Former bank in heart of New Bohemia is sold; upscale dining and a bar and grill on tap

CEDAR RAPIDS - A new non-profit entity, the Neighborhood Development Corp., is about a year old now, and it came to be with an infusion of $1.5 million in state funds and a mission to help drive the redevelopment of commercial and residential property in the city's older neighborhoods.

Last July, the corporation's local board and its executive director, Carol Bower, purchased the flood-damaged Village Bank & Trust Co. building at 1201 Third St. SE in the New Bohemia district.

At the time, Bower said the corporation's preference was for another bank to buy the building and redevelop it, but she said other options could work as well.

Another option now has worked out.

On Wednesday, the development corporation will close on the sale of the property to what Bower on Tuesday evening described as “a new restaurant group.”

She said the group plans on opening a restaurant for “upscale dining” in the main bank and to open a bar and grill on the building's south side.

“The sale of the bank meets the overall mission of the NDC in that it provides neighborhood revitalization, has qualified for and received historic tax credits to help rehabilitate the historic building and will provide approximately 80 new jobs in the neighborhood,” Bower said.

She said she and the new owners will be at the former bank at 3 p.m. Wednesday to hang the “Sold” sign out front.