Rapid City, S.D. (KELO) — You may have noticed all the construction going on in downtown Rapid City.

Lloyd Companies are in the early stages of building the Block 5 Project on the corner of 5th and St. Joseph Street.

This is a mixed use development, which will include an over 300 space parking garage, a hotel, convention center and more once complete.

“Above the first floor will be dedicated to the hotel. So we’ll have a Hyatt Place branded hotel with 117 guest rooms. Then above that, floors six through ten will be multi-family residential apartments,” VP of Development Luke Jessen said.

Construction started back in March. Now that all the groundwork is done, assembling the building is next.

“The first five layers of the structure itself of the occupied space will be that precast as well. That’ll wrap up probably near the end of the year in December this year,” Jessen said.

Construction is projected to have the full structure completed by next summer, and locals are getting excited about its progress.

“It’s going to be really cool. You’re going to have a lot more young people who want to stay in the city and not always go out and live two hours out in the North or the South. Hopefully they’ll make it a vibrant place for young people and people that got rid of their kids and live in the city as well. So if you’re like sixty-one and a half and your kids are all gone you live in the city and enjoy it,” local Armen Alajian said.

Lloyd Companies wants this project to be a contributing part of Rapid City’s continued downtown growth.

“We hope it just contributes to the existing vibrancy and helps take an empty parking lot that maybe wasn’t as active before and bring a lot of activity, a lot of growth to that site to just welcome more people to live and visit downtown Rapid City,” Jessen said.

This project has the potential to hold multiple retails on the main floor and is still looking for the right fits.

The Block 5 Project is expected to be usable come Spring of 2025.