RAPID CITY, S.D. – A concerted effort to vet a plan for future development of the parking lot in the 500 block of St Joe in Rapid City has been underway this past year, and on Wednesday Mayor Steve Allender announced that developer Lloyd Company of Sioux Falls has been selected among three proposals for mixed use development involving retail, hospitality, living space and parking. This is a public-private partnership.
Other developers submitting proposals were Merge Urban Development Group from Cedar Falls, Iowa, Legacy Development from Sioux Falls, and Lloyd Company which recently opened an office in Rapid City.
Allender said in an email to City Council that the proposals were all good quality and all three had positive points. But Elevate Rapid City said in an email to the Mayor that Lloyd Company’s was the best and most complete proposal.
The next step will be the formal market analysis by Lloyd Company and approval of the development agreement.
City Attorney Joel Landeen had expressed interest in hiring an outside law firm with experience in complicated developer agreements of this nature.
