November 27, 2020
Written By: by Luke Jessen, Lloyd Companies
Lloyd Companies is planning to start work on a new signature project for downtown Rapid City next spring.
Lloyd was chosen by the city and Elevate Rapid City to develop the mixed use project at 5th Street and Saint Joseph Street in 2019 and still sees it coming to fruition as originally envisioned.
“Despite the major market shifts that occurred this year, especially in hospitality, we still believe this site can fulfill the potential we originally saw in it,” 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 for when guests are ready to return in greater numbers.”
Lloyd Companies opened a Rapid City office in 2019 and is under construction with its first major project in the area, The VUE at Catron, featuring 168 modern one, two and three-bedroom apartment homes with great amenities and a breathtaking view of the Black Hills.
“We’re very happy with how that project is coming together and think it will give Rapid City a powerful look at how we plan to invest in the community and the level of quality we intend to bring to this and all our developments,” Quasney said. “We’re looking forward to an exciting 2021.”