The Gazette offers audio versions of articles using Instaread. Some words may be mispronounced.

The historic Iowa River Power building soon will come back online as a new yet-unnamed restaurant in Coralville.

Old Gold LLC announced plans Friday to renovate the historic building for a restaurant opening in late summer 2026 that promises to “reinvigorate the legacy of one of Coralville and Iowa City’s most beloved establishments,” and “marry the classic charm of the previous restaurant with fresh ideas.”

The building, 501 First Ave. in Coralville, was home to the Iowa River Power Restaurant for 46 years until its abrupt closure in November 2023, when owner Danise Petsel received an unexpected eviction notice.

The new restaurant, whose cuisine is not defined, promises to offer “innovative dishes, seasonal menus, and a contemporary yet familiar ambience,” according to a news release.

The building will be undergoing historic renovations with plans to be listed on the National Register of Historic Places. Some of the planned preservation efforts include restoring the original glass open front of the building and replacing windows. The building, a former power plant along the Iowa River, dates to the early 1900s.

Last month, the Coralville City Council approved tax incentives for the historic preservation of the building. Coralville City Administrator Kelly Hayworth said the new owner’s plans to restore the building will “pay tribute to its history while also ensuring its future.”

City Attorney Kevin Olsen said the current tax bill on the property is about $88,000. The 100 percent rebate will be for any additional tax revenue.

“The team’s vision for the new design focuses on honoring and preserving the historic architecture of the building while creating a new and vibrant dining atmosphere,” said a statement from Old Gold LLC. “The dominating brick walls, steel structure, and industrial remnants will provide a dramatic contrast to the softer finishes of the restaurant.”

Old Gold LLC, which is registered to an Illinois address, purchased the building for about $3 million, according to the Corridor Business Journal . Managing partner Mark Kaufman, a University of Iowa graduate, is the founder of Athletico Physical Therapy, which has over 900 locations around the country.

“The future restaurant is more than just a business endeavor. It’s about honoring the past and giving back to a community that means the world to us,” Kaufman said in a statement. “We want to create a space that feels like home, where people can gather, celebrate and connect over great food.”

More details about the restaurant will become available after a restaurant partner has been determined.

The Iowa River Power Restaurant first opened in 1977 after the property changed hands between the city of Coralville and local entrepreneurs a couple times between 1971 and 1976. Decades later, Flannigan’s Bar & Grill, an Irish-themed pub, opened next door in the same building.

Danise and David Petsel bought Iowa River Power and Flannigan’s in December 2002. Flannigan’s closed in December 2022 , after at least 20 years in business.

The restaurant’s original lease ran from 2002 to 2022. In October 2022, Petsel told KCRG-TV she opted to exercise a five-year lease renewal option. But Randy Ward, owner of the building, said he never received it, KCRG-TV reported, and had only a month-to-month arrangement with the Petsels.

Danise Petsel has since taken the menu to the Supper Club at The Highlander Hotel in Iowa City, where she opened a new restaurant with Angela Harrington in March.

Megan Woolard of The Gazette contributed to this report.