A mixed-use building under construction in The Fountains in northeast Cedar Rapids will serve as the final building in the multi-tenant real estate development, which saw its first building in 2012.
Commercial Realtor Craig Byers of Q4 Real Estate, the developer of The Fountains, said construction of the $3.5 million, 22,000-square-foot, two-story building began in early 2025, and the building is expected to be completed by December.
It’s located at 3915 Reserve Way NE, a newly-named street on the north edge of The Fountains, and just east of the mixed-use building that houses The Accel Group.
Mr. Byers said a retail tenant, which he declined to identify, has already committed to half of the first floor of the building.
“We usually like to let the tenants announce that,” he said. “We’re working on another tenant for the other half of the first floor. And then the second floor is about 11,000 square feet of office space. We haven’t secured a tenant for that yet, but it can accommodate (up to) five tenants that are looking for 5,000 to 11,000 square feet of space.”
Mr. Byers said once the current building is finished, The Fountains development will be full, with no room for additional buildings.
It will comprise three retail buildings, with current tenants such as Jimmy John’s, Limitless Male, Sanctuary Spa, Pepperjax Grill, Villa’s Patio, Red Wing Shoes, Athletico Physical Therapy and Pho House, and four multi-story mixed-use buildings – buildings occupied by the Accel Group building, BMO Harris and Terracon, and the building currently under construction.
A large pond with a fountain serves as a visual showpiece for the development, along with a central clock tower.
“Occupancy has remained solid there,” Mr. Byers said. “If we do lose a tenant, we’re usually quick to fill, especially in the retail buildings. The office users came a little bit slower, but that’s just indicative of the entire office market in Cedar Rapids.”
Most of the buildings were built “on spec” – that is, tenants had not yet committed to occupy them before they were constructed.
“Spec in that suburban office space, while it’s a little risky, certainly paid off,” Mr. Byers said, “because the larger office users we were able to secure were because we had the building ready to go for them, and they didn’t have to wait, because they were ready to move fairly quickly. I think it’s been, overall, a very successful development.”
