FOR IMMEDIATE RELEASE: January 5, 2018
Black Hills Business Development Center prepares for expansion in downtown district
RAPID CITY, S.D. — Rapid City Economic Development Foundation’s branch, established in 2006 – the Black Hills Business Development Center – is expanding into Rapid City’s downtown district this summer to establish additional opportunities for innovation growth in western South Dakota. Since inception, over 30 companies have been admitted to the Development Center, resulting in over 400 jobs during their tenancies.
Currently, the center located on the university loop of the SD School of Mines and Technology campus has reached its maximum capacity at 23 tenants, 112 full-time employees, and 51 interns from SD School of Mines and Technology and Black Hills State University. Current tenants have an estimated total annual payroll of $4.9M+ with the average wage reaching upwards of $74,000, and with student internships reaching $20/hr.
“The Center is dedicated to incubating startup (or new-to-the-area) highly-skilled businesses with growth potential, as well as offering student skill progression,” said Black Hills Business Development Center Director Terri Haverly. “Encouraging the development of local businesses has served to provide new, increased job opportunities, additions to the variety of products and services available in the area, and contributes to the general economic health of the region.”
On Nov. 20, 2017, Mayor Allender’s request for the building at 108 Main Street to be secured for the Business Development Center expansion passed a Rapid City Council vote unanimously and the preparation for expansion has begun. An architectural firm as been engaged to provide design and planning counsel, structural assessments of the building are in progress, and rebranding of the Center is under review.
“We want people to discover the world of entrepreneurship and to find their place in the Rapid City Entrepreneurial ecosystem,” said Haverly. “The Center will be a part of the bigger vision of the city’s master plan and help ideas to become a reality.”
Construction of the downtown location is expected to begin late summer 2018, and renovations of the current location are expected to happen spring of the following year.