Work Officially Underway on New Building Along 1st Avenue in Cedar Rapids

Dirt is already being moved where a new 3-story building will go up along 1st Avenue in Cedar Rapids.

Earlier this week, the shovels went into the ground in the spot a new corporate headquarters is being constructed. The company isn't moving far at all.

Twenty-two years ago, Cedar Rapids Bank and Trust was established in the city, and four years later they moved into their headquarters at the corner of 1st Avenue and 5th Street N.E. The company's new home will be a block up the road. Ground was broken for the project on Wednesday.

The new headquarters of Cedar Rapids Bank and Trust will be a 34,000-square-foot building at 616 6th St. N.E. It will be home to 30 full-time employees, with space to add as many as 85 more. Cedar Rapids Bank and Trust, which has four Cedar Rapids locations and one in Marion, will be the only tenant of the building.

In April, the Cedar Rapids City Council agreed to rebate $1.4 million of the $3.4 million the new building is expected to generate for the city over the next 10 years.

In May, a development agreement was reached with the city. Construction on the new building should be completed sometime in 2024.

The renderings of the new Cedar Rapids Bank and Trust headquarters below were provided by the City of Cedar Rapids.