Thirty acres of the former Transamerica site at Edgewood Road and 42nd Street in northeast Cedar Rapids would be used for commercial development, while 19 acres would become home to Cedar Rapids Prep, a new charter school set to open this year.
Preliminary site plans are taking shape for a mixed-use development at the former Transamerica site on Edgewood Road and 42nd Street NE, where more than two years ago some neighbors organized in opposition of a local developer’s proposal and prompted the property’s sale to another developer.
The company, which employs 1,600 people at its southwest Cedar Rapids offices, said "market factors“ are to blame for the layoffs. Last year, the company eliminated more than 100 local jobs.
Aegon Global Services, parent company of Transamerica, filed a Worker Adjustment and Retraining Notification Act, or WARN, listing saying it could eliminate up 55 Cedar Rapids positions by the end of this year.
A buyer has stepped forward to redevelop the 51-acre Transamerica property off Edgewood Road and 42nd Street NE, but specific plans for the site remain to be seen.
Insurance and investment services company Transamerica filed a WARN with Iowa Workforce Development saying it will eliminate 40 positions as of Aug. 15.
Transamerica’s Cedar Rapids campus at Edgewood Road and 42nd Street NE will be auctioned off starting June 20 after previous attempts to sell the site failed.
Though Hunter Companies was under contract to purchase the former Transamerica site, the local developer is not moving forward with purchasing the property.
An initial plan for a mixed-use development at the former Transamerica site that sparked widespread concerns among residents is back on the Cedar Rapids City Planning Commission agenda for consideration Nov. 18. Proposed developer Hunter Companies tabled it last month to gather more input before bringing the plan to the panel.
The developer’s preliminary subdivision plat was originally scheduled for consideration from the city planning commission on Thursday afternoon
Demolition work continues on the Transamerica buildings on Edgewood Road NE in Cedar Rapids
Demolition continued this past week on the former Transamerica buildings in northeast Cedar Rapids.
Demolition is underway on the former Transamerica buildings at 4333 Edgewood Rd. NE, south of Highway 100, in Cedar Rapids.
The exterior demolition will likely begin July 19, contractor says.
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