116 3rd St SE
Cedar Rapids, Iowa 52401
CEDAR RAPIDS - After leaving downtown Cedar Rapids to move to Marion in 2000, Berthel Fisher and Co. will move its headquarters back to Cedar Rapids, relocating to the southeast corner of 42nd Street and Edgewood Road NE.
On Tuesday, the Cedar Rapids City Council supported a resolution directing City Manager Jeff Pomeranz to negotiate a five-year, 100-percent property-tax break for the new project.
The city estimates that the incentive package will save the $12 million development $1.596 million in property taxes over five years.
The 67,000-square-foot mixed-use development is expected to generate $4.788 million in new property taxes in the 15 years after the five-year incentive period ends.
Berthel Fisher plans to break ground on the project in late October and hopes to occupy the office building by late 2015 or early 2016. It has contracted with Hunter Companies of Cedar Rapids to construct the building.
The complex will include 35,000 square feet of office space as well as space for retail and restaurants.
Berthel Fisher said the new building will allow the company the ability to expand its proprietary technology services as well as offers it flexibility for future expansion of up to 50,000 square feet.
Thomas Berthel, the company's CEO, said the project also gives Berthel Fisher's 85 full-time employees additional amenities and will help with its recruiting efforts.
'Berthel Fisher & Co. is pleased to be moving forward on its new corporate facilities in Cedar Rapids,” he said in a news release. 'We believe the new national headquarters, located in the Berthel Fisher Financial Center mixed-use development, will meet our expectations to accommodate our long-term expansion plans.”