New owner plans hotel, bank branch in downtown U.S. Bank building

The U.S. Bank building in downtown Sioux Falls has a new owner who plans to renovate most of it into a hotel with a top-floor restaurant and lounge.

The 10-story property at 141 N. Main Ave. was purchased by an investment group this summer and will be redeveloped by Lamont Cos. Inc., an Aberdeen-based developer with more than 50 franchised hotels nationwide.

Except for a first-floor U.S. Bank branch, most of the building will be converted to an AC Hotels by Marriott, bringing what CEO Jeff Lamont calls a modern, European-style experience to the city.

“It’s kind of an iconic building,” Lamont said. “And it’s also a great location downtown. We want to be downtown close to all the action.”

AC Hotels by Marriott is an upscale boutique brand that originated in Europe.

“Marriott bought it and brought it to the rest of the world, and it’s become one of their hottest brands in the last five years or so,” Lamont said. “It’s definitely an upscale, boutique brand downtown Sioux Falls and Sioux Falls in general is in need of.”

Spaces are designed to be sleek and minimalist with unique local design touches and intuitive technology.

The renovation will preserve key architectural elements of the U.S. Bank building, he said.

“It’s going to have some cool panels on the outside to identify it, but for the most part, we’re demo’ing the upper floors and then bringing back new construction,” Lamont said.

It has not been determined what will happen to the longtime “weather ball” on top of the building though it could stay as part of the project, he said. It used to change colors to indicate predictions for the next day’s weather.

“The building is really great and solid, so it’s pretty much all interior renovation,” Lamont said.

Room count hasn’t been finalized but likely will range from 110 to 125 rooms, including options for suites.

The top floor will include a restaurant and lounge with a patio bar area that includes open-air seating with garage doors.

“We’re doing a large, rectangular bar that will have great views from all sides on the 10th floor — a lot of seating on the windows and glass,” Lamont said.

Other guest amenities will include a library, media salons for more private work areas, a fitness center and a gaming room.

There will be meeting spaces throughout the hotel and covered parking in the building’s dedicated ramp.

“There’s a great, cool bank vault, and we’ll incorporate that into the project as well,” Lamont said.

Guests will check in on the first floor, where U.S. Bank also has a long-term lease to continue operating a branch.

“As a result, there will not be any impact to our clients,” said Caitlin Hurley, assistant vice president and business line communications manager. “We’re excited to also fully renovate the branch interior to provide an updated, modern space that aligns to our clients’ evolving banking needs.”

The space is open while under construction, which is scheduled to be done this coming winter and follows a similar renovation at the U.S. Bank branch at 5501 W. 41st St.

“There’s a concerted effort to offer a space that works for the clients of today,” Hurley said.

“They are more likely than ever before to come into a branch looking for guidance and insight into their finances rather than only for a teller line transaction. Additionally, while a drive-thru ATM will remain, the other portions of the drive-thru have been removed.”

The downtown location will continue to offer consumer and business banking, home lending and wealth management services.

The rest of construction on the downtown building will start once a city permit is issued. From there, it’s likely up to 18 months of construction, Lamont said.

Other office tenants that had been in the building have vacated, and some bank staff could work upstairs while portions of the first floor are renovated, he said.

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