Iowa River Power Building in Coralville Has a New Owner

The historic Iowa River Power building in Coralville has a new owner and a new future.

The Corridor Business Journal reports that a business with an Illinois address, Old Gold LLC, purchased the building for approximately $3 million. The address of the business is associated with Mark Kaufman, a University of Iowa graduate and the founder of Athletico Psychical Therapy, which as nearly 1,000 locations across the U.S. according to the CBJ.

The CBJ also reports that the city of Coralville is also looking into possible tax rebates to help in the building's renovations. At its meeting on October 22nd, the city passed a resolution that would approve an amendment to its urban renewal plan that would let the city hand out tax rebates according to the CBJ. According to the Johnson County Assessor, the rebates would apply to anything over the current property tax bill of $70,000.

The building located at 501 1st Street in Coralville, was the home of Iowa River Power restaurant from 1977 to when it closed in late 2023. According to the Cedar Rapids Gazette, former building owner Randy Ward served restaurant owners Danise and David Petsel with an eviction notice in August of 2023. The restaurant closed on November 26th, 2023. According to the CBJ, the new owners of the building could not be reached for comment.

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