Tax credit could make President's Plaza a reality in Rapid City - KOTA Territory News
Member Center:
The dream of building a multi-story plaza in downtown Rapid City may actually become a reality.
Allocations by Congress for the new market tax credit were approved for the President's Plaza. The development, planned for the 500 block of Saint Joseph Street, would bring a mix of retail, residential and commercial space to the area.
Developer, Hani Shafai expects the funds to be released in the next few weeks. He briefed the Public Works Committee Tuesday afternoon and asked them to sign a resolution to support the project - a request that unanimously passed the board.
Shafai says the community's patience and dedication to the project will pay off - just like it did with the second Walmart.
"You know, if you recall, there were a lot of skeptics and a lot of people who said it would never happen. We just don't give up. And, I think as a community we have that attitude - and we are going to stick with it," said Shafai, President of Dream Design International.
Shafai says occupancy and interest in leasing is growing. He says the best case scenario is construction could begin yet this year.
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518 St. Joseph St.
Telephone: 605.342.2000 
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