Home News Historic downtown building adds to new owner’s growing portfolio – SiouxFalls.Business

Historic downtown building adds to new owner’s growing portfolio – SiouxFalls.Business

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September 26, 2022

There are new owners in the historic downtown building that is home to PAve, as well as a rooftop bar and patio, and an adjacent location in Lewis Drug.

Sioux Falls-based Cresten Capital holding company has purchased a 12,000-square-foot building at 130 S. Phillips Avenue from Boomerang Investments, which is affiliated with Legacy Developments. It dates back to 1911 and has been a Weatherwax menswear for years.

“Purchasing the building was kind of full circle for me,” said Kevin Tappy, CEO of Cresten. “My grandpa was a weatherwax tailor and spent his entire career there until her death in 1968, two days after I was born.”

The original part of the building dates from 1911. Luis and a side with paved patio were added in 2017.

“We didn’t buy Lewis or Pavé, but technically the property as an investment. Both are great tenants and we expect them to do well in the long term,” Tupy said. says.

The acquisition enhances Cresten’s downtown building portfolio, which has grown to include buildings backed by Beach Pay, Shriver Square and tenants Lucky’s, Chelsea’s Boutique and MK Threads Boutique.

“We are really excited,” said John Geiken, co-owner of PAve. “Everyone on the Cresten team has been great to work with.

PAve wraps up its patio season and will transition to fall hours in the coming weeks, depending on the weather.

Last year, the courtyard was open five days a week and was “popular,” he said. “We added a few pool leagues and a darts league and that seemed to work, so it was nice to have that courtyard space available all year round. There are people outside all year round, we clean it with snow and make sure there is a way to get to the “I Love You” sign and heaters in the smoking area. ”

PAve also plans to continue adding additions to its menu and is seeing success with the lunch crowd. are gathering.

“We have a very solid group of people four to five days a week,” he said.

The venue also plans to offer more live music events in the future, he added.

“I can’t say anything yet, but hopefully by the end of the year we’ll be able to put some things together.”

Lewis Drugs’ downtown business is “really, really good,” said CEO Mark Griffin. “Take it off. No more,” he said. One reason is that not everyone is working downtown yet. Yes, it was really good.”

He said the look and feel of the place suits downtown well.

“Having a Sanford Clinic in the store is also a good benefit because we can work well together. Daily necessities.People come here at lunchtime or during coffee breaks, and it’s become a standard downtown spot, so it’s nice because it’s convenient.”

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