Lloyd Companies Releases Plans For Mixed-Use Development In Downtown Rapid City
A Hyatt Place hotel and more than 130 lofts will anchor Block 5, a development designed to transform part of downtown Rapid City.
Located along St. Joseph Street between Fifth and Sixth Streets, Block 5 Lofts will bring much-needed urban apartment living opportunities to the community along with a 117-room Hyatt Place that will include a ballroom and meeting space.
Additionally, Block 5 will offer more than 5,000 square feet of first-floor retail space and include 330 parking spaces.
“We believe this is the right development at the right time for downtown Rapid City,” said Jake Quasney, Lloyd’s Executive Vice President of Development. “The combination of business activity, housing demand and visitor industry resurgence makes us very excited to deliver this project.”
Lloyd was selected to develop this property by Elevate Rapid City through a competitive process in 2019.
“This project could have gone multiple directions, as the pandemic decimated the tourism industry at a national level,” Quasney said. “Throughout, Elevate Rapid City has been an outstanding partner and encouraged us to wait until the timing was right to respond to the long-term market trends rather than converting the project to some quick use.”
Block 5 helps fulfill a broader vision for downtown Rapid City and the community as a whole, said Tom Johnson, president and CEO for Elevate Rapid City.
“The community identified how we needed a mixed-use plan that accommodates retail, as well as a high-end business travel-oriented hotel and downtown living,” he said. “This just hits all three out of the park and is going to contribute to bringing Rapid City into a new era where downtown is a place to live, a place for business travelers and a bigger part of a thriving community.”
The Hyatt Place, which will be managed by Lloyd Hospitality, is customizing its meeting space for the Rapid City market and will offer both a breakfast and evening bar.
“This is a very strong hotel partner with a mix of rooms that is really balanced and allows us to look at renting to both the corporate and leisure traveler,” said Jennifer Seiftert-Brenna, Lloyd’s Vice President of Hospitality. “When you look at downtown Rapid City, there are so many times during the year with high leisure travel in addition to traditional corporate demand that I wanted to capture a product that would appeal to both segments.”
Lloyd is working through the final design and approval process for Block 5, with the goal of breaking ground in the spring of 2022 and opening two years later. The project will appear on the TIF District Review Committee, Planning Commission and Historic Preservation Commission agendas in the coming months.
This development is one of multiple projects Lloyd is bringing to the Rapid City community. The Vue at Catron, Lloyd’s first project in the market, has fully leased its existing apartments and work has started on the second phase a 96-unit building.
Lloyd also is breaking ground on two more multifamily family communities this fall in Rapid City and Box Elder and has started construction on Heartland Heights, an affordable housing project in conjunction with The Club for Boys in Rapid City.
“Rapid City’s economy is roaring,” Quasney said. “There have been several significant announcements of new businesses moving into the area. On top of that, we’ve seen a huge influx in rental activity – we are filling buildings on the day they open. Some of this is pent-up demand, but a good share of the activity is being driven by individuals moving into Rapid City. We see exponential growth on the horizon and are excited about all of the potential in Rapid City.”
