“When we carry out such a project, we have two different target groups. It’s this young professional who just left school, up to about 35 … and we get a lot of empty nests who are over 55. They have a lot of disposable income, ”he said. “There are many people who love to live in places like this.”
Block Five’s living area will be furnished with spaces such as an outdoor terrace and amenities such as fitness facilities.
Downtown life tends to appeal to people who value restaurants, culture, and entertainment that are within walking distance of home, he said. Lloyd Companies has designed, built and managed similar multi-purpose projects in Sioux Falls.
“Rapid City offers great recreational opportunities with Main Street Square, bars and restaurants. The atmosphere is great. It is a unique opportunity to achieve this level of living. We’re excited to step in with both feet, ”said Quasney.
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Block Five’s retail division will be “dynamic and flexible,” Quasney said. Retail space will be smaller and 45 to 65 feet deep, making rent and utilities cheaper.
“These first tenants are really going to have the opportunity to design (the retail space) around their stores,” he said.
“We are excited about the dynamism and potential of downtown Rapid City,” said Chris Thorkelson, CEO of Lloyd Companies, in a press release on the company’s website. “We believe the community’s efforts to connect downtown and the South Dakota School of Mines campus will continue to energize downtown and encourage people to shop, dine and entertain here. We will focus on attracting retailers who complement existing businesses. “