Source: Rapid City Journal
East Rapid City will be seeing another 212 apartments that make up more than half of the city’s September building permit valuation.
The city issued 289 building permits in September with a valuation of $34,626,013. The apartment buildings make up about 63.76% of that, totaling $22,078,360.
One hundred eighty of the apartment units will go in the Creekside Heights Apartments off of Jim Street in the Orchard Meadows subdivision in Rapid Valley.
Orchard Meadows is a 161-acre subdivision off of Elk Vale and Highway 44 done by Dream Design International. Plans call for the project to eventually have 100 single family homes, over 100 townhomes, apartments and commercial buildings.
The apartments are part of a four-phase plan for 659 apartments, according to the overlay project report.
Norman Drake, CEO of Legacy Development in Sioux Falls that sponsors the Creekside Heights Apartments, said the 659 units will be built over the course of about five years with plans to have the first building done by September 2022.
The first project will be a 59-unit complex with a community building and pool. Drake, who manages the Creekside Heights LLC, said about every four months after that, the company would open another building. The buildings would have either 59, 32 or 27 units.
"We've been investing in Rapid City for about five years now," Drake said Thursday. "We really felt like it was the time. ... We like the demographics and we like the Rapid City business environment. We're also going to see a great influx of people moving there."
Creekside Heights will be adding a mix of studio, one- and two-bedroom apartments at "market rate." Drake said they're not luxury apartments, but the company plans to have quality finishes, 9-foot ceilings and other amenities.
Legacy Development has the Palms Apartments on Meade Street and The Elements, a four-story mixed-use building with 99 loft-style apartments on St. Joseph Street in downtown Rapid City.
Drake said it's too early to talk about any other developments, but the company will continue to develop in Rapid City "without a doubt."
Two of the building permits were for 59-unit apartment buildings valued at $5.9 million each. The other two were for 32-unit apartment buildings valued at $3.2 million each. The city also issued a building permit for a community center valued at $600,000.
Read more in the Rapid City Journal.