Former downtown Wells Fargo site sees leasing activity while long-term plan awaits

The name is off the building Wells Fargo & Co. had occupied in downtown Sioux Falls since 1973.

Filling the bank’s place in the building is an evolving mix of tenants, and there’s a long-term plan to redevelop the property at 101 N. Phillips Ave.

“We’ve got some leases now that we’re signing for this tower,” said David Shelton, a real estate broker at Century 21 Advantage, who represents the property.

Wells Fargo moved out its remaining staff last year, including closing the first-floor bank branch.

“We’ve got a bank looking at half the main floor … but it’s still open,” Shelton said.

He plans to move his office to a space on the first floor. Each floor is 12,300 square feet. About half of the second floor also is available, where Wells Fargo used to have corporate offices.

“We have (potential tenants) looking at that, so it’s pretty fluid and a great opportunity, and we’ve got plenty of parking,” Shelton said. “And then fifth floor is wide open for anyone who wants the exclusive fifth floor … and it’s been nicely updated.”

There’s also a 16,000-square-foot, one-story building available on the west side of the property.

The six-story building currently is a mix of professional offices, including law, insurance and risk management firms.

One of them is Griese Law Firm, which moved into part of the top floor in early 2023 and recently held a Greater Sioux Falls Chamber of Commerce ribbon cutting to invite people into the space.

Nicole Griese founded the firm in 2018 and has grown it to include three lawyers and two paralegals specializing in family law and criminal defense.

She leased space in the former Wells Fargo building after outgrowing two other downtown offices.

“We all love it,” she said. “It’s great to be so close to the courthouse and to the other firms. We have great views of downtown, and in our conference room, it’s full windows.”

She said she appreciates the building’s accessibility, with ample parking and elevator service.

“I like the space we have, and continued growth (in the building) would be great,” she said.

The vision for the area continues to be much bigger than one building, Shelton said. Concepts shown over the years have included multiple multistory buildings on the block.

That’s still the ultimate plan, Shelton said.

“We’re waiting on a little bit of stability and the settling down of construction costs and interest rates,” he said. “We’ve got a plan. We have it designed … but going through concept to actual drawings is the next step.”

The first phase would include demolishing the existing parking ramp to build a residential tower and hotel with first-floor retail along Phillips Avenue, he said.

The second phase, potentially five years later, would include removing the one-story commercial building and replacing it with a multistory office building, followed by demolition of the existing six-story tower.

“The plaza planned on the corner is intended to have a lot of iconic things built into it, so it will kind of reenergize downtown going north,” Shelton said. “We’re planning on making an extensive plaza with interactive space.”

He’s currently signing leases of five years or less with tenants, given the prospect of redevelopment, he said.

“And with the conversation that they will get the first opportunity to move into the new space.”

Investor Roland Johnson has owned the property for more than a decade.

“He’s a long-term player, and it’s part of his long-term plan,” Shelton said.

In the meantime, don’t expect to see a replacement sign on the outside of the building. The plan is to look at interactive signage through the windows “so we can incorporate what we’re going to be doing in the future and also have something that would be dynamic,” Shelton said.

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