Guaranty Bank redevelopment nets $10M in historic tax credits

CEDAR RAPIDS — An ongoing effort to revitalize an iconic Cedar Rapids building has received a $10.5 million boost in the form of state-issued historic preservation tax credits.

The state on Tuesday announced the award as part of a larger $23 million investment into projects statewide. The program is maintained by the Iowa Economic Development Authority, which awards the credits annually to support the preservation of historic buildings.

“Historic preservation is economic development,” IEDA Director Debi Durham said in a news release. “When we restore these buildings, we’re protecting the stories and craftsmanship that shaped Iowa while creating new opportunities for housing, business growth and community vitality.”

Nearly half of this year’s historic tax credits are earmarked for redevelopment of the former Guaranty Bank building at 222 Third St. SE in downtown Cedar Rapids, where developer Steve Emerson is pursuing a mixed-use project.

The development will create 70 market-rate apartments on the building’s upper levels, alongside several first-floor commercial spaces.

Plans call for keeping the building’s historic features while incorporating modern and high-end efficient finishes. Overall investment is estimated at $40 million with project completion expected in the summer of 2026.

“It’s an incredible project,” Emerson said. “The main floor is going to be commercial services of some sort, and then the apartments upstairs can serve downtown residents or … long- and shorter-term corporate housing for travelers.”

Brucemore receives funding for ‘servants’ village’

Brucemore Inc. was the only other Linn County entity to receive the historic tax credits this year. The organization received $335,122 to support the restoration of three early 1900s “servants’ village” structures at the historic estate.

The Cedar Rapids attraction is Iowa’s only National Trust Historic Site and offers regular public education, tours and cultural programming.

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