CORALVILLE, Iowa (KCRG) – Old Gold, LLC announced plans Friday to launch a new restaurant at the former Iowa River Power restaurant location in Coralville.

Old Gold says the new restaurant, which has not been named, is expected to open in late summer 2026.

Iowa River Power Restaurant, an Iowa City area staple, closed its doors last year after more than 45 years in business.

In a press release, Old Gold said the new restaurant will look to bring back the essence of the original location.

Old Gold, LLC says the new restaurant will feature “innovative dishes, seasonal menus and a contemporary yet familiar ambiance, offering guests an updated dining experience steeped in the history that made its predecessor famous.” .

“This future restaurant is more than just a business venture,” said Mark Kaufman, Managing Partner of Old Gold, LLC. “It’s about honoring the past and giving back to a community that matters to us.” We want to create a space that feels like home, where people can gather, celebrate and connect over great food. Once we have determined our partner restaurant, we look forward to providing more details as they become available.

In October, Coralville City Council members tax incentives approved for improvements to the Iowa River Power building to ensure any work will help preserve the former power plant owned by Old Gold, LLC.

“The Iowa River Power Building is one of Coralville’s most iconic and visible structures,” said Coralville City Administrator Kelly Hayworth. “I can’t wait to enjoy dinners in this beautiful building again!”

Old Gold, LLC announces plans to launch an official website and social media presence for the new restaurant in 2025.

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