URBANA — Almost one year after the Urbana City Council approved incentives for a project to convert the former Iron Post Bar and a neighboring property into an entertainment venue and restaurant space, developers are asking for a seven-month extension on their deadline to complete the work.
“Due to unforeseen delays in our construction schedule, we are requesting an extension of the original terms from Article 1 Section 1.1 which states the Certificate of Occupancy for the Project upon the Property shall not be later than March 31, 2026,” Patrick Singer, a managing partner with Race Street Ventures, LLC, wrote in a letter to city officials.
The group is requesting that this date be pushed back to Oct. 31, 2026.
The city council will discuss the proposed amendment during a committee-of-the-whole meeting Tuesday, due to today being a holiday.
No action will be taken at that time.
The new business, Fernie’s High Horse, will be located at 118 and 120 S. Race St.
According to a report by city staff, Race Street Ventures’ plans for the space include:
- Capacity for 250 people.
- A live-performance space.
- A coffeehouse.
- A full-service bar.
- A patio with a stationary food trailer.
- Four two-bedroom apartments on the second floor, including one that will serve as a green room for performers.
The city council voted in February 2025 to approve an incentive of up to $258,000 for the project, with these dollars coming from tax-increment funds.
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