Raven Industries : Announces Enhancements to Downtown Campus

Company Shares Plans for Vacant Building at Sixth Street and Phillips Avenue

SIOUX FALLS, S.D., (February 19, 2019) - Raven Industries (NASDAQ:RAVN) today announced plans for the building located at the southeast corner of Sixth Street and Phillips Avenue (101 E. Sixth Street). Due to growth in the company's workforce, Raven plans to expand its existing parking lot in place of the current building. The project is designed to complement the city's downtown landscape and will support immediate demand for parking at the company's adjacent Headquarters building.

'Over the past few years, Raven has been growing - both financially and in the number of team members we employ,' stated Lisa McElrath, Communications Manager. 'As we plan for continued success, this project to enhance our downtown campus will allow us to overcome the parking challenges associated with this positive growth.'

The building to be removed is in poor condition and has sat vacant since 2015. While a small portion of the building was constructed in 1920, additions have been added throughout the years, and today the building lacks historic and architectural significance.

'The City of Sioux Falls continues to make great improvements along Phillips Avenue,' commented Tim Audus, Corporate Facilities Manager. 'Raven shares that same passion and commitment to downtown Sioux Falls. In the same manner of care that we took during the renovations of our headquarters building, Raven has designed this project to complement the continuous beautification efforts in this historic area.'

In January, the city's Board of Historic Preservation determined that removing the building would not have an adverse effect on the historic district's integrity. On Tuesday, February 19, the Sioux Falls City Council approved the company's proposal to raze the building. The company anticipates the project, which will add nearly 100 parking spaces to its downtown campus, will begin in early summer and be completed before the end of the year.

Note: The above image depicts a concept map of the Raven Industries downtown parking expansion; the actual layout of the lot may change.

Contact Information

Lisa McElrath, Communications Manager
Raven Industries
[phone]
[e-mail]