The historic Iowa River Power building will soon be back in business as a new yet-to-be-named restaurant in Coralville.

Old Gold LLC on Friday announced plans to renovate the historic building for a restaurant opening in late summer 2026 that promises to “revitalize the legacy of one of Coralville and Iowa City’s most beloved establishments” and “combine the classic charm of the previous restaurant with fresh flavors.” opinions.”

501 First Ave. in Coralville. The building housed the Iowa River Power Restaurant for 46 years. Sudden closure in November 2023, when owner Danise Petsel received an unexpected eviction notice.

The new restaurant, whose cuisine is not identified, promises to offer “innovative dishes, seasonal menus and a contemporary yet familiar environment,” according to a news release.

The building will undergo historic renovations and plans are for it to be listed on the National Register of Historic Places. Some of the planned conservation work includes restoring the building’s original glass front façade and replacing windows. A former power plant on the banks of the Iowa River, the building dates back to the early 1900s.

Last month, the Coralville City Council approved tax incentives for historic preservation of the building. Coralville City Manager Kelly Hayworth said the new owner’s plans to restore the building “will pay homage to its past while also securing its future.”

City Attorney Kevin Olsen said the current tax bill on the property is about $88,000. The 100 percent reduction would be for any additional tax revenue.

“The team’s vision for the new design focuses on honoring and preserving the building’s historic architecture while creating a vibrant new dining atmosphere,” Old Gold LLC said in a statement. “The dominant brick walls, steel structure and industrial ruins will create a dramatic contrast with the softer surfaces of the restaurant.”

Old Gold LLC, registered in Illinois, purchased the building for approximately $3 million. Koridor Business Magazine. Managing partner Mark Kaufman, a University of Iowa graduate, is the founder of Athletico Physical Therapy, which has more than 900 locations nationwide.

“The restaurant of the future is more than a business venture. “This is about honoring the past and giving back to a community that means the world to us,” Kaufman said in a statement. “We want to create a homey space where people can come together, celebrate, and connect over great food.”

More details about the restaurant will be announced once the restaurant partner is identified.

The Iowa River Power Restaurant first opened in 1977 after the property changed hands several times between 1971 and 1976 between the city of Coralville and local entrepreneurs. Decades later, Flannigan’s Bar & Grill, an Irish-themed pub, opened next door in the same location. building.

Danise and David Petsel purchased Iowa River Power and Flannigan’s in December 2002. Flannigan’s closed in December 2022After at least 20 years of business life.

The restaurant’s original lease ran from 2002 to 2022. In October 2022, Petsel told KCRG-TV that he chose to exercise his five-year lease renewal option. However, the building’s owner, Randy Ward, said he never bought the house and only had a monthly agreement with Petseller, KCRG-TV reported.

Danise Petsel since I took the menu to Supper Club at The Highlander Hotel in Iowa City, where he opened a new restaurant with Angela Harrington in March.

The Gazette’s Megan Woolard contributed to this report.

Comments: News reporter Elijah Decious can be reached at (319) 398-8340 or [email protected].