The historic Iowa River Power building will once more be filled with diners and the mouth-watering smells of culinary delights.
Old Gold, LLC announced Friday that it plans to open a new restaurant in the brick building that overlooks the Iowa River at 501 1st Ave. in Coralville by summer 2026.
“This new dining experience will marry the classic charm of the previous restaurant with fresh ideas and connections to the local communities,” a release stated, adding that the new dining establishment is “yet to be named.”
The 124-year-old building housed local favorite Iowa River Power restaurant from 1977 to 2024. Previous owners Danise and David Petsel said they were forced to close the restaurant when former building owner Randy Ward served them with an eviction notice in August 2023.
“The previous establishment left an indelible mark on patrons across Coralville, Iowa City, and beyond,” the release stated. “Building on this tradition, the new restaurant will introduce innovative dishes, seasonal menus, and a contemporary yet familiar ambiance, offering guests an updated culinary experience steeped in the history that made its predecessor cherished.”
Illinois-based Old Gold, LLC bought the building in September for approximately $3 million. Managing partner Mark Kaufman is a University of Iowa alum and founder of Athletico Physical Therapy, which has nearly 1,000 locations in the U.S.
“This future restaurant is more than just a business endeavor,” said Mr. Kaufman. “It’s about honoring the past and giving back to a community that means the world to us. We want to create a space that feels like home, where people can gather, celebrate, and connect over great food. Once we have determined our restaurant partner, we look forward to providing further details as they become available.”
According to the release, the building is slated to be on the National Register of Historic Places and Old Gold’s team will be working with State Economic and Preservation offices.
At its council meeting Oct. 22, Coralville city councilors passed a resolution that would approve an amendment to its urban renewal plan that would allow for the city to give tax rebates, with an eye to aiding the preservation of the Iowa River Power building.
“The Iowa River Power building is one of Coralville’s most iconic and visible structures,” said Kelly Hayworth, Coralville’s city administrator, in the release. “Mark Kaufman and Old Gold LLC’s plans to restore and reopen this community treasure will pay tribute to its history while also ensuring its future. I am looking forward to enjoying dinners in this beautiful building once again!”
The company plans to launch an official website and social media presence in 2025, which will provide updates to construction and events.
