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7 projects get $5.6 million in IEDA tax credits

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Seven projects get 56 million in IEDA tax credits

Former Marion church task at the top, with $1.5 million

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Big stained glass windows enable light-weight in on at the old To start with Methodist Episcopal Church in Marion in April. (Savannah Blake/The Gazette)

Marion’s historic Initial Methodist Church is pictured with tarps on the roof right after it was ruined in the 2020 derecho. (Supplied picture)

Seven financial improvement assignments in the Corridor — which includes renovating a historic church in Marion and building an amusement advanced in Cedar Rapids — have been given a whole of $5.6 million in Iowa Financial Development Authority tax credits, with 3 of the tasks landing $1 million or additional.

Leading the way in greenback volume is 1277 Eighth Avenue LLC for its redevelopment of the previous First Methodist Episcopal Church in Marion, with $1.5 million credit history. A offer to help you save the church arrived with each other at the last minute as its demolition neared.

“You eliminate that making, you shed section of the soul of Marion,” Marion Mayor Nick AbouAssaly advised The Gazette in April. “It’s an legendary composition that allows determine Marion.”

The setting up, made in 1896, most a short while ago was dwelling to the Pentecostals of Better Cedar Rapids.

The point out authority, in granting the credit, mentioned the “project consists of the partial demolition of the former church addition, conserving the historic sanctuary and bell tower for renovation into a new upscale restaurant and brewery, and design of a new six-tale multifamily framework that will deliver 71 new current market fee apartments.”

The tax credit history for the church job is contingent upon submission of financing letters in just a few months.

Initially and 1st LLC in Cedar Rapids, the advancement team working on First and Initially West — an 11-building, $81.5 million enhancement of metropolis-owned land on the west side of the Cedar River — gained a credit rating of up to $1 million. The land at Very first Avenue W and First Road SW, adjacent to Interstate 380, has been vacant considering the fact that the 2008 flood, the authority famous.

Once comprehensive in phases in excess of numerous years, the advancement will provide a mix of restaurants, housing, hotel rooms, a Significant Grove brewery and other makes use of in a signature undertaking that offers a gateway from downtown to the west facet of the river.

A rendering of the Very first by Very first West combined-use enhancement capabilities a Significant Grove Brewery and other venues. (Courtesy city of Cedar Rapids)

Also awarded up to $1 million in tax credits is DOMOV LCC, for razing of structures and design of blended-use buildings at the former Loftus Lumber site, 900 Third St. SE, in the New Bohemia District.

Dave Drown, president of GLD Commercial, is seeking to rework the lengthy-vacant block on the most important avenue connecting downtown Cedar Rapids and NewBo with an about $36 million combined-use making that will include 186 rental models, retail spaces, a rooftop patio and parking.

Drown gave the land an additional shot at redevelopment just after earlier designs faltered amid a authorized dispute between the O’Connell loved ones, who owns the land, and beforehand proposed developer Richard Sova of Illinois-based Landover Corp.

The other jobs in the Corridor that acquired brownfield and grayfield tax credits from the authority, which fulfilled final Friday, had been:

  • LTRI LLC — $900,000 towards redevelopment of primarily vacant land, from 1218 to 1310 Third St. SE, also in the New Bohemia District in Cedar Rapids, for a 4-tale mixed-use developing. Chad Pelley is spearheading the improvement team looking to remodel the land up coming to a parking whole lot adjacent to Brewhemia and The Olympic South Side Theater with commercial place, parking and 34 residential units renting at market amount.
  • Williams Synergy Group — $850,000 for redevelopment or razing of a few derecho-harmed structures at 507 Eighth Ave. SE in Cedar Rapids, to develop space for an OB/GYN place of work creating.
  • Fashionable Residence Builders — $251,000 to tear down a vacant travel-via lender, at 1627 Hamilton St. SW, Cedar Rapids, to make place for 4 triplexes.
  • Butterfield Holdings LLC — $100,000 for redevelopment of a commercial creating at 1003-1007 Sixth St. SE, in the Oakhill Jackson neighborhood of Cedar Rapids, into a four-unit condominium.

In accordance to the condition authority, brownfield web-sites are “abandoned, idled or underutilized industrial or industrial qualities wherever genuine or perceived environmental contamination prevents effective expansion or redevelopment.”

Grayfield web-sites are described by the authority as “abandoned community buildings, industrial or commercial attributes that are vacant, blighted, out of date or normally underutilized. A grayfield has been made and has infrastructure in location, but the property’s current use is out-of-date or stops a greater or additional productive use of the property.”

Marissa Payne of The Gazette contributed to this report.

Comments: (319) 398-8307 michaelchevy.castranova@thegazette.com.

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