RAPID CITY, SOUTH DAKOTA
Keating Resources is adding to its investments in the Black Hills with the announcement that it agreed to acquire 40 acres fronting Interstate 90 in Rapid City, next to Cabela’s, from a California-based owner. The preeminent site in Rapid City has been tied up with development issues for the last 15 years.
Alec Keating, President of Keating Resources, says the company will now sell 22 of the 40 acres in increments of 2.5 acres or larger. He added that the company plans to construct a 175,000 SF multipurpose building on the remaining 16 acres, which will be available for lease in minimum increments of 15,000 SF.
Keating Resources, led by founder Gerard Keating and son Alec, has invested over $20 million in real estate in the Black Hills in the last 24 months including assets located in Custer, Lead, Deadwood, Spearfish, and now Rapid City. The company’s highest-profile projects include the 700-acre Deer Mountain Ski Resort, rebranded as Deer Mountain Village (www.deermountainvillage.com), which will begin selling 1+ acre mountain top lots at an elevation of 6300’+ on Memorial Day weekend. The development will include a village at the base, a mountain bike park, and a snow tubing venue. The design for the mountain bike park was completed by Montana-based designer Peter Costain, owner of TerraFlow Trail Systems (www. terraflowtrails.com). The first phase will be built by Pierre, South Dakota-based Uriah Steber.
The family also launched the sale of 2+ acre, single-family home lots at an elevation of 4,300’ on a 700-acre mountain top ranch near Spearfish, branded Spearfish Mountain Ranch (www.spearfishmountainranch.com), and is restoring Deadwood’s largest historic building at 27,000 SF, located at 51 Sherman Street, as a casino to open Thanksgiving 2022 (www.sportsbookdeadwood.com).
Keating Resources is owned by Gerard and Alec Keating. The company invests in real estate in Florida, Texas, South Dakota, and Nebraska and has offices in Atkinson, Nebraska, and Dallas, Texas.