Allender: “Block 5 will be the cornerstone of the new downtown Rapid City”
RAPID CITY, S.D. — More than two years worth of work have gone into the Block 5 development at the corner of Sixth and St. Joseph Streets in Rapid City.
The plan? Take what’s now a parking lot and turn it into a 10 story building with a hotel, apartment lofts and retail space.
“It’s going to bring more people living 24/7, 365 in downtown, which will bring more dollars into the downtown district, more taxes, etcetera,” says Elevate Rapid City President and CEO Tom Johnson. “I think there’s an opportunity for us to diversify our tax base as well with the types of businesses we’ve seen downtown.”
The project tackled its final hurdles with the Rapid City Common Council on Monday, with votes on the tax increment finance district boundary and project plan.
“We’re really excited about the addition of new housing units downtown,” says Sarah Hanzel, the Rapid City planning projects division manager. “We haven’t heard about specific tenancies; I think the developers are working out those details, but overall we’re really excited about this dynamic mix of pieces.”
Hear from Lloyd Companies Chief Operating Officer Jake Quasney on the Block 5 timeline:
Block 5’s amenities are likely to shift the center of town and create a new atmosphere.
Mayor Steve Allender says, “This will then, I think, influence and create a retail facelift of our current downtown. I think we could see more of neighborhood-style businesses, perhaps a pharmacy or hardware store or clothing stores…things of that nature.”