Cresten Property Management
Cresten Property Management – So in 2017, the entrepreneur who built his name in the wireless business became the owner of Beach Pay, an 1887 building at 122 S. Phillips Ave.
When they started removing the sheetrock, 1990s carpet and light fixtures, “we started to fall in love with the historic character of it,” Tupy said.
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“We felt compelled and honored to return it to its original state with exposed brick and wood floors.”
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“And then the fear of losing started to set in, because we knew we would never be able to duplicate this,” Tupy said.
He began envisioning the third floor, formerly occupied by Bender Commercial Real Estate Services, as the new headquarters for Cresten Capital Holdings, his investment firm that specializes in real estate development and invests in other operating companies.
“We did a recent tour with Michael Bender, and he had a lot of historical (information) on the third floor, like when it was a speakeasy, and we went in early last year and started removing things,” Cresten partner Erica Mullaly said.
“The more we threw away, the more cool things we found.”
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“Our goal is to make the office cooler than MarketBeat’s,” says Tupy, referring to one of his newest investors, MarketBeat founder Matt Paulson.
It also installed new decks on the rear of the building last year, including outdoor space for The Hello Hi, and customer entrances for 605 Running Company and Urban Archaeology. The gardens were cleared, and the whole area was more accessible.
Almost half of his office is being “turned into a fun area, with a storage table and pinball machines and collaborative lounge areas to liven it up during the day,” Tupy said. “What we do is stressful.”
He grew up in a Valley Springs mobile home, eating government cheese and dropped out of high school before being persuaded to return.
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At age 16, he moved into the Albert House on Phillips Avenue in downtown Sioux Falls, just a few blocks from his current Beach Pay building.
Long story short, he quit his $40,000 financial services job to open a Dish Network kiosk at The Empire Mall in the fall of 2001.
He took Verizon to the store and put him on a fast track to tremendous growth.
“A lot of people think I’m out of the wireless business because I don’t talk about it, but now it’s huge,” Tupy said.
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“We’re the largest Verizon wireless agent in the U.S. and we cover a significant portion of their distribution nationally. And I sit on the board and provide strategic and broad input when asked.”
He and his team of seven are on a high growth trajectory in the corporate office of Cresten Capital Holdings.
Tupy is active in apartment development, with projects underway in south and west Sioux Falls.
Last year, it acquired nearly 700 apartments among various properties in Sioux Falls, and has several additional projects in development.
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“We were very busy during the pandemic,” Tupy said, adding that he started 2020 with a 144-unit complex in his portfolio.
“We believe in Sioux Falls. We believe in economics. So we didn’t take our foot off the gas. We crushed it during the pandemic.”
Cresten’s recently announced City’s Edge project at 69th Street and Southeastern Avenue, which will feature an outdoor Olympic-style pool and dinosaur-themed playground, will move in its first residents this year.
“And we have a huge project in the northwest called The Brixx,” Tupy continued. “Probably over 300 units in phases at the corner of Marion and Benson.”
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This spring, a 100-unit addition to Cresten’s Edgewater Villas along 85th Street between Minnesota and Cliff avenues will break ground.
Cresten also hopes to break ground this year on a new mixed-use development called The Crimson near Walmart at 85th Street and Minnesota Avenue. It would combine first floor office or small retail space with apartments above.
“We’re really trying to bring a downtown feel to it,” Tupy said. “It’s going to be really cool.”
The multifamily development pipeline also extends to Rapid City, where Cresten is working on a 308-unit development called The Altitude located on Mount Rushmore Road.
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That development also continues, with a retail center at 69th Street and Louise Avenue, where Starbucks and Capriotti’s Sandwich Shop plan to open and one space remains.
“And we have a number of QSRs (quick-service restaurants) under contract that we’re acquiring and developing different concepts in the post-COVID world on the retail and restaurant side,” Tupy said. “We are negotiating agreements.”
Through Cresten, Tupy also has interests in several other operating companies and a property management company.
CarSwap, which he co-founded in 2017, will consolidate its three locations into one large location in the Tea’s Bakker Landing development.
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The 3-acre project is slated to open by the end of the year and will eventually serve the future Interstate 29 interchange at 85th Street.
“We’re looking to consolidate all the locations and provide an improved and significantly larger selection and service that we don’t do and we’re excited to get started,” Tupy said.
“I’m 52 years old, and it motivates me to stay in shape,” he said half-jokingly. “All kidding aside, they are the largest 24/7 fitness concept in the United States.”
He liked that gyms catered to people from all walks of life, with what he called a value-oriented membership that offered reciprocity, allowing members to work out anywhere.
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“They are technology oriented and are a great franchise that provides their franchisee with tons of tools and support to provide the best in the fitness space.”
It has come together “beyond our wildest expectations,” Tupy said. “The team is swollen. It feels great to be part of the downtown community.”
“It feels really surreal though,” he continued. “It’s something we’ve always talked about and envisioned, and now we’ve made it a reality.”
From its new downtown headquarters, Cresten Capital enters the next phase of growth Jodi Schwan says “We believe in Sioux Falls. We believe in economics. So we didn’t take our foot off the gas. We crushed it during the pandemic.”
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