When passing through South Dakota or Iowa, it’s common to see a handful of properties owned by or under construction through Lloyd Companies.
“We currently have $317 million in our construction backlog and will end the year with 8,150 apartment homes under management, 600 hotel rooms, and over 2 million square feet of office and retail space under management,” said President and CEO Chris Thorkelson.
But Lloyd Companies had humble beginnings, starting with the launch of Lloyd Residential Property Management, where people were the foundation.
View more highlights of the company’s history on their website.
1972 – Craig and Pat begin Lloyd Residential Property Management.
1973 – Lloyd Construction begins with Craig’s first home, which was built for $15,000.
1983 – The couple creates a new low income housing program with CitiBank, building three new communities.
1989 – Lloyd Development launches with the development of Meadows on the River.
1990 – The company manages 2,000 apartments throughout Sioux Falls & Rapid City.
1993 – Lloyd now has grown to employ 50 team members.
1998 – Lloyd begins developing, building, and managing property in Spearfish.
2003 – The family legacy continues when Mary Lloyd-Huber joins the team.
2009 – Ground breaks on Dawley Farm Village, a 70-acre development.
2015 – Lloyd is recognized in Prairie Business Magazine as one of the 50 best places to work, beginning a streak.
2020 – Lloyd expands business into hospitality with the first hotel in Cedar Rapids, IA.
2022 – Lloyd celebrates 50 years of success.
“We wouldn’t be where we are today without the great people and relationships in our life. Building this business family around us has been a lifelong effort, one relationship at a time.” -Craig Lloyd in his memoir, “Building Dreams”
In June 1972, Craig and Pat Lloyd moved to Sioux Falls to manage Meadowland Apartments, a low-income community with 120 apartments.
“As Pat was doing the day-to-day property management and also working to build up the units under management, Craig decided to build their first home,” said Thorkelson. “That then turned into building multiple homes, and eventually they started buying and developing larger tracts of land to sell individual lots.”
Lloyd Construction began in 1973.
While the couple hoped to build new homes for clients, Thorkelson says financing new homes was a challenge due to high interest rates.
“Their focus turned to building up the property management division, while adding residential real estate sales and a much greater focus on developing and building multi-family apartments, commercial offices, and retail,” said Thorkelson.
In June of 2022, 50 years later, Lloyd offers architectural design, asset management, commercial real estate, construction, property management, and development.
“Lloyd’s success is due to a great economic environment, wonderful key relationships, talented and dedicated team members, and a lot of good luck,” explained Thorkelson.
Craig and Pat launched the development division of the company in 1989, eventually working with national retailers to develop structures for businesses like Walmart, Menards, and Century Theatres in Sioux Falls.
2017 brought a mixed-use development, The Cascade at Falls Park, to uptown Sioux Falls. This development is home to businesses like Severance Brewing Co., La Luna Cafe, and Papa Woody’s.
LLOYD CORE VALUES
1. Do the right thing
2. Build relationships for life
3. Solve it
4. Have fun
In 2021, the company welcomed 119 new employees, and as of May 2022, 66 more team members have been brought on to help achieve Lloyd’s goals.
“Our goal is to improve the quality of life in the communities where we conduct business, remain family-owned but not necessarily family-managed, and create stable employment and real estate investments for all stakeholders for many generations to come,” said Thorkelson.
“Lloyd continues to grow with intentional planning and implementation by an amazingly talented group of people.” -Chris Thorkelson
From Lloyd Companies’s hometown of Sioux Falls to Des Moines, Rapid City, and more, the company continues to grow and thrive.
Lloyd’s next big project in Sioux Falls is The Steel District, which broke ground in 2021. Like The Cascade, this will be a mixed-use development. The development will have a Canopy by Hilton hotel with retail and restaurant space alongside apartments, condos, and offices.
In the upcoming years, Thorkelson plans to continue to grow with intentional planning.
“Going forward, we will continue to identify and take calculated risks on opportunities where all stakeholders can be successful, remain good stewards of the communities where we conduct business, continue to hire great people, innovate, and build upon our reserves,” he said.