CBJ Report: Two NewBo City Market vendors expanding south
NORTH LIBERTY, Iowa (CBJ) —
Every week, the Corridor Business Journal shares stories it's working on with CBS 2 News. Here are some of their top stories that will appear in Monday's edition of the CBJ.
Two vendors at NewBo City Market are set to head south area in the coming months. Dumpling Darling is slated to open a new restaurant in downtown Iowa City some time in March. The space will be located on Iowa Avenue between Takanami and the Blue Moose, and will offer an expanded menu compared to its NewBo location.
Also coming is Maggie's Wood Fired Pizza, which will open in University Heights. Maggie's will be the first restaurant in the One University Place development, and is targeting a grand opening May 1.
Both restaurants expect to retain their current spots at NewBo, where they've been for the past few years.
Benefit administrator Auxiant is planning an extensive renovation and expansion of its Cedar Rapids office. Officials said the project will add close to 10,000 square feet at its space on First Avenue. That will include more offices, health services, a game room and a new lobby. The space was formerly home to Cedar Rapids Metro Economic Alliance, but was acquired by Auxiant after sitting vacant for two years.
The company finds itself on a bit of a growth streak, having recently added office space in Milwaukee and Madison as well. The renovations here expected to be complete this summer.
A new analysis of Iowa City's rental market says lower rents could be on their way.
Casey Cook of Cook Appraisal said in a new analysis that the city could see an oversupply of more than 2,000 rooms by the end of 2018. That comes as developers and the university have raced to add units amid higher demand.
That level of oversupply could push the vacancy rate toward 9 percent, which is three to four points higher than a balanced rental market, Cook writes. That could flatten out rents, which would be good news for renters, but not necessarily for landlords. Will be interesting to watch as development progresses.