Downtown Cedar Rapids redevelopment project gets city council’s OK

CEDAR RAPIDS — The Cedar Rapids City Council approved an agreement this week that will provide incentives for the redevelopment of the former downtown Wells Fargo building.

The building, at 150 First Ave. NE, has been vacant for nearly a year. Wells Fargo announced in March 2024 it planned to close banking operations at its downtown branch and transfer employees to other offices.

In December, Midwest Equity, a private equity real estate investment firm, announced its plans to relocate its operations from the Skogman Companies building at 417 First Ave. SE, to the former Wells Fargo building.

The Tiffany Earl Williams Team of Skogman Commercial also will move to the new location, expanding its commercial brokerage practice with Skogman Commercial.

The developer, 150 1st LLC, will invest at least $11 million on a “total renovation” of the 42,000 square foot building. The work will make the building LEED certified. It will remove the building’s recognizable rust-colored metal exterior and it will make a rooftop patio for employees.

Construction is scheduled to begin this month and be complete by January 2026. Under the agreement, the city will reimburse the increased taxes generated by the project to cover the cost to achieve LEED certification. That equates to a maximum 10-year, 100 percent reimbursement.

The project is expected to generate $900,000 in increased costs, which would be eligible for reimbursement to cover LEED costs.

The city estimates the project will create 15 jobs and retain 12.

The city council’s approval of the agreement with 150 1st LLC came after no one spoke at a public hearing on the proposal.

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