Home News Lake Kampeska development selling condos, preparing for next phase – SiouxFalls.Business

Lake Kampeska development selling condos, preparing for next phase – SiouxFalls.Business

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August 11, 2022

There aren’t many condos left for sale in the new development of Watertown on Lake Campesca.

Point began with 46 units as part of the wider Stoney Point development, with 12 units remaining, said Access Real Estate’s Mike Lawrence and the project’s listing agent.

Stony Point is a 30-acre project developed by local business owner Bob Drake and built by Crestone Builders.

In its heyday, the original Stony Point attracted up to 80,000 people during Campesca Days in the summer and featured a Ferris wheel, roller rink and marina. In the off-season, pheasant hunting and ice fishing were popular.

After that, it fell into disrepair and lay dormant for 40 years before it hit the market.

Lawrence estimates the main building is 95% complete, and some residents live there.

“All exterior finishes are complete, we have a pool, a hot tub, and we are working on common area bathrooms and some hallways, but other than that, there are currently seven people living in the home.”

Many of the buyers are from Sioux Falls and plan to offer the condos as vacation rentals, Lawrence said.

“A lot of VRBO people come from Sioux Falls,[buyers]are pretty much every age group imaginable. We have a wide network.”

Investment buyers are drawn to the fact that there is “literally no place to stay on the lake,” he added. “And the pool, hot tub, fitness center and golf simulator are all on site.”

A salon and spa are working on an extension, and the developer is looking for someone to rent out the restaurant space in the building. Lawrence says it seats about 70 and has a patio.

Condos range in price from $309,900 to $379,900, excluding finishes. An estimated $80,000 to $100,000. Sizes range from 1,300 square feet to 1,900 square feet.

They all have water views. Some are direct, some are indirect,” Lawrence said. “We designed the building so that everyone can see the water.”

Residents also pay a monthly association fee of $350-450. This includes most utilities and underground heated parking.

The adjacent marina, which includes 106 slips, has also been completed, and there are several spots where beach bars open on weekends.

From the pool, “You can sit there and talk to people on the boat. It’s amazing to be so close,” Lawrence said.

Buyers are also attracted to the rapidly growing community of Watertown, he added.

“We have a crazy downtown with really good restaurants. We have a huge variety of food, sushi, pizza, a zoo, and a great new airport terminal with flights in and out of Denver and Chicago,” he said. rice field. “I get calls all the time, and a lot of them are from Sioux Falls realtors. The lake is booming.”

Four bands including headliner Niko Moon will give a free concert on August 20th from noon to 6pm.

Charter boat services are also growing in popularity. At Princess of the Points, on Wednesdays and Sundays he offers charter boats for $15 per person for two hours on the water.

“We have two full bars and the rest of the week the companies charter for $300 an hour,” Lawrence says.

The next phase of the development of the remaining 12 acres is planned for a hotel or hotel condominium that includes indoor and outdoor pools, a bowling alley and convention space.

Lawrence said it will be run by an outside operator.

“We put out some feelers and nothing came back,” he said.

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