Shocking...but Great.
Something I've helped work on just a tad (barely, compared to the fam), but anyone in Rapid City knows this is a pretty huge deal (and really neat on all of the family's part for the company :-) )
***
Cowboy Hill for sale
By Dan Daly, Journal Staff Writer
RAPID CITY --
It is arguably the most visible undeveloped parcel of real estate in Rapid City. And it's for sale.
Nine Liens Partnership, a Rapid City company, announced it will auction its 370-acre parcel of land that straddles Cowboy Hill, also known as M Hill, on Oct. 18.The ridge runs from Rapid Creek near the former Federal Beef packing plant to Interstate 90. It looms over downtown Rapid City and much of West Rapid. In fact, Cowboy Hill and its neighbor, Skyline Drive Hill, form a ridgeline that divides Rapid City down the middle. For years, locals have referred to the lowland between them as the Gap.Of the two hills, Cowboy Hill is by far the least-developed.
There's a television transmission tower on top and a giant white "M" adorns its east face.
Otherwise, it's a mix of grass, pine trees and rocky ridges.
Cowboy Hill has been in the Lien family for 50 years, according to Stephanie Lien. Her real-estate company, VIP Properties, has joined auctioneer Martin Jurisch & Associates to market and sell the real estate. In addition, she's one of the Nine Liens.
The partnership is owned by the nine sons and daughters of Chuck Lien, co-founder and chairman of Pete Lien & Sons, the Rapid City minerals and building materials company.
Nine Liens Partnership has been involved in a number of business ventures over the years.
Stephanie Lien said the Cowboy Hill parcel was a gift from their father several years ago. Now, the Nine Liens want to return the favor, she said.
Chuck Lien and his children are buying out Bruce Lien's half of Pete Lien & Sons. Bruce and Chuck are brothers, and over the years, each has owned exactly half of the company. In the past six years, however, the brothers have struggled - in court and out of court - to end the partnership.
Stephanie Lien said proceeds from the sale will be used to help reduce Pete Lien & Sons' debt load associated with the buyout.
The auction, set for 10 a.m. on Oct. 18 at Rushmore Plaza Civic Center, will be done in an unusual fashion.
Buyers first will be given a chance to bid on nine smaller tracts ranging from 3 acres to 75 acres. Then, the same land will be offered divided into five larger tracts from 40 to 90 acres.
Finally, Jurisch will offer the entire 370 acres in a single parcel.At the end, the combination of bids that brings the best price will be accepted.She said it's an opportunity to give a variety of buyers a chance to come to the table.
The land, in the heart of the city, offers sweeping views of Rapid City and the Black Hills. The northern end of the hill abuts both residential and commercial property.What will Cowboy Hill become?
A few years ago, the Nine Liens Partnership hired Randy Fisher, an engineer with Designworks in Rapid City, to conduct land use research. His proposal included a mix of commercial and multi-density residential uses, including some clusters of homes and some single-family home sites on 3-acre lots.
"There are really a variety of different applications, from residential to recreational to commercial," she said.
The big white M, by the way, is on a separate parcel of land owned by South Dakota School of Mines & Technology Foundation. It isn't part of the sale.Meanwhile, land around Cowboy Hill property has been the focus of recent and future development.Currently, a development group headed by Pat Tlustos and Mike Tennyson are transforming the 20-acre Federal Beef property on the southeast corner of the hill into an office park named the Village at Founders Park.
Also, Century Development of Rapid City has plans to build a 96-unit condominium complex and other residential home sites on its 49 acres north of the Executive Golf Course.Lien said the decision by Nine Liens Partnership to sell Cowboy Hill was not an attempt to join the development boom in the neighborhood. In fact, she said, the land would probably have more strategic value if the Nine Liens held it until after those projects proceed.
"It was an independent decision, really, based on an attempt by us to help ease the burden of the debt load for Pete Lien & Sons right now," she said.
*****
***
Cowboy Hill for saleBy Dan Daly, Journal Staff Writer
RAPID CITY --
It is arguably the most visible undeveloped parcel of real estate in Rapid City. And it's for sale.
Nine Liens Partnership, a Rapid City company, announced it will auction its 370-acre parcel of land that straddles Cowboy Hill, also known as M Hill, on Oct. 18.The ridge runs from Rapid Creek near the former Federal Beef packing plant to Interstate 90. It looms over downtown Rapid City and much of West Rapid. In fact, Cowboy Hill and its neighbor, Skyline Drive Hill, form a ridgeline that divides Rapid City down the middle. For years, locals have referred to the lowland between them as the Gap.Of the two hills, Cowboy Hill is by far the least-developed.
There's a television transmission tower on top and a giant white "M" adorns its east face.
Otherwise, it's a mix of grass, pine trees and rocky ridges.
Cowboy Hill has been in the Lien family for 50 years, according to Stephanie Lien. Her real-estate company, VIP Properties, has joined auctioneer Martin Jurisch & Associates to market and sell the real estate. In addition, she's one of the Nine Liens.
The partnership is owned by the nine sons and daughters of Chuck Lien, co-founder and chairman of Pete Lien & Sons, the Rapid City minerals and building materials company.
Nine Liens Partnership has been involved in a number of business ventures over the years.
Stephanie Lien said the Cowboy Hill parcel was a gift from their father several years ago. Now, the Nine Liens want to return the favor, she said.
Chuck Lien and his children are buying out Bruce Lien's half of Pete Lien & Sons. Bruce and Chuck are brothers, and over the years, each has owned exactly half of the company. In the past six years, however, the brothers have struggled - in court and out of court - to end the partnership.
Stephanie Lien said proceeds from the sale will be used to help reduce Pete Lien & Sons' debt load associated with the buyout.
The auction, set for 10 a.m. on Oct. 18 at Rushmore Plaza Civic Center, will be done in an unusual fashion.
Buyers first will be given a chance to bid on nine smaller tracts ranging from 3 acres to 75 acres. Then, the same land will be offered divided into five larger tracts from 40 to 90 acres.
Finally, Jurisch will offer the entire 370 acres in a single parcel.At the end, the combination of bids that brings the best price will be accepted.She said it's an opportunity to give a variety of buyers a chance to come to the table.
The land, in the heart of the city, offers sweeping views of Rapid City and the Black Hills. The northern end of the hill abuts both residential and commercial property.What will Cowboy Hill become?
A few years ago, the Nine Liens Partnership hired Randy Fisher, an engineer with Designworks in Rapid City, to conduct land use research. His proposal included a mix of commercial and multi-density residential uses, including some clusters of homes and some single-family home sites on 3-acre lots.
"There are really a variety of different applications, from residential to recreational to commercial," she said.
The big white M, by the way, is on a separate parcel of land owned by South Dakota School of Mines & Technology Foundation. It isn't part of the sale.Meanwhile, land around Cowboy Hill property has been the focus of recent and future development.Currently, a development group headed by Pat Tlustos and Mike Tennyson are transforming the 20-acre Federal Beef property on the southeast corner of the hill into an office park named the Village at Founders Park.
Also, Century Development of Rapid City has plans to build a 96-unit condominium complex and other residential home sites on its 49 acres north of the Executive Golf Course.Lien said the decision by Nine Liens Partnership to sell Cowboy Hill was not an attempt to join the development boom in the neighborhood. In fact, she said, the land would probably have more strategic value if the Nine Liens held it until after those projects proceed.
"It was an independent decision, really, based on an attempt by us to help ease the burden of the debt load for Pete Lien & Sons right now," she said.
*****
posted by Sami Jo at
1:09 PM
1 Comments:
Whats's Up i am new on here. I hit upon this board I have found It quite accommodating and it's helped me out so much. I hope to contribute and aid other people like it has helped me.
Thank You, See Ya Around.
Post a Comment
Subscribe to Post Comments [Atom]
<< Home