Downtown District Purchases Blighted Siegel Property for Redevelopment

Cedar Rapids, IA-

The Cedar Rapids Downtown District has purchased the former Siegel jewelry shop building at First Street and Third Avenue SE, which has been abandoned since the Flood of 2008.
 

The Downtown District plans to demolish the building and install surface parking spaces until a long-term redevelopment plan is complete for the property and potentially for additional properties on that half-block in the heart of downtown. The area also will be aesthetically improved.

The call to action from the Downtown District stems from the strategic redevelopment potential of the property, as well as that the dilapidated condition of the current building was having negative consequences for neighboring businesses and property tax valuations.

“With this purchase, we can remove another of the most visible remaining scars from the flood, and position the property for future projects that will increase the potential for a large scale, complete redevelopment of the block,” Downtown District President Doug Neumann said.

The ability of the non-profit Downtown District to purchase the property was aided by an I-Jobs grant the City of Cedar Rapids received from the state for blighted property acquisition downtown. The City and Downtown District will partner on the ultimate redevelopment of this area.

The purchase of blighted and strategic property for redevelopment also is one of the Downtown District’s top priorities for 2010, as ranked in surveys by downtown stakeholders. A complete list of strategic priorities for 2010 for the organization can be found at www.downtowncr.org.

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