CR, Vinton projects get $2.8M in brownfield tax credits

Proposed Banjo Flats project in Cedar Rapids. CREDIT: TWG Development

Iowa Brownfield/Grayfield Redevelopment Tax Credits to support five redevelopment projects in Cedar Rapids and one project in Vinton were announced on Friday.

The largest award was a $1 million brownfield tax credit to The Hub LLC to demolish portions of the Main Building of the former Terex Corp. plant at 916 19th St. NE and redevelop the site. Part of the building known as the crane bay will be renovated into 30 loft dwelling units and ground floor parking spaces, and two new five-story multifamily buildings totaling 102 units will be built at the site.

Other project awards announced Friday:

• TWG Development of Indianapolis was awarded $900,000 in brownfield tax credits to demolish and redevelop remaining buildings in the “Banjo block,” located in the 400 block of Fourth Avenue SE, into a five-story complex with 244 market rate apartments, 186 parking stalls and various amenities.

• The Willis Dady Emergency Shelter was awarded $550,000 in brownfield tax credits to redevelop the former Chandler Pump warehouse at 707 B Ave. NW, Cedar Rapids, into a multi-use space that will provide employment services on the main level and 14 units of supportive housing for homeless people or those at risk of becoming homeless

• OFB LLC was awarded $100,000 in brownfield tax credits to develop a four-unit row home project on a triangular parcel along railroad tracks behind NewBo City Market. At 1001 Fifth St. SE, Cedar Rapids.

• The Ellis Group was awarded $50,000 in brownfield tax credits to develop a restaurant at 615 K Ave. NW, Cedar Rapids.

• In Vinton, Hobart Historic Restoration was awarded $100,000 in brownfield tax credits to redevelop a hospital building constructed in 1905 on the former Iowa Braille and Sight Saving School Campus into a 3,200-square-foot brewpub.

The Cedar Rapids Metro Economic Alliance, a longtime advocate for the Brownfield/Grayfield Redevelopment Tax Credit Program, says 26 area projects have received a total of $15.07 million in awards under the program in the past five years. The $2.8 million in tax credits that six Corridor projects received Friday made up 28% of total total awarded statewide.