Deadlines set for Rapid City downtown development
RAPID CITY (AP) — Rapid City Council members have set deadlines for a proposed $50 million downtown development but say they still support the project that was first proposed seven years ago.
The President's Plaza project is to include a mix of retail shops, a hotel, a convention center, condominiums and a 500-stall parking garage. Hani Shafai with developer Dream Design International says more time is needed to secure financing.
The deadlines include having President's Plaza entered into a contract by the end of 2015, with construction starting within the first six months of 2016. If the $50 million design isn't achievable, the developers are required to either move forward with a scaled-down design or abandon the project by Jan. 31, 2015. If the deadlines aren't met, the project could lose city aid.