A parking lot in Rapid City to be transformed into a multi-use building

RAPID CITY, S.D. (KEVN) -It’s been in the works since 2019, and now everything is back on track. The Vice president of Lloyd Companies says the Black Hills saw a resurgence in 2022 which helped make this project possible again.

“We went back into planning mode and then have been working on the project since we went through some of the City Council approvals last year about this time. Since then, we’ve been working through all of the financing details,” said Vice President of Development, Luke Jessen for Lloyd Companies.

The building is expected to be finished within two years and will be a multi-dimensional community space to continue modernizing downtown.

“There will be about 7,000 square feet of retail space followed by a Hyatt hotel, so the Hyatt hotel entrance will be mid-block. Then we will have the hotel above that, and then apartments at the top of the building, and then on the 5th Street side will have a parking ramp that’ll have about 330 parking stalls in it” said Jessen.

Even though some community members are hesitant about the project, Mayor Steve Allender says this building would create a new cornerstone for the area.

“Very recently in the last few days, we’ve been notified that the funding is all in place and that they’re ready to go, and they’re planning a groundbreaking ceremony. We signed the documents transferring land to them so they can get to work on it, so it’s been a long, long process, but it’s going to be worth it though” said Rapid City Mayor Steve Allender.

Allender says this multi-functional facility will help attract people that are going to help Rapid City grow continuously.

The groundbreaking ceremony for Block 5 will be the first week of March.

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