CORALVILLE, Iowa (KCRG) – Old Gold, LLC announced Friday that it plans to open a new restaurant at the former site of the Iowa River Power Restaurant in Coralville.

The new, unnamed restaurant is expected to open in late summer 2026, Old Gold said.

Iowa River Power Restaurant, a beloved spot in the Iowa City area, closed its doors last year after more than 45 years in business.

In a press release, Old Gold said the new restaurant will seek to bring back the essence of the original location.

Old Gold, LLC said the new restaurant will “offer innovative dishes, seasonal menus, and a contemporary yet familiar environment, offering guests an updated culinary experience that builds on the history cherished by its predecessor.”

“The restaurant of the future is more than just a business endeavor,” said Mark Kaufman, Managing Partner of Old Gold, LLC. “This is about honoring the past and giving back to a community that means the world to us. We want to create a homey space where people can gather, celebrate, and connect over great food. “Once we identify our restaurant partner, we look forward to sharing more details as they become available.”

Coralville City Council members in October approved tax incentives Making improvements to the Iowa River Power building to ensure that any work helps preserve the old power plant owned by Old Gold, LLC.

“The Iowa River Power building is one of Coralville’s most iconic and visible structures,” said Coralville City Manager Kelly Hayworth. “I look forward to enjoying dinner in this beautiful building once again!”

Old Gold, LLC announced plans to launch an official website and social media presence for the new restaurant in 2025.

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