A Transformational Project Breaks Ground in Downtown After Years of Anticipation

“It’s going to help transform our downtown, and with the synergy that it’s going to bring to the heart of the city, I can guarantee that when you come back here five, six years from now, our downtown is going to be different than anybody could have imagined,” says Cedar Rapids Council member Dale Todd.

On December 15, 2021, City leaders and national real estate developer, TWG, took a sledgehammer to a project they’ve been working to get started on for many years. 515 Fourth Avenue SE was once the operation site of the Banjo Equipment Company, and is now the future location of an exciting new housing project. Called “The Annex on the Square,” the project is a $49 million four-story, mixed-use, multifamily development that will bring much needed housing to the downtown area. This approximately 200,000 square-foot project will have a mix of commercial space and more than 200 residential units serving a variety of income levels.

“It’s a win-win for the community and a really exciting improvement for all,” City Manager Jeff Pomeranz told The Gazette.

Then mayor of Cedar Rapids, Brad Hart, said workforce housing has been a major focus for the city, and this provides an opportunity to address that need and bring more units online. “This development will be a showcase for our community,” he said.

It’s truly a transformational project for Downtown Cedar Rapids that has been brought to life by the patient and hard-working collaborative efforts of many. The anticipated completion date is set for January 2024.