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Updated: 19 September 2012 | 1:22 pm in B380, Featured, Flood Recovery

Capone’s in NewBo district closes suddenly; owners say economy to blame

Business opened in March 2011, considered a flood recovery success story

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Capone's

Capone's restaurant. (Steve Gravelle/The Gazette)

Capone’s, a restaurant and bar that opened last year at 1201 Third St. SE, closed suddenly on Monday to the surprise of employees.

Local restaurant Capone's, located on 12th Ave SE in Cedar Rapids, closed its business due to the economy on September 19, 2012. (Kristi Servais/The Gazette)

The opening of the restaurant in the historic Village Bank & Trust building had been a flood recovery success story for Cedar Rapids. The Neighborhood Development Corp. had purchased the building, cleaned up after the flood, and obtained historic preservation tax credits to be used in restoration before finding a buyer to complete renovations.

Capone’s opened in March 2011, expanding dining and night life options in the emerging New Bohemia arts and entertainment district.

Read more at this notebook post from Dave DeWitte.

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