Bonanza Restaurant to be torn down for new Waterloo strip mall - KWWL - Eastern Iowa Breaking News, Weather, Closings

Bonanza Restaurant to be torn down for new Waterloo strip mall

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The preliminary plan for the former Bonanza site. The preliminary plan for the former Bonanza site.
WATERLOO (KWWL) -

A former Waterloo restaurant is being torn down to make way for a new retail shopping center.

The former Bonanza Steakhouse in Waterloo is coming down after being in business nearly 30 years, and a group of Cedar Valley developers snatched up the property quickly.

Plans for a new retail shopping center have been drawn up, and a "For Lease" sign is on display.

"It's going to be a good opportunity for Crossroads and for Waterloo to see a new building go up (and) a lot of new businesses coming into the area," said Chris Fischels with Sulentic Fischels Commercial Group.

Prime RE, LLC purchased the lot once home to Bonanza Restaurant, which closed earlier this year.

The Waterloo City Council just gave the green light to the project.

The new strip mall has spots for at least seven stores. Its primary developer, Howard Allen, also recently built another strip mall on San Marnan, which is now home to Panchero's, Noodles & Company, AT&T and Men's Wearhouse.

"There's a lot of businesses that want to come to Waterloo, and they're semi-picky where they want to go," Fischels said. "So this is where they want to go -- in front of Crossroads. Howard's worked out so well with his development over there.

"There was a need, and we wanted to fill it," he added.

Sulentic Fischels is also involved with another new retail development on San Marnan at the former K-Mart and Hobby Lobby location.

New retail centers at both the former Hobby Lobby and Bonanza sites are set to be completed next summer. Developers aren't revealing what businesses are inked for the empty spaces just yet.

The business boom is great news for the Cedar Valley economy.

"There's a lot of excitement for the contractors staying busy," Fischels said. "Across the street, Panda Express is going in over there. I mean, (there's) a lot of things happening, soon-to-be new retailers here offering jobs, and it's going to work out well for Waterloo and Cedar Falls."

Developers are confident the demand for San Marnan shopping will keep climbing, sustaining both new and existing stores, they said.

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