Three Cedar Rapids Projects Awarded Brownfield/Grayfield Redevelopment Tax Credits
Nov 07, 2019
The Brownfield/Grayfield redevelopment tax credit, awarded by the Iowa Economic Development Authority, offers sites the ability to transform into a new or repurposed space to revitalize an area, generate revenue or attract new visitors. Three Cedar Rapids projects were recently awarded Brownfield/Grayfield redevelopment tax credits.
Vernon Heights Estates - 2000 Mount Vernon Road SE
This $9.5 million project will redevelop the former Ambroz Recreation Center. The building was constructed in 1903 and first housed Buchanan Elementary School. In the 1970s, the City of Cedar Rapids took ownership of the building and it eventually became the Recreation Center. When the new Northwest Recreation Center opened last year, staff and programming moved and Ambroz closed. Earlier this year, the City released a Request for Proposals for redevelopment of the property.
Forest and Fish Development will redevelop the existing building in 55+ living facility with 11 condo units with upgraded all new energy efficient windows, HVAC units and roofing systems while still maintaining its historical architectural importance. A new building will be constructed that will include 18 condos on three floors and below grade parking that will connect with the existing building.
1st Avenue and 15th Street SE
This $1.7 million project (shown above) is a redevelopment site on which a commercial building sat vacant after a fire. A new 11,125 square foot commercial building will be created that can be subdivided into six storefronts.
This project continues development currently seen in the College District, following the recently constructed College Commons, a mixed-use development space.
101 Third Avenue SE
This $75.9 million project will develop a site that was formerly comprised of three commercial buildings that sustained severe flood damage in 2008 in Downtown Cedar Rapids. Today, the site is a parking lot. The proposed project next to the Paramount Theatre is for the construction of a 25-story building with a grocery store on the first level and a parking garage above for the grocery patrons and upper floor residents of the anticipated 120 apartment units.
The Cedar Rapids Metro Economic Alliance was proud to assist all three of these projects with their applications to the Iowa Economic Development Authority. If your business has an upcoming expansion or redevelopment and/or plans to create new jobs in 2020, you may qualify for assistance from the state. Contact Local Business Project Specialist, Mike Lukan at firstname.lastname@example.org.