March 28, 2024

$10M historic renovation planned for former Hotel Maytag

Lt. Gov. Reynolds on hand for tour of Midtown building

A $10 million historic renovation of Newton's Midtown building is expected to bring market-price apartments, commercial space and an upscale restaurant to the former Hotel Maytag.

Cedar Rapids-based Frantz Community Investors is heading up the project which brought Lt. Gov. Kim Reynolds to Newton Tuesday morning for a tour and discussion.

Andy Frantz, vice president of operations for FCI, said his company began exploring the property last fall. The sale of the building, which sits on the corner of First Street North and North Second Avenue East, is expected by the end of April. The current owner is Midtown Investors Group, of which Ken Johnson, of Easy-Keep Management is a partner.

"This is just one project of many Newton is doing to enhance the community," Frantz said. "It's great for Newton and the community."

Between 35 and 40 apartments are planned, and the company is also looking to restore the ballroom to its former glory. Tenants of the building — including the Capitol II Theatre and Midtown Café — are expected to remain in the building and enjoy the perks of a renovated structure.

Frantz Community Investors specializes in historic restoration and has several successful projects across the Midwest.

Look for more on this project in Wednesday's Newton Daily News.