Iowa Alumnus Restores Power at Landmark Coralville Restaurant

PHOTO: SETH DIEHL Mark Kaufman is pictured this past spring at the former Iowa River Power Restaurant during renovations.

For decades, Iowa River Power Restaurant stood as a cornerstone for the local dining scene. It hosted brunches for Hawkeye football coaches and recruits, upscale dinners for visiting faculty candidates, and date nights for students eager to impress.

Now, more than a year and a half after its closure, a University of Iowa alumnus is leading the effort to revive the landmark building along a scenic bend of the Iowa River in Coralville. Mark Kaufman (86BS) purchased the property last fall, and the red-brick building is slated for historic renovations this year—with hopes of reopening by fall 2026.

Originally a power plant dating to the early 1900s, the repurposed industrial building became one of the area’s most recognizable dining destinations when Iowa River Power Restaurant opened in 1977. Known for its sweeping views of the river—along with its steaks, seafood, and Sunday brunch—the restaurant remained a local favorite until its closure in 2023.

“I’m committed to doing it right, and making the building what it wants to be,” says Kaufman, a Chicago-area resident and founder and executive chairman of Athletico Physical Therapy. “You walk through it, you see the bones of it, and it’s just such a cool, solid building with great history.”

The property first caught Kaufman’s attention a few years ago when he was back in Iowa helping his parents move from his hometown of Olds to a retirement community in Coralville. Driving past the building each day, he found himself thinking about its history—and its future. He hoped someone would restore it to the charming restaurant he remembered from his first visit as a college student in the 1980s.

“Within a few more trips up and down First Avenue, my inner voice said, ‘Why not you?’” recalls Kaufman, who is a member of the UI Center for Advancement’s board of directors. “If you don’t know me, when I get my teeth into something, it’s hard to get it out of my mind.”

After discussing the idea with his wife, Mary Ann—whom he met as a student at Iowa—and their three daughters, all UI graduates, Kaufman purchased the property and assembled a development group. Fellow UI alumnus Tom Beardsley (86BBA), a commercial real estate and development consultant—and Kaufman’s former college roommate—is overseeing the renovation. Supporting their efforts is UI business undergraduate Peyton Weber, an intern on the project who connected with Kaufman through the UI Tippie College of Business’ Marketing Institute.

As of this past spring, Kaufman was in discussions with a potential tenant—a restaurant group that will shape the menu and overall concept. The team has also brought on Dubuque-based companies Stickley Morton Architects, Gronen, and Heritage Works for design and renovations work and to pursue a historic preservation designation.

Kaufman says it will be up to the new restaurant group on whether the Iowa River Power name will remain. But he hopes to preserve the character of the former restaurant while introducing a refreshed vision.

“First and foremost, this is a restaurant that will have great views of the river and an industrial feel—but modernized,” says Kaufman. “I think it’s going to be fantastic. I’m happy and appreciative that I have a chance to do something for a community I care about.”