UFG plans office tower next door to American Building
CEDAR RAPIDS, Iowa — United Fire Group plans to renovate the interior of the American Building downtown and to build a 10-story, 50,000-square-foot office building adjacent to it.
UFG purchased the similarly-sized American Building in January 2014. The purchase included an adjacent one-story structure, which will be torn down to make room for the new building.
UFG plans to add 50 jobs in connection with the expansion and remodeling project. The company currently employs 625 in Cedar Rapids plus another 1,025 full and part-time nationwide. The new building will be in addition to UFG’s existing footprint.
In an article in The Gazette, Randy Ramlo, UFG president and CEO, said the design of the new building will complement the American Building, which was built in 1914. The building is currently partially occupied.
The Iowa Economic Development Authority granted tax incentives in support of the project through the state’s High Quality Jobs Program. UFG expects to invest more than $28 million in the project, with a target completion date set for September 2017.
UFG is engaged in property and casualty insurance and life insurance, as well as selling annuities through its insurance company subsidiaries. Founded in 1946 as United Fire & Casualty Co., UFG has purchased and remodeled several downtown Cedar Rapids buildings as the company has expanded its headquarters operations over the years.
Source: The Gazette