Cedar Rapids Metro Economic Alliance hosting competition for business space downtown

A “space race” is taking place in Cedar Rapids, but instead of leaving this planet, the winner gets to move their local business to downtown Cedar Rapids.

The program, a partnership between the Downtown Self-Supported Municipal Improvement District and Cedar Rapids Metro Economic Alliance, will give the winning business $20,000 toward “rent and build-out” at a selected property in downtown Cedar Rapids.

The application portal opened Wednesday and closes June 30. Applicants can head to raceforthespacecr.org and click “apply now.”

Along with the $20,000, the selected business will also receive a $7,500 credit toward architectural design services and support with Form Function Studio as well as a complimentary eight-week owner education course provided by BerganKDV.

“It’s been a difficult two years with the pandemic and the derecho, but downtown Cedar Rapids has seen incredible momentum,” said Jesse Thoeming, downtown executive director, in a news release. “With new housing opportunities, expansion of large employers, thriving cultural amenities, and growing attendance to downtown events, now felt like the right time to keep that momentum going by seeking out the next exciting, must-see, new downtown hot spot in the district.”

The contest rules state that any type of business can apply, including businesses looking for a second location. Finalists in the program will have to present their business at an event inspired by the television show “Shark Tank.” A winner will be announced in August. The winner will be able to move into the space in the fall.

“In a world that is increasingly shifting to online interactions, we’re looking for someone with a big idea that will draw people to downtown Cedar Rapids which will lead to more foot traffic for existing businesses and our cultural attractions,” Thoeming said.

For additional information, contact Thoeming at jthoeming@cedarrapids.org or Communications Director Nikki Wilcox at nwilcox@cedarrapids.org.

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