New Restaurant Coming to Historic Iowa River Power Building

The Iowa River Power building in Coralville was once a go-to spot for fine dining in the Corridor. Thanks to new ownership, the historic building will be again.

The 124-year-old Iowa River Power building was the home of the Iowa River Power restaurant from 1977 to 2024 according to the Corridor Business Journal. But the previous owners, Danise and David Petsel, say that they were forced to close the restaurant when building owner Randy Ward served them with an eviction notice in August of 2023. Enter Old Gold LLC, who purchased the building for $3 million in September.

Last week, Old Gold LLC announced plans to bring a restaurant back to the Iowa River Power building. The Corridor Business Journal reports that the new restaurant overlooking the Iowa River at 501 1st. Ave. in Coralville hopes to be open by the summer of 2026. A press release states that this " new dining experience will marry the classic charm of the previous restaurant with fresh ideas and connections to the local communities." The new restaurant has yet to be named.

The Corridor Business Journal also reports that the Iowa River Power building is set to be put on the National Register of Historic Places. That means the Old Gold LLC will need to work with state economic and preservation offices in any renovation efforts. The company stated that they plan on launching a website and social media presence in 2025 to provide updates on construction and events according to the Corridor Business Journal.

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