Market and Financial Feasibility Studies
Rushmore Plaza Civic Center, Rapid City, South Dakota
Stone Planning completed a comprehensive feasibility study for a new arena at the Rushmore Plaza Civic Center, a city-owned complex in Rapid City that includes two arenas, a theater, and meeting/convention space. The complex hosts a wide range of events, from the Black Hills Stock Show and Rodeo to conventions, minor-league hockey, and performing arts. The study analyzed characteristics of the local and regional market, past operations of all Civic Center facilities, the regional competitive environment for arenas, the touring entertainment industry, and the characteristics and operations of a set of comparable arenas. Based on this research, we provided recommendations for a new arena (including its capacity, offerings/amenities, and management) and forecasted future usage and operations of the entire RPCC with a new arena. Following completion of the study, local voters approved the project, and the $130-million facility is expected to open in 2021.
More recently, Monument Health purchased naming rights for the previously-unnamed arena that is now called The Monument.
Prior to forming Stone Planning, David Stone was twice engaged by the RPCC to study possibilities for the new arena, including an initial feasibility study/business plan and an economic impact analysis.