CEDAR RAPIDS The long-vacant downtown property known as the “Banjo Block” will be the site of what City Council members expect to be a “game-changer” development that will infuse new life into the surrounding area.
On Tuesday, the Cedar Rapids council approved a resolution authorizing the execution of an agreement with Indianapolis-based TWG Development to build a $52 million project with commercial and residential space on the block at Fourth Avenue and Fifth Street SE, which is adjacent to the Cedar Rapids Public Library and Greene Square. The block is named after the Banjo Refrigeration business that operated there.
“I see this as a real keystone development right in that immediate part of the downtown, and it’s a perfect development for an area where you have the library across the street,” said council member Scott Overland. “You’ve got a significant park square almost across the street as well as easy access to all kinds of amenities in the downtown area.