Lewis Drug to be a part of a new retail development in Watertown
Lewis Drug is coming to Watertown and will fill the first of four retail spaces in a new development that was announced Wednesday by Sinclair Land and Cattle Company and Crestone Companies.
The development will be called Sinclair Square, according to a news release. Construction of Lewis Drug has begun at the site near Mongtomery's Furniture, which is between U.S. Highway 212 and Jensen Avenue. The store is expected to open in January 2023.
“When we purchased the EconoFoods property in Watertown 10 years ago to expand our Montgomery’s Furniture brand, we began development discussions with city officials and Eric Skott of Crestone,” Clark Sinclair, CEO of Montgomery’s and Sinclair Land and Cattle, said in the release.
According to Sinclair, the construction of the Lewis store is the first phase of a plan that includes four separate retail spaces.
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"I would like to compliment the city officials of Watertown for sharing our vision and working with us to develop Sinclair Square, which will generate job growth and expand shopping opportunities for Watertown and the surrounding area,” Sinclair said in the release.
Crestone Companies collaborated on the site plan and creation of the tax increment financing district. Crestone's commercial real estate division will handle the listing and marketing of the property and its builders division will act as the construction manager
A TIF allows a developer to use the anticipated increase in property tax revenue to cover the costs of public infrastructure. As taxes are paid on the property, bonds that were issued for the development are repaid.
"The Sinclair Square Development will transform this high-profile area, setting the bar high for both adjacent landowners and for future development in the area. A talented group of professionals from city hall to developers to the owners of the property came together working diligently to make this project happen,” Skott, president and CEO of Crestone, said in the release.
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Lewis Drug is based in Sioux Falls. The company's expansion to Watertown will mark its 58th store in the region. Lewis offers everyday basics, plus name brands, specialty items and prescription and non-prescription drugs.
"As Lewis Drug celebrates its 80th anniversary, it's only fitting that we have the opportunity to serve one of the most vibrant communities in South Dakota," Mark Griffin, president and CEO of Lewis Drug said in the release.
This article originally appeared on Watertown Public Opinion: sinclair square development announced with lewis drug as tenant
