Lloyd Companies has been selected to pursue a development agreement with the city of Rapid City and the Elevate Rapid City economic development organization to develop a city-owned parking lot in downtown Rapid City.
Lloyd is proposing to develop a mixed-use project consisting of 54 apartments, a 113-room hotel with 5,000 square feet of meeting space and 17,000 square feet of retail space along 5th Street and Saint Joseph Street. The five-story project will include 71 surface parking spaces and 121 underground parking spaces.
“We’re thrilled to be chosen to move forward with creating this historic partnership,” Lloyd Cos. CEO Chris Thorkelson said. “We’re excited by the momentum and potential of downtown Rapid City and look forward to bringing a unique new addition to help build on downtown’s success.”
The apartments included in the development include a mix of studio, one and two-bedroom lofts, with rents ranging from $950 to more than $1,500 per month.
“We believe the market is ready for new lofts downtown,” Thorkelson said. “Thanks to community investments such as Main Street Square and Summer Nights, Rapid City has seen a resurgence of interest in living, working and playing in the downtown area. Our lofts will provide a first-of-its-kind community with amenities and parking that will draw people to live here.”
The retail market in downtown Rapid City also is seeing increased activity, he added.
“We believe the community’s efforts to connect downtown and the South Dakota School of Mines campus will continue to activate downtown and attract people to shop, dine and be entertained here,” Thorkelson said. “We’ll be focused on bringing in retailers that complement existing businesses while providing tenant incentives to increase their opportunity for success. Through leveraging our relationships through real estate brokers and property management at Lloyd Companies, we’re confident we will find tenants that will add to the downtown community and find success in our development.”
Lloyd has also held conversations with several hotel brands interested in joining the development.
“We look forward to announcing our hotel partner soon,” said Jennifer Seifert-Brenna, who leads the company’s Lloyd Hospitality division. “Several hotel brands agreed the market would support a new project in the downtown area, which we expect will draw both business and leisure travelers. Our research showed a strong market for a modern hotel that will include meeting and conference space.”
Lloyd hopes to break ground on the project in the summer of 2020 and begin opening the development in early spring of 2022.