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Several new residents now call Third Avenue Lofts home. The new apartment complex in downtown Sioux Falls opened in April, and interest in the property has remained steady throughout the spring and into the summer for the 87-unit building near 12th Street and 3rd Avenue.
Third Avenue Lofts is a partnership with Legacy Development & Consulting Company, LLC and Urban Housing Partners. Popular amenities include a fitness center, community room with an indoor-outdoor fireplace and underground parking. Third Avenue Lofts also features secure building access, onsite property management and high-speed internet is included in the lease.
“I love that it’s not right down at the shops because it’s nice and quiet but I’m still within walking distance of everything,” Third Avenue Lofts resident Alisha Schlichte said.
The spacious lofts, which include 64 one-bedroom and 23 two-bedroom units, are also pet friendly and within steps of a new downtown dog park now under construction.
“This is a fantastic development in downtown,” said Norm Drake, Legacy Development & Consulting Company, LLC CEO and co-manager of Third Avenue Lofts. “There is definitely demand for more multi-family units in downtown based on the response we’re getting.”
The development is also one of the first in the country to use qualified opportunity fund investment dollars. The 2017 Tax Cuts and Jobs Act created qualified opportunity zones which are designed to spur economic development in low-income areas by providing certain forms of tax relief for money invested in qualified opportunity funds.
“I believe we were probably one of the first in the nation to deploy funds, and we continue to look for other opportunities in qualified opportunity zones,” Drake added. “In particular, we see the potential of this part of downtown Sioux Falls to attract more development in the coming years.”
