NEW: Prominent Watertown developer goes out of business

February 10, 2024
Mike Tanner

WATERTOWN, S.D.–A prominent Watertown residential and retail developer has gone out of business.

Crestone Companies President, CEO and owner Eric Skott, in a statement to KWAT News said, “since we started in Watertown in 2006, Crestone Companies and our staff have been blessed to be a part of the Watertown community. Over the past two decades we have lived our our mission of building community through development and construction. We have built the homes where people raise their families, restaurants where people are nourished, clinics and hospitals where people are healed, the churches where people worship and the venues where people gather and build relationships. While our journey is coming to an end, we can proudly say “Mission Accomplished!” We would like to thank all of our employees for their dedication and hard work, all of our vendors for the same and the Watertown Community for their support over these many years.”

In March 2022, Crestone was named the local management partner on the $36.5 million Prairie Lakes Ice Arena project, alongside Minnesota-based general contractor RJM Construction.

The ice arena, which opens this month, “will not be impacted” by the Crestone announcement a source tells KWAT News.

Crestone Companies has been a major player in a pair of recent projects, including the completion of phase one of Sinclair Square on Highway 212, which is home to Lewis Drug, Tropical Smoothie Cafe, Timberbloom, and Revive Studio.

In November 2021, Skott and Crestone Companies held a groundbreaking ceremony for, “The Marketplace,” at the corner of Kemp Avenue and First Street Northwest. That project, which they later sold their interest in, includes a mix of 10,000 square feet of retail space and more than 60 apartment units.

In February 2022, Crestone purchased the former Medical Arts Building at 1 South Broadway in Watertown.

Most recently, Skott had his request for a Planned Unit Development adjacent to Lake Kampeska denied by the Watertown City Council. That project, proposed to be built along South Lake Drive, was to include up to 45 living units, or ‘sportsmen’s condos” as Skott called them. The city council rejected the plan on a 5-2 vote citing concerns about density on the eight acre site, and potential traffic congestion. Mayor Ried Holien and Councilman Randy Tupper were supportive of the plan. All other council members voted against it.

Crestone Companies was named the winner of the 2020 “Chairman’s Award” by the Watertown Area Chamber of Commerce at their annual banquet.

A source tells KWAT News employees of Crestone Companies were told of the closure on Friday, and were sent home.