June 6, 2019
Business owner and investor Kevin Tupy has added some well-known downtown buildings to his real estate portfolio.
Tupy, owner of Crescent Capital Holdings along with other business ventures, purchased the historic Telford Building at 311 S. Phillips Ave., which includes CH Patisserie and Luca’s Boutique.
It was built in 1902 and has a long history of retail, including serving as the original Lewis Drug, Tupy said.
“I love the historic charm and appeal, and I just want to own a piece of Sioux Falls history and improve it,” he said.
There’s an office space on the second floor listed for lease with Raquel Blount of Lloyd Cos.
“We’ve had interest already,” she said. “But it’s still available and includes a skylight, an open area and a private office.”
Tupy hopes to make additional improvements to the building and is contemplating a rooftop deck “to provide more outdoor space for the downtown community and the tenants.”
He also recently purchased a building down the street at 206 S. Phillips Ave. that is leased by Palmer Lea Boutique. In an unrelated move, boutique owner Kayleen Leonard recently announced she’s looking for a buyer for her business so she can pursue a career in dental hygiene. She plans to keep operating the store until it sells.
“My interest is in investing in downtown,” Tupy said. “I believe in its future, and I think it’s important for our community to have a strong downtown with strong investors who will reinvest in the structures for the next generation.”
His latest acquisitions follow a big one in 2017 when he bought the historic Beach Pay Building at 122 S. Phillips Ave., thought to be the oldest one downtown.
As he has discovered, while there’s “the beauty and the history and the mystique and the magic of these downtown buildings, there’s also the practical side. Old buildings cost money. There’s tuck pointing. There’s a constant state of repair and maintenance. But everybody has been spectacularly supporting of the upkeep and refreshing of the spaces, and we do it over time to not put undue burden on the tenants.”
He’s likely not done investing in downtown either.
“We want to continue to expand our presence and are consistently looking for opportunities.”