“Block 5” development coming to downtown Rapid City
RAPID CITY, S.D. — You can now add the name “Hyatt” to downtown Rapid City.
A Hyatt Place Hotel, apartments, and retail will replace the empty lot on Saint Joseph Street between Fifth and Sixth Streets.
“Block 5”, as it’s called, will break ground next spring with an opening planned two years later.
Elevate Rapid City President Tom Johnson says this plan meets the need for retail options, a high end business travel oriented hotel, and more downtown living.
130 lofts will anchor the space with the 117 room hotel, accompanied by 330 parking spaces.
Mayor Steve Allender calls it a smart development and partnership between the city and the developer, Lloyd Companies.
“The city’s contribution is mainly the property, the value of the property, but as well as supporting a tax increment financing package that will help with a variety of things, including infrastructure and soils mitigation and that type of thing,” said Mayor Allender.
The property will also be built as a part of a Tax Increment Finance (TIF) District to further other projects in the area.
“This will bring substantial housing and retail hotel space, but it will also signal that downtown is open for business and that things are allowed to change downtown,” Allender said.
Allender adds that the flat parking space downtown is the least productive use of the plot.
He also adds for the people who park there regularly, the city will work with them to make parking arrangements elsewhere.