only in the millions, but perhaps even in the billions.’
Sioux Falls Development Foundation Breaks Ground On 820 Acre Project
The 820-acre Industrial Park on the northwest part of Sioux Falls is officially underway. The Sioux Falls Development Foundation, along with other city and state leaders, broke ground on Foundation Park Tuesday morning.
The shovels are in the ground now, but the soon to be multi-million dollar complex, took awhile to develop. Foundation Park began to take off in 2012, when a manufacturing company contacted the Sioux Falls Development Foundation looking for a place to build.
Sioux Falls Development Foundation President Slater Barr said, “They had some pretty rigid criteria. It needed to be a very large site hundreds of acres. It needed to have access to rail and it needed to have interstates.”
Due to their market conditions, ProjectE never ended up making a deal. However, in the meantime the Foundation started collecting land near the intersection of Interstate 29 and 90; hundreds of acres.
“The thing that we realized is all these tremendous transportation attributes that that company found so attractive in this location, other companies would find equally attractive,” said Barr.
Foundation Park now has four letters of intent from businesses interested in the area, including Logistics Buddy, which will be the first to build.
Sioux Falls Development Foundation Chairman Dale Froehlich said, “There could be hundreds of new jobs out here. There could be an economic impact not only in the millions but perhaps even in the billions.”
State and city leaders say the park will be a key economic driver for the region for decades to come.
The state contributed grant dollars to help acquire the land. The site has been annexed into the city. It will invest an estimated $11 million to provide infrastructure to support development, including sanitary sewer, water service, and streets.