DEADWOOD, S.D. — Keating Resources, a real estate investment company, has purchased the historic Deadwood building that housed Deadwood Dick’s for the last 40 years. The 34,000 square foot, four-story historic building is located at 51, 53, and 55 Sherman Street in Deadwood.
Keating Resources partner Alec Keating said that the company plans to restore the historic structure, adding rental per-night basis rental apartments on levels 2-4, and will also update the 6,000 square foot first floor with a 25-seat outdoor patio, which the company is offering up for lease.
The company also said that they expect the space to be operated by a sports book, since South Dakotans voted in favor of the sports betting amendment back in November. Deadwood Gaming Commission officials previously stated that they estimate an annual increase of roughly $6.8 million in sports betting revenue.
Keating Resources is real estate investment company run by sixth-generation entrepreneur Gerard Keating of Atkinson, Nebraska. They invest in value-add real estate assets of all types with existing or near term cash flow located in right to work states.