Sudden Closing of Capone’s Blamed on Economy

By Dave DeWitte, Reporter

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

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By Kara Kelly

Story Created: Sep 19, 2012 at 4:06 PM CDT

Story Updated: Sep 19, 2012 at 10:34 PM CDT

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

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.
A sign on the entrance Wednesday said only “Closed due to the economy.”

Dave Fountain, who greeted a reporter outside the building, said he is the owner of the building but could not speak for the restaurant’s management. He said he’s already talked to parties interested in leasing the facility, and expects it to reopen under different management.

The closing came less than one month after Bata’s, another independent local restaurant, opened in the next block.
Fountain said he plans to lease the building as a turnkey business with furnishings and equipment.

State incorporation records listed Capone’s operator as P & F Enterprises. The corporation’s representative, Raymond A. Pierce, could not immediately be reached for comment.

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