32% of Total Brownfield/Grayfield State Funding Awarded to Cedar Rapids Metro Projects

Oct 20, 2017

The Iowa Economic Development Authority (IEDA) board today approved 20 applications submitted for the Brownfield/Grayfield Redevelopment Tax Credit Program. The program provides tax credits based on a percentage of eligible expenditures for redevelopment projects on qualifying properties. The Cedar Rapids Metro Economic Alliance assisted 13 local projects by preparing the applications, securing letters and submitting the applications to IEDA. Seven local projects were approved for funding for a total of $3.5 million.

The IEDA received a total of 42 applications submitted with a total ask over $35.5M, each vying for a portion of the total $10 million in actual funding. The Cedar Rapids project awards announced represent 32% of the total funding pool of tax credits for the program.

“The IEDA’s Brownfield/Grayfield program provides much needed support and is a true success story for the state of Iowa as an incentive program that helps move forward worthy projects,” said Doug Neumann, Executive Director of the Cedar Rapids Metro Economic Alliance. “The IEDA board recognized the potential in each of these projects in Cedar Rapids and we look forward to seeing them completed.”

The projects the Economic Alliance assisted that will be receiving funding are as follows:

  • ArtTech Building B: Awarded: $800,000
    • 455 16th Ave SE, Cedar Rapids. The $30 million ArtTech Village will be comprised of two floors of 60,824 square feet of commercial (office) and retail space, with three floors of residential housing above. The residential floors will total over 113,000 square feet and create 104 apartments. The project will include underground and surface parking.

  • 6th Street Project, Awarded: $77,640
    • 1400 6th Street SW, Cedar Rapids. The 4,200 square foot single story retail strip mall with three bays will be positioned to align with current neighboring building on 6th street. The anchor tenant will be a Subway dining shop with a unique modern/urban interior design. One side of the building will face 6th street and the main entrance will face the parking lot to the west.
  • Dows Building, Awarded $400,000
    • 200 2nd Ave. SE, Cedar Rapids. The Dows Building, a contributing structure within the downtown historic district, has suffered chronic vacancy of its upper floors. An eight-story office building built in 1910, it encompasses 66,445 square feet. The project encompasses levels four through eight and space will be reconfigured into six quality, market-rate housing units per floor, for a total of thirty new living units.
  • Alberts Auto Site, Awarded $750,000
    • 417, 421, and 427 1st Ave SE, Cedar Rapids.
  • Smulekoffs Warehouse, Awarded $500,000
    • 411 6th Ave. SE, Cedar Rapids. The 1922 warehouse is four stories and encompasses 75,880 square feet. All four levels will be converted to open office, highlighting the concrete columns and exposed structure. The site will be redeveloped with resurfaced parking and a patio adjacent to the bike trail.
  • Marion Iron, Awarded $750,000
    • 2700 7th Ave./26th Street & Adjacent, Marion. New construction on the previous Marion Iron site in Marion will include the additional of a 3-story Class A office/medical services structure of approximately 70,000 square feet m/l. The flexible space will be designed to create a plaza style feel with the vision of supporting medical or mediacal ancillary services or other higher end office needs int he area.

  • The Knutson Building, Awarded $278,565
    • 525 H St SW, Cedar Rapids. Hobart Historic Restoration is converting the former vacant, industrial building into 18 luxury apartments to help fill the need for market-rate housing in the downtown and Kingston neighborhoods. The site is undergoing environmental remediation/mitigation and has entered into an agreement with the Department of Natural Resources Land Recycling Program. Full construction, following the Secretary of Interior Standards for Rehabilitation, began in the spring of 2017 and is planned to be complete this winter.

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