SPEARFISH | With the ongoing construction of the all-new Interstate 90, Exit 14 interchange wrapping up, more new development is on the near horizon, with the announcement of plans for construction of the Lookout Mountain Plaza.
Developer Frank Pavich said he’s been planning to build the business and retail mall for two years, but decided to hold off on the structure, to be located on Platinum Drive just to the north of the interchange, until the interstate project was close to completion.
“We didn’t want to add insult to injury,” he said. “Let them get done with their construction, do their jobs and then we will start our project.”
More than half of the 8,000 square-foot plaza is already spoken for, even before dirt was turned for the project.
Northern Hills Federal Credit Union will occupy the east end of the building. The credit union’s 4,100 square-feet office will include a drive-through lane for banking customers.
Pavich said the opposite end of the building is also designed with the option of a drive -through lane for another suitable business, such as a major chain coffee house.
Pavich said the plaza offers a great location, just off of Exit 14 in the vicinity of the Holiday Inn, Applebee’s and other businesses. The area sees lots of daily traffic.
“Spearfish is growing by leaps and bounds. They had record building permits last year and they’re on pace to do it again this year,” he said.
Working with architectural firm Williams & Associates of Spearfish, Pavich chose a Southwest look for the exterior design with a stucco and rock finish.
“It’s a crisp looking building, more of an Arizona-California look,” Pavich said. “I want it to have that Southwest feel. I wanted to get away from wood and siding.”
He is looking at 4-5 months for completion.
“The credit union is chomping at the bit to get in,” he said.
Credit Union CEO Floyd Rummel couldn't agree more.
The credit union, with branches in Deadwood, Belle Fourche and Sturgis as well as the current Spearfish location at 134 Ryan Road, had owned the site on Platinum Drive for many years, and had just never done anything with it, Rummel said.
The decision was made to sell the property to Pavich for construction, then lease space in the new plaza.
"We thought it was a more cost-effective use of our funds, to not tie a bunch of money up in a non-earning asset and yet get a new location and hopefully we think a better location," Rummel said.
"We'll have an ATM that we didn't have at our current location and better drive-up facilities, new and better teller pods," Rummel said.
"We're really anxious to get that opened up," he said. "We think Spearfish is a great market to try some of these technological financial experiences."
Pavich said potential neighbors of the new credit union office can call him at 605-641-0587 for information on the plaza.
“I have several interested parties. Whoever comes to the table with terms is who we’ll go with,” he said.
An unveiling of plans for the new development, hosted by the Spearfish Economic Development Corp. took place on Monday.
“This new addition is an exciting opportunity for Spearfish, especially with the high demand for office space,” said Kory Menken, SEDC executive director, in a release. “The development will be a nice enhancement to the area.”