For example, the Saint Paul Athletic Club and the Hotel 340 share quarters in downtown St. Paul. Just when it appeared that the building was headed towards demolition, Rupp purchased and refurbished the property, installed a 56-room boutique hotel in a style that complements the original Beaux-Arts architecture and reopened the athletic club.

The building was designed by Alan Stem, who also designed Grand Central Station in New York City, Rupp says.

“Theoretically, no one can compete against you because the structure is unique and usually in an ideal location. Economically, at least you won't worry about anyone duplicating what you have done,” explains Rupp.

Another example is the The Summit Center in St. Paul. The center currently offers space for community and performing arts events plus classes. The structure was formally an Episcopal church, designed by a French architect who also drew up plans for the Cathedral of St. Paul and the Basilica of St. Mary in Minneapolis.

“Unique buildings are typically in a unique geo-location and hopefully, the repurposed version is competitive,” says Rupp. “If the building has an inherent personality, it can be repurposed.”

Rupp and Commonwealth also own Stout's Island Resort, a wedding and family vacation venue situated on Stout's island in the middle of Red Cedar Lake in western Wisconsin. A Chicago lumber baron originally established Stout's Island as a summer retreat for family and friends during the Gilded Age.

The most recent endeavor is the remaking of Villa Maria, an historic Catholic girls school, into a public/private resort and event center. It will be situated on 3,000 acres and will overlook Lake Pepin on the Mississippi River. Villa Maria opens for weddings and private events in 2019, with lodging and other hospitality elements to be added in 2020. The main hall of the original Villa Maria Academy, a school established by an order of Catholic nuns, the Ursuline Sisters, in the 1890s, will look like a time-burnished French villa.