New housing complex breaks ground in Rapid City
RAPID CITY, S.D. – The rain was no issue for a groundbreaking ceremony for a new housing facility on Racine Street in Rapid City Wednesday afternoon.
“Let me just say thank you to all of you,” one speaker said. “For this ground breaking, and what I think is a great day.”
Based out of Minnesota, the decades-old organization has placed a focus on making affordable housing available in their home state. They also have properties in Wisconsin and Iowa.
Once finished, The Radiant will mark their first structure in South Dakota, after four years of work trying to break into the Black Hills region.
Of the 42 units planned, 30 will be specifically reserved as affordable housing units for families. The other 12 will be listed at market place, according to a release from CommonBond.
Price points will feature a range of options to accommodate for what President and CEO Deidre Schmidt calls a “true mixed income community.”
“Our goal is to serve virtually any member of the community that is looking to rent housing,” Schmidt says. “Units will start priced as low as $360 a month and will go up from there. $960, I think is the top end.”
Both Rapid City Mayor Steve Allender and Schmidt expressed interest in bringing more housing complexes to the area once this building is finished. Many other city officials were also in attendance to support the new building and venture coming to the area.
“I encourage you to build some steam on this,” Mayor Allender said. “And lets get about 10 or 15 more of these buildings here.”
However, according to Schmidt, the rent prices are not going to remain the same. Increases over time will happen, but she assures that they will work to keep costs at a reasonable level for all residents.
“Our plan and the funding that has made this project possible tries to maintain rents that are affordable relative to the local wage-earning market. So what that means is that the rents will change over time because the cost of operating the property grow over time, but they are going to be held back from what might happen in the general market. So it should remain an edge of affordability over what is available in a general market over time.”