Five Cedar Rapids redevelopment projects have qualified for state tax credits, the Iowa Economic Development Authority (IEDA) announced Thursday, Nov. 2.
“We’re pleased with the announcement,” said Caleb Mason, economic development analyst for the city. “These funds are critical for these redevelopment projects to occur.”
“These projects have to compete for funding and to win FIVE awards is a testament to our developer community and the mayor and council for providing local support,” Ron Corbett, vice president of economic development for the Cedar Rapids Metro Economic Alliance, wrote in an email. “The awards are essential to all these conversion properties. We thank the state legislature and governor for funding this impactfully program.”
The credits were approved Oct. 20 at IEDA’s monthly board meeting.
Three projects qualify for brownfield grants, for “abandoned, idled or underutilized industrial or commercial properties where real or perceived environmental contamination prevents productive expansion or redevelopment:”
- Aspect Investments, LLC plans a $6,615,000 project to redevelop the former Dragon Phoenix restaurant at 329 Second Ave. SE. The first floor of the three story, 1897 building will be commercial space, with 13 high-end market rate apartments above. The Brownfield Redevelopment Advisory Council recommended a tax credit of up to $600,000.
- Aspect Investments also plans to renovate the former Guaranty Bank, 222 Third St. SE, and neighboring World Theater building for $30,950,000. Plans call for six commercial bays on the first floor of the Guaranty Building, with 80 market-rate apartments above. The former World Theater would become an event center. The tax credit is worth up to $1.5 million.
- KN Properties 15, LLC plans a $3,318,000 project to renovate this vacant two-story building at 611 Second Ave. SE into a first-floor restaurant with market-rate apartments above. The project qualifies for a maximum tax credit of $300,000.
Two projects are grayfield sites, “abandoned public buildings, industrial or commercial properties that are vacant, blighted, obsolete or otherwise underutilized:”
- Rubrik Holdings, LLC will receive up to $207,706 in tax credits toward the planned $1,836,000 renovation of the former Wells Fargo bank building, 1755 First Ave. SE, into dental offices
- Modern Home Builders, LLC qualifies for up to $400,000 in credits toward the planned $4.1 million construction of a two-story mixed-use building with a restaurant and 10 detached residential units on the former US Bank parking lot at 123 16th Ave. SW.
