Jan. 31, 2022
The historic downtown Shriver Square has a new owner who is planning improvements.
Kevin Tupy, founder and CEO of Cresten Capital Holdings, has added the building to his growing downtown portfolio.
Shriver, which is on the northeast corner of 11th Street and Phillips Avenue, was built in 1918 as the Shriver-Johnson department store.
Shriver’s moved out of downtown in 1979, and the building later was redeveloped into retail on the main floor, office on the mezzanine and multiple floors of apartments.
“I liked, No. 1, that it’s a mixed-use building, and in this day and age, that’s a more attractive investment,” Tupy said. “With more than half the building’s income coming from multifamily, I think there’s a ton of value-add in the long term by updating and remodeling.”
The plan is to update apartments as tenants move out, he said.
“We’re going to update the countertops and cabinets and flooring … and update the common areas in the commercial space,” he said. “It hasn’t been done, and we’re going to try and do it thoughtfully, and we’ll maintain the charm and character of the historic nature of the building.”
He’s also contemplating reviving a mural that used to be on the north side of the building.
Shriver Square largely is occupied but has a couple of spaces for rent. There’s a vacant spot on the first floor with about 1,100 square feet next to The Cookie Jar Eatery.
“It could potentially be some type of small retail or certainly office,” said Raquel Blount of Lloyd Cos., who has the space listed.
On the second floor, there’s a 1,459-square-foot, move-in-ready office available.
For Tupy and Cresten, the purchase represents owning contiguous buildings along the east side of Phillips Avenue. He also owns the buildings that include Chelsea’s Boutique and MK Threads, Lucky’s and farther north, the Beach Pay Building.
“He’s done a great job. Beach Pay is full, 100 percent,” Blount said. “Anytime you can acquire adjacent real estate, it opens up potential opportunities. (Shriver is) a historic featured corner in downtown Sioux Falls, and you combine owning two adjacent properties, and you’re really putting together synergies among the buildings for future potential.”
Tupy bought the building for $6.7 million from Tim Karels, who purchased it with an investment group in 2014 and brought in several new tenants to the first floor, including relocating The Cookie Jar and adding Pho Thai and Mixx Nutrition Club.
The plan is to update apartments as tenants move out, he said.
“We’re going to update the countertops and cabinets and flooring … and update the common areas in the commercial space,” he said. “It hasn’t been done, and we’re going to try and do it thoughtfully, and we’ll maintain the charm and character of the historic nature of the building.”
He’s also contemplating reviving a mural that used to be on the north side of the building.
Shriver Square largely is occupied but has a couple of spaces for rent. There’s a vacant spot on the first floor with about 1,100 square feet next to The Cookie Jar Eatery.
“It could potentially be some type of small retail or certainly office,” said Raquel Blount of Lloyd Cos., who has the space listed.
On the second floor, there’s a 1,459-square-foot, move-in-ready office available.
For Tupy and Cresten, the purchase represents owning contiguous buildings along the east side of Phillips Avenue. He also owns the buildings that include Chelsea’s Boutique and MK Threads, Lucky’s and farther north, the Beach Pay Building.
“He’s done a great job. Beach Pay is full, 100 percent,” Blount said. “Anytime you can acquire adjacent real estate, it opens up potential opportunities. (Shriver is) a historic featured corner in downtown Sioux Falls, and you combine owning two adjacent properties, and you’re really putting together synergies among the buildings for future potential.”
Tupy bought the building for $6.7 million from Tim Karels, who purchased it with an investment group in 2014 and brought in several new tenants to the first floor, including relocating The Cookie Jar and adding Pho Thai and Mixx Nutrition Club.