Rapid City and Elevate Rapid City selected Lloyd Companies to develop a mixed-use project on the corner of 5th Street and Saint Joseph Street at the end of 2019. Lloyd has updated plans to break ground on the development this spring and still sees it coming to fruition as originally envisioned.
“Despite the major market shifts that occurred this year, especially in hospitality, we look forward to fulfilling the potential we originally saw in this site,” said Jake Quasney, Lloyd Companies’ executive vice president of development. “Our adjusted approach will allow construction to begin in the spring and position us for when we believe the hospitality industry is going to rebound.”
The project will start with the first phase of loft apartments as well as retail development on the first floor.
“We’re finalizing our design and working with the city to execute a development agreement and fully believe we’re on track to make that timeline happen,” Quasney said. “We continue to see increased demand for multifamily living and downtown living, and we believe this is going to bring an offering to the Rapid City market that will be enthusiastically accepted.”
The project still plans to pursue an upscale hotel that will include meeting space, he said.
“It will come as no surprise that the hotel industry, in general, has experienced unprecedented upheaval this year,” he said. “But we continue to have strong interest from hotels in locating here, with the region’s tremendous visitor industry to support it. While we can’t put an exact timeline together yet, we’re optimistic this property is going to see a hotel go up when guests are ready to return in greater numbers.”
Lloyd has invested in the Rapid City community by opening an office in 2019, breaking ground on The VUE at Catron, a multifamily project, in the summer of 2020 and now with the downtown project breaking ground this spring.
“We’re looking forward to an exciting 2021,” Quasney said.