Smulekoff’s renovation gets $3.5 million in tax credits

The renovation of Smulekoff's Furniture Store in downtown Cedar Rapids was awarded $3.5 million in historic preservation tax credits.

The Iowa Economic Development Authority announced the tax credits for the renovation Tuesday, along with awards for two other Cedar Rapids buildings. Developer Steve Emerson owns all three buildings.

A $15 million renovation will turn Smulekoff's. a former home furnishings store, into apartments, office and retail space. The 100,000-square-foot building at First Street SE and Third Avenue SE already houses Eastbank Venue and Lounge and Early Bird coffee shop.

Emerson purchased the Smulekoff's building from the city in March 2016. In addition to apartment renters, Emerson previously has said he expects six tenants to occupy the building.

The other Cedar Rapids projects awarded tax credits include Grant Vocational High School, 346 Second Ave. SW, and the Iowa Highway Commission District 6 Building, 430 16th Ave. SW.

Grant Vocational is also known as Cedar Rapids Community School District's former Educational Service Center. Emerson's project there, a renovation including apartments, was awarded $3.1 million in tax credits.

The Iowa Highway Commission Building project, which currently houses a day care, received $383,034.

In total, the state agency awarded $24.1 million to 12 projects across Iowa. The awards are given as a state income tax credit for projects that rehabilitate historic buildings.

Additional projects receiving tax credits included ones in Grinnell, Davenport, Clinton and Des Moines.

l Comments: (319) 398-8366; matthew.patane@thegazette.com