The Rushmore Mall gets a new owner and name
Shrinking retail and expanding into other areas are some big changes. Another? A whole new name, Uptown Rapid.
RAPID CITY, S.D. (KEVN) - The Rushmore Mall as we know it is no more, new ownership is taking over and moving the space into a new era.
Since the 70s, the Rushmore Mall has been home to large and small-scale retailers but as of Monday afternoon, it has a new owner.
“They have been looking at the Rushmore Mall for over three years,” said Sandy Brockhouse, the general manager of Uptown Rapid. “And so this has really been in the works for that long. And we are excited that it has finally come into fruition, that it is finally here. This day that we have been waiting for since July of 2018.”
RockStep Capital has had its eye on the Rushmore Mall since it was turned over to the bank by the previous owner three years ago and new ownership plans to reshape the space into something completely different.
“In our events, we will continue our events, we will grow our events, we will be doing more things,” continued Brockhouse. “We want this to be the community center, the gathering place.”
“There are going to be an alternate type of uses, whether it’s fitness, family entertainment, hotels, residential, whether it’s multi-family, assisted living, as we mentioned hospitality, certain offices,” said Andy Weiner, president of RockStep Capital.
Shrinking retail and expanding into other areas are some big changes.
Another? A whole new name, Uptown Rapid.
“The reason why we’re doing this is that word mall is no longer a relevant name for a property like this,” continued Weiner. “The word mall is associated with retail. And retail in all markets, including Rapid, including at Uptown Rapid, has been shrinking and what’s been happening is, malls have been transitioning into multi-use.”
“We have to think outside the box of older retailers and older malls, that’s why we’re taking mall out of the name and Uptown Rapid’s here to stay so that this experience if you need a one-stop-shop, we’re going to be that stop,” said Brockhouse.
Over the next three years, the signage will change, the exterior will become more modern, and new spaces will be built, all to bring the space from a mall to a community mecca.
Uptown Rapid’s management says the current retail space is almost full but is offering a deal to its first three new tenants free rent for a period of time, along with reduced rent so smaller-scale businesses can become tenants as well.
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