Former Wells Fargo building in downtown Cedar Rapids to be repurposed as real estate office

$11 million plan will remodel building for Realtor Tiffany Earl Williams headquarters

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A rendering of the $11 million redevelopment plan for the former Wells Fargo Bank building at 150 First St. NE. CREDIT CITY OF CEDAR RAPIDS

Local Realtor Tiffany Earl Williams and the firm she founded, Midwest Equity Group, are planning an $11 million redevelopment of the former Wells Fargo Bank building in the heart of downtown Cedar Rapids.

The building, at 150 First St. NE, has been vacant since March, after Wells Fargo announced it was closing its bank branch in the building. It had been mostly vacant for several years.

At its meeting Dec. 17, the Cedar Rapids City Council voted unanimously to approve a resolution for city financial incentives for the Wells Fargo redevelopment project. According to council documents, the incentives will reimburse the increased taxes generated by the project to cover the increased cost to achieve LEED certification, up to a 10-year, 100% reimbursement.

Based on the investment and estimated post-development value, the project is expected to generate $900,000 in increased costs, which would be eligible for reimbursement to cover the incremental LEED costs.

The project itself, which will including a renaming of the building to the 150 Corporate Plaza, will comprise an extensive renovation of the 42,000-square-foot building, adding an active rooftop patio, to serve as the headquarters for the Midwest Equity Group, the private equity real estate investment firm co-founded by Ms. Williams in 2016.

Midwest Equity is currently headquartered in the Skogman Companies building downtown. The Tiffany Earl Williams Team of Skogman Commercial will continue and expand its commercial brokerage practice with Skogman Commercial at the new building, according to a release from Midwest Equity.

Midwest Equity specializes in the ownership and management of high-quality commercial properties throughout the Midwest and Southeast.

“It’s been exciting to watch Midwest Equity grow and expand its investment portfolio,” said Skogman companies president Chris Skogman. “Moving to a larger space is a win for Cedar Rapids and will facilitate additional growth in the future. We also appreciate the commitment by the Tiffany Earl Williams Team to remain part of Skogman’s market-leading commercial real estate group.”

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An active rooftop patio is part of the $11 million redevelopment plan for the former Wells Fargo Bank building at 150 First St. NE. CREDIT CITY OF CEDAR RAPIDS

The project will retain 12 existing jobs and create 15 new jobs, according to council documents. Construction is set to begin in February 2025 and be completed by January 2026.

Council members were enthusiastic about the project.

“This is a very recognizable piece of property in Cedar Rapids,” councilmember Ashley Vanorny said, “but it is exactly the kind of project that gets me excited, because it’s repurposing something that wasn’t being fully utilized. It’s adding street value, so that it’s visibly pleasing, but it also adds that utility. We talk ad nauseum about having this 360 design, but this is what I’m talking about. It does take some love, it does take some investment, but you’re taking an existing building and refurbishing it and bringing it up to the highest standards, and then also giving back to the downtown in a way that, you know, brings people into it and helps to activate it.”

“This building has been underused and has not changed any, either inside or out, for a long time,” councilmember Scott Overland added. “It’s good to see it reinvigorated, making some investment, probably even getting some of the dents out of it for that matter on the first floor. It’s  a very highly visible location, and I’m very pleased that the real estate group is taking this on to breathe new life into it.”