By: Channel 9 Eyewitness News
news@kcautv.com
Lance Morgan, CEO and President of Ho-Chunk, Inc. said they have renamed the former Terra Centre to the Ho-Chunk Centre.
WINNEBAGO, NE – The official announcement of the sale of the Terra Centre was released Thursday. The Terra Centre was recently purchased by Ho-Chunk, Inc. and Sioux Falls developer Don Dunham along with other investors. The ownership group held a press conference on October 11, 2012 in the lobby of the building with a ribbon cutting hosted by the Siouxland Chamber of Commerce and a reception following.
Other event hosts included NAI LeGrand & Company, brokers for the sale of the building, and Pioneer Bank, who provided financing. Sioux City Mayor Bob Scott and Chris McGowan, President of the Chamber of Commerce, were guest speakers.
Ho-Chunk, Inc. learned of the potential sale of the building and felt that this was a great opportunity for the corporation to invest in downtown. "We do business in and around Sioux City every day. We recruit employees in Siouxland and many of our employees live in this area. We have a vested interest in seeing that Siouxland and, in particular, downtown Sioux City is thriving and continues to grow," said Lance Morgan, CEO and President of Ho-Chunk, Inc.
"Having a vested interest in Siouxland, it is logical that we purchased the most iconic building in downtown. All of the partners involved in this purchase have made a commitment to ensure that this building continues to be a significant part of Sioux City's downtown. We are actively working to recruit new businesses and larger companies as tenants," Morgan continued.
Morgan also announced the renaming of the building to the Ho-Chunk Centre. He indicated that since Terra Industries no longer exists, and as the majority owner, it made sense to rename the building to reflect Ho-Chunk, Inc.'s commitment and contributions to the Siouxland region.
A survey of the entire building was conducted to determine improvements required to return the building to Class A office standards. The national organization, Building Owners and Managers Association, indicates that Class A office buildings have "high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence".
According to The Dunham Company, current renovations to the building are estimated to be $900,000, an investment that will bring it back to Class A standards.
"This major infrastructure investment reflects our commitment to provide our tenants with updated amenities and the most efficient, cost effective facilities. This will certainly help attract new tenants, as well as maintain our current ones. Our overall efforts will significantly contribute to the economic growth of downtown Sioux City," said Don Dunham, Founder and Chairman of the Board of The Dunham Company.
Ho-Chunk, Inc.'s purchase of the Terra Centre is part of the firm's ongoing investment strategy in the Siouxland community. Ho-Chunk and its affiliated organizations do over $18 million in business each year with Iowa vendors and have an annual combined payroll of over $10 million to Iowa residents. The company also purchased Atokad Park in South Sioux City earlier this year and maintains other businesses throughout the Siouxland region.
Ho-Chunk, Inc., the economic development corporation owned by the Winnebago Tribe of Nebraska, had revenues of over $230 million in 2011. Headquartered in Winnebago, the company employs over 1,000 employees and operates 30 subsidiaries in Iowa, Nebraska and across the United States, as well as four foreign countries.
