Construction set for project on Banjo Block

Indianapolis-based real estate developer TWG will begin construction this month on Annex on the Square, a $49 million mixed-use, mixed-income, multifamily project on the so-called Banjo Block in the 500 block of Fourth Ave. SE in Cedar Rapids.

TWG, owner and general contractor of the property, said Thursday it will reserve 202 units for residents earning up to 60 percent of the area median income, with 22 units at market-rate.

The Cedar Rapids City Council in January agreed to reimburse up to 100 percent of the incremental taxes generated by the project, up to $6.5 million or until the city makes 16 tax increment payments.

Work is expected to be finished in January 2024, the company said.

A groundbreaking and demolition is set for Wednesday, Dec. 15.