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Business & Economics

Downtown Rapid City will get a new hotel and 130 loft apartments

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Megan Feighery
/
SDPB
Future site of Hyatt Place hotel and Block 5 Lofts.

Downtown Rapid City is getting a new hotel and 130 loft apartments. A Hyatt Place Hotel will join Block 5 Lofts on St. Joseph Street between Fifth and Sixth streets.

The Hyatt Place will include 117 rooms, a ballroom and meeting space with a breakfast and evening bar. Block 5 will offer 330 parking spaces and 5,000 square feet of first-floor retail space.

Lloyd Companies was chosen to develop the properties by Elevate Rapid City, an economic development agency for West River.

“We believe this is the right development at the right time for downtown Rapid City,” Jake Quasney, Lloyd’s executive vice president of development, said in a news release. “The combination of business activity, housing demand and visitor industry resurgence makes us very excited to deliver this project.”

Lloyd hopes to break ground in the spring of 2022 and open two years later.