You Won't Believe What's Happening at the Old Wells Fargo Site – Shocking Leasing Activity Revealed!

On April 27, 2026, a significant shift occurred in downtown Sioux Falls as the name of the iconic Wells Fargo & Co. was removed from the building it had occupied since 1973. This change marks not just a new chapter for the property at 101 N. Phillips Ave., but also a broader evolution of the downtown landscape as the site prepares for redevelopment.

David Shelton, a real estate broker at Century 21 Advantage, now represents the building and is actively signing new leases. “We’ve got some leases now that we’re signing for this tower,” he stated, indicating the property is attracting a diverse mix of tenants. Wells Fargo moved out its remaining staff last year, closing its first-floor bank branch, leaving behind a space that is ripe for new opportunities.

Currently, the six-story building hosts a variety of professional offices, including law, insurance, and risk management firms. Among the new tenants is the Griese Law Firm, which moved into part of the top floor in early 2023. Founded by Nicole Griese, the firm has seen growth, expanding to three lawyers and two paralegals specializing in family law and criminal defense. “We all love it,” Griese remarked about the new space. “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.”

As Shelton discusses potential tenants, he noted that there is interest in leasing half of the main floor, with the fifth floor also available for businesses looking for exclusive space. The building itself offers ample parking and is easily accessible, which is pivotal for attracting new tenants.

The long-term vision for the property extends well beyond filling existing vacancies. Shelton elaborated on redevelopment plans, which have been in the works for several years. The first phase involves demolishing the existing parking ramp to make way for a new residential tower and hotel, complete with retail space on the first floor along Phillips Avenue. “We have a plan. We have it designed… but going through concept to actual drawings is the next step,” he said.

In the second phase, expected to occur five years later, the plan includes demolishing the one-story commercial building to construct a multistory office building. Eventually, the six-story tower, which once stood as a symbol of Wells Fargo's presence in the city, would also be removed. “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 described, hinting at an extensive plaza with interactive spaces.

Investor Roland Johnson has owned the property for over a decade and remains committed to a long-term development strategy. Shelton mentioned that he is currently signing leases of five years or less, allowing tenants the first opportunity to move into any new spaces as redevelopment progresses. “We’re waiting on a little bit of stability and the settling down of construction costs and interest rates,” he added, highlighting some of the economic challenges facing the project.

For now, the building lacks a replacement sign for Wells Fargo, as the plan is to focus on interactive signage through the windows that can adapt over time. “We can incorporate what we’re going to be doing in the future and also have something that would be dynamic,” Shelton explained.

As this iconic piece of Sioux Falls history transforms, it reflects broader trends impacting urban centers across America. The shift from traditional banking spaces to a mixed-use environment illustrates changing community needs and preferences. As downtown Sioux Falls continues to develop, the forthcoming changes promise to revitalize the area, making it an attractive destination for residents and businesses alike.