Rapid City approves proposal for mixed-use project on St. Joseph Street, in downtown
RAPID CITY, S.D. — Elevate Rapid City has decided on a proposal for a future mixed-use development that will be located on the 500 block of St. Joseph Street in Downtown Rapid City.
Wednesday morning, Mayor Steve Allender announced that Lloyd Company, of Sioux Falls, would be the developer for the project. Elevate Rapid City covered the expenses for overseeing three proposals that were submitted for the development. Two of the three proposals included ideas for a hotel.
Lloyd Company’s plan is for a 113 room hotel, roughly 54 apartments and a conference center with ground-floor retail shops.
“We believe there is an opportunity to do housing and do it at a quality level which requires all income levels,” Jake Quasney, Exec. V.P. of Development for Lloyd Company, said, “Our portfolio rages from $395 a month to $3,600 a month. It’s a unique opportunity to aim that at higher end units.”
Mayor Allender suggested that a previous project was proposed for the space years ago, but failed for many reasons. This time, he says that there will be thoughtful consideration into each phase of the project, starting with studies into the potential of the space and a housing market study.
The next steps are to negotiate a development agreement which will then need to be approved by City Council. The time frame for this step is unknown.