Iowa City has not been immune to the forces of creative destruction. The departures, transitions and relocation of major private-sector anchors such as ACT, Pearson, Steindler Orthopedics and Mercy Iowa City, along with the sale of MidwestOne Bank, have left a notable void in the local economy over recent years. While those losses warrant acknowledgment, the encouraging news is that entrepreneurs and investors are stepping in to reimagine what those properties can become.
The Geifmann Group, a Quad Cities-based developer, is redeveloping the former NCS Pearson facility, a 300,000-square-foot property with considerable commercial potential. The firm has also expressed interest in other Iowa City assets, including the U.S. Bank building in the downtown corridor. Additionally, Iceberg Development Group and Salida Partners have acquired 49 acres of the former ACT campus and have been actively repositioning that land for new uses.
The most recent and perhaps most significant development is Hills Bank’s purchase of approximately 19.2 acres of the former ACT campus for $20.7 million. The new property will allow the bank to consolidate operational teams under one roof, with dedicated space for training and development. The bank also plans to lease portions of the campus and explore ways to maintain its connection to the broader community.
Hills Bank’s headquarters will remain in the city of Hills.
“This is a thoughtful long-term decision that reflects our continued growth and commitment to remaining an independent, locally-based community bank, while reinvesting in a site that has long been an important part of the Iowa City area,” said Lisa Shileny, president and chief executive officer of Hills Bank and Trust Company. “It positions us to support our employees, customers, and communities well into the future.”
Ms. Shileny’s words capture something larger than a real estate transaction. Hills Bank’s investment is a vote of confidence in the Iowa City market and a reminder that homegrown, independent institutions remain a cornerstone of the regional economy.
Schamberger marks 25 years of regional leadership
The Iowa City/Coralville area owes a considerable debt of gratitude to Josh Schamberger, who recently celebrated 25 years at the helm of the Iowa City/Coralville Convention and Visitors Bureau. Over that quarter century, Mr. Schamberger has distinguished himself as one of the region’s most dynamic and effective leaders, blending economic development, tourism promotion and community building into a coherent and productive vision.
While Mr. Schamberger’s primary focus has been Johnson County, his influence has radiated well beyond its borders across the broader Corridor region.
Leadership of his caliber is not easily replaced, and the region is fortunate that Mr. Schamberger has many productive years ahead. His 25-year tenure is a milestone worth celebrating, and his continued service is an asset that Johnson County and the entire Corridor cannot afford to take for granted.
