The former home of Guaranty Bank in downtown Cedar Rapids is part of a nearly 51-million dollar redevelopment that also includes it being transformed into a hotel. Another new hotel could be built nearby.

Plans call for the now-vacant six-story building, at the corner of 3rd St. and 3rd Ave. SE, to be made into a hotel with a restaurant on the ground floor. The World Theater building would also become part of the hotel, which would have 75 rooms. The Iowa Economic Development Authority board gave the project the green light. They approved up to $1 million in tax credits and renovation costs.

It's called a Grayfield credit, and according to the Gazette, they are used to fund "the redevelopment of sites with abandoned public buildings, or vacant, blighted or underused industrial or commercial properties, according to the development authority."

Actually, much of the entire block of Third Avenue, Third Street, and Second Avenue to the Fourth Street SE railroad is going to be redeveloped for the project. Plans also call for another hotel, in a brand new building nearby. It would be a nine-story building that would feature a total of 126 rooms.

The Witwer building, where White Star Ale House is located, is not part of the development.

[Via Gazette]