NewBo’s Olympic Theater going up for sale

The Olympic South Side Theater will remain open while its owners look to sell the music and event venue in Cedar Rapids’ New Bohemia neighborhood.

“We’re really excited to see the next version, to pass the torch to the next person and see the direction they go in,” co-owner Steve Shriver said.

Concerts and events already booked will go on as scheduled while Shriver and Eric Engelmann seek a new operator.

“We have events booked into 2026, and we will continue to book events,” Shriver said. “This is not us closing down. We’re still open for business.”

Shriver and Engelmann opened the Olympic, in the historic ZCBJ building at 1202 Third St. SE, in March 2020 — just as COVID-induced restrictions on public gatherings took effect.

“We definitely got off to a rough start,” Shriver said. “The month we opened was the month the pandemic started. It made it super challenging to manage an event space, but once the pandemic passed, we saw a massive upswing in business. Everyone was so eager to get out.”

Shriver, founder and CEO of skincare product manufacturer Eco Lips and outdoor gear retailer SOKO Outfitters in Czech Village, said the Olympic has proved viable but he and Engelmann need time to manage their other interests. Engelmann is founder of Geonetric, the New Bohemian Innovation Collaborative, and the Iowa Startup Accelerator.

“Our goal was to create a vibrant community space that’s used for all types of events,” Shriver said. “It was more of a community passion project. We’re looking to hand it off to someone who can give it a little more attention and continue to serve the community.”

The Olympic’s new owner will operate under lease. Shriver and Engelmann own the building, built in 1908 as a social center for Czech immigrants and to house the offices of Západní Česko Bratrská Jednota (ZCBJ), or the Western Bohemian Fraternal Association, a life insurance provider.

The building also houses Shriver’s Brewhemia coffee shop, the offices of developer and property manager Watts Group, and an idled restaurant on the 12th Avenue frontage, most recently LaCayo. The restaurant space is also up for lease and “is completely turnkey,” Shriver said.

The 12,000-square-foot theater hosts weddings, corporate gatherings and live entertainment. With two full-time and five part-time staff, the Olympic has seating for around 300 people and standing room for up to 600, plus a cocktail lounge.

“We’ve grown 25 percent year-over-year,” Shriver said. “The opportunity is there, the revenue is there, we’ve got a great staff. We recently upgraded the sound system, and we’ve made some upgrades to the bar. It’s never looked better.”