Nov. 18, 2019

Lloyd Cos. is expanding with a new project in downtown Rapid City.

The Sioux Falls development, construction, commercial real estate and property management company 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.

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 Fifth and St. Joseph streets. 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 in a statement. “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, which will be a first-of-its-kind addition for Rapid City, he said.

“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.”

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.

Lloyd also has held conversations with several hotel brands interested in joining the development. The plan is to break ground on the project in the summer of 2020 and begin opening the development in early spring of 2022.