SpareMe closes in Iowa City after failed sale of The Chauncey

IOWA CITY — SpareMe, a 2021 opening that combined a bowling alley and arcade with a full line of food and drinks, closed on Nov. 26.

The closure announcement was made just five days before on social media.

The closure comes amid news that the owner of The Chauncey, its high-rise building at 404 E. College St., plans to sell most of the building after a failed sheriff’s sale.

In April, owner GreenState Credit Union foreclosed on the property after a Johnson County judge granted its petition to collect debt for projects by developer Marc Moen totaling about $28 million. The sheriff’s sale also attempted to sell Plaza Towers at 221 E. College St. and Park@201, 201 E. Washington St.

“As a local lender established in Iowa City, we fully understand the prominence of these properties and how they impact the Iowa City downtown area. As a last resort and to protect our members we felt obligated to move forward with the foreclosure process. GreenState will be exploring options and has retained an Iowa-based management team and Johnson County realtor to manage and market the property,” the credit union said in a statement last week.

Megan Woolard and Trish Mehaffey of The Gazette contributed to this report.

Comments: Features reporter Elijah Decious can be reached at (319) 398-8340 or elijah.decious@thegazette.com.

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