Former Transamerica Site in Cedar Rapids Going to Auction
A prime piece of real estate in northeast Cedar Rapids will likely soon have a new owner.
The former Transamerica site at Edgewood Road and 42nd St. will soon hit the auction block. That follows many of the employees of the buildings at the location being vacated prior to the August 2020 derecho. All of the buildings have been empty since, some due to damage from that horrible storm. Only two office buildings (in the photo above) remain of what was once a campus bustling with activity. The Google Earth image below shows how many people once worked at the site.
The photo below shows the three buildings that remain on the expansive property. To say it looks a little different now would be a serious understatement.
It's now been more than a year since we told you the buildings on the site would be demolished. Last October, the Cedar Rapids Planning Commission considered a plan for the 51.5-acre site from Hunter Companies. Following the voicing of concerns from area residents, Hunter Companies ended up rescinding their plans for the site in November. Another development group also decided against moving ahead with plans. Since then, things have been quiet, though some additional demolition did continue at the site.
Now, the property will be auctioned online by Ten-X. The 3-day auction will be held here June 20 through 22 and has a starting bid of $1.75 million. The Corridor Business Journal says there is a minimum reserve price required to buy the buildings and property, but that dollar amount has not been announced. When the property was listed for sale in March of 2021, the asking price was $20 million.
Mike Esker of Coldwell Banker, the local real estate company for the property, told the Corridor Business Journal that a number of possible "local, regional, and national" buyers have recently expressed interest in purchasing the property.