Crestone Development Makes Several Major Investments in Downtown Watertown

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January 8, 2021

 

Watertown, SD based Crestone Development, a division of Crestone Companies, is making a major investment in downtown Watertown. Crestone has purchased five downtown properties bookending on the East and West ends of Kemp Ave.

“This is a major commitment to continue the revitalization and development of downtown and Watertown in general,” said Crestone owner Eric Skott, who has partnered with various investor groups to purchase the properties. “We believe in downtown Watertown and all of the charm it has to offer!  The opportunities downtown is limited only by one’s imagination.   We have acquired several of these properties with a focus to preserve the rich history and architecture of the area.”

The five downtown properties are:

Building #1-  “The Hanten” is also known as the “Granite Block Building” on the SE corner of Kemp and Broadway.  This building used to house Todd Architects and Bratland Law.  This property, along with the Melette are currently being studied to determine the highest and best use for the investor group.  Some options are Condominiums, apartments, luxury-professional office space or a boutique hotel.

Building #2-  “The Mellette” as it is currently known is the current home of ML Portraits and several other businesses on the NW corner of Kemp and Broadway.  This property, along with “The Hanten” are currently being studied to determine the highest and best use for the investor group.  Some options are Condominiums, apartments, luxury-professional office space or a boutique hotel.

Building #3–  Will be aptly named the “Longworth” after long-time resident and businessperson whose orthodontics office was housed here for many, many years.  This building is currently home to BC Hair Designz studio on the main level.  The 2nd level will house several 1-bedroom apartments.  Construction is being planned.

Building #4–  218 E. Kemp is located directly across the street to the south of the planned downtown park.  It will house 2000 sf of commercial space on the main floor and  four 1-bedroom apartments on the 2nd level.

Building # 5–  15 1st St. SW, formerly Zimmel’s furniture is on the West end of Kemp and is planned to be  the future home of “The Marketplace.”  The Marketplace will be future home to 9,000 sf of retail space and 62 modern-luxury apartments.  This project will involve razing the current structure and building new.