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Developer Mark Kaufman outlines multi-concept plan to restore Iowa River Power Company building
Summary
Mark Kaufman told Greater Iowa City attendees he acquired the historic Iowa River Power Company building and plans a phased, historically sensitive redevelopment with a riverfront restaurant, coffee-bakery loft, event space and rooftop deck; he cautioned the timeline is uncertain and work uncovered unexpected construction issues.
Mark Kaufman, an Iowa City alumnus and founder of Athletico, described to the Greater Iowa City annual meeting his vision for the Iowa River Power Company (IRP) building after acquiring the property. Kaufman traced the site's history — a grist mill dating to 1844 that later became an electric light company — and said the property is a composite of three connected buildings with distinct eras of construction.
Kaufman said his development team includes regional historic-practice architects and engineering partners and that structural and basement work during demolition uncovered more complexity than expected. He walked attendees through conceptual plans: a wheelhouse bar/restaurant with four-to-ceiling windows facing the river, a first-floor coffee shop and bakery with a second-floor loft, and a rooftop event and "cigar cocktail" club with a rooftop deck and event space. He noted interior finishes will aim to be historically sympathetic and described exterior restoration (tuckpointing, window replacement) to return the building to a cleaner, historic look.
"We're uncovering some things we didn't count on and, I'm fully committed to bringing this back to what, again, I believe it wants to be," Kaufman said, adding that an end-of-2027 opening "will not happen" but he hopes for completion in the coming years while emphasizing quality and historic preservation.
Kaufman acknowledged social-media skepticism about an out-of-market buyer and responded by stressing local ties and a committed team. He did not provide a formal construction schedule, funding breakdown or municipal permit status at the meeting; he said there is "a lot of work to do" and that the team will continue tours and coordination with Coralville and other partners.
Next steps identified at the meeting include continued cleanup and stabilization, schematic design refinement with partners, and future community engagement as project details firm up.
