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USD Discovery District opens first shell building in Sioux Falls, begins tenant recruitment
Summary
The University of South Dakota’s Discovery District reported taking possession of a 57,000-square-foot shell building in Sioux Falls, outlined initial tenants and recruitment strategy focused on biotech and life-science firms, and described financial projections and next steps for utilities and mixed-use development.
Ryan Oines, representing the University of South Dakota (USD) Discovery District, briefed the Joint Appropriations Committee on the Discovery District’s first building in Sioux Falls and its tenant recruitment strategy.
Oines said the district took possession of a roughly 57,000-square-foot building in January and described an emphasis on lab-capable spaces designed to attract biotech and life-science tenants. He said the building was delivered as core-and-shell so tenants can customize lab infrastructure, and that construction was value-engineered to come in below earlier estimates.
The Discovery District reported first-year lease revenue projections around $141,000 but said initial operating results could show a small loss until tenant build-outs and occupancy increase. Oines said the project team overbuilt mechanical infrastructure and the penthouse so the space could be adapted for lab utilities and equipment. He named one tenant in conversation, OmegaQuant, and said discussions were underway with other companies including a cell-culture manufacturer and a diagnostics firm.
Oines described partnerships with USD leadership and city economic-development groups, and said the district plans to pair regional recruiting with events such as a Medical Alley networking visit. He also said the district has a public–private partnership RFQ under selection for a mixed-use project tied to a planned fire-rescue location and estimated streets and utility build-out costs for the larger site.
Oines told the committee the Discovery District had structured initial operating reserves and partner contributions and emphasized the project’s aim to create local job and internship opportunities for university students while retaining more life-science talent in South Dakota.
