Sept. 26, 2022

There’s a new owner of the historic downtown building that’s home to PAve and the adjacent site for the rooftop bar and patio and Lewis Drug.

A holding company of Sioux Falls-based Cresten Capital bought the 12,000-square-foot building at 130 S. Phillips Ave. from Boomerang Investments, which had ties to Legacy Development. It dates back to 1911 and for years was Weatherwax’s Men’s Wear.

“Buying the building was kind of full circle for me,” Cresten CEO Kevin Tupy said. “My grandpa was a tailor for Weatherwax’s and spent his entire career there until he passed away in 1968, two days after I was born.”

The original part of building dates back to 1911. The side with Lewis and the PAve patio was added in 2017.

“We did not buy Lewis or PAve, strictly the real estate as an investment. They’re both great tenants, and we expect them to have thriving businesses there for a long, long time,” Tupy said.

The purchase strengthens Cresten’s portfolio of downtown buildings, which has grown to include the Beach Pay, Shriver Square and buildings anchored by tenants Lucky’s, Chelsea’s Boutique and MK Threads Boutique.

“We’re really excited,” PAve co-owner John Geiken said. “Everyone on the Cresten team has been really good to work with. We’re excited and happy to be part of the team with these guys, and I see nothing but good coming from this.”

PAve is wrapping up its patio season and looking to transition to fall hours in the coming weeks, depending on the weather.

Last year, its interior patio stayed open five days a week, “and it was popular,” he said. “We added some pool leagues and dart leagues, and that seemed to go over well, so it’s been nice to utilize that interior patio space year-round. On Fridays and Saturdays, people don’t care, and we have people outside year-round. We try and keep it cleaned up with the snow to make sure there’s a path to walk and get to the ‘I Love You’ sign and the heaters we have in the smoking area.”

PAve also plans to continue adding to the menu and has found success with its lunch crowd. While some downtown restaurants close certain days, offering lunch daily has drawn a regular crowd, Geiken said.

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

The venue also plans to offer more live music events going forward, he added.

“I can’t say anything yet, but hopefully we’ll be able to line a couple things up before the year’s end.”

Business at the downtown Lewis Drug is “really, really good,” CEO Mark Griffin said. “It’s taken off. And the other part of it is there’s not everybody working downtown yet. When that gets going, we’re talking major volume increases both in the pharmacy and the front end of the store. It’s been really good.”

The look and feel of the location fits downtown well, he said.

“Having the Sanford clinic inside the store is a nice benefit as well because we work well together. (Sales of) cards, groceries, liquor (are) all good. And, of course, day-to-day sundry items you pick up. People come in at noon, at coffee break time, and it’s become a go-to place downtown, which is nice because it’s convenient.”