The land sitting off 72nd and Dodge known as the Crossroads project won’t see any action until 2025.A new ownership team, Woodbury Corporation, is joining the project and re-imagining the property. They’re also requesting an additional $26,150,000 in TIF funding for the project.One city council member wants to hold the developers accountable by putting them on a timeline.Omaha City Council President Pete Festersen said the plan to create a mixed-use site there has stalled for years.”I’ve been frustrated with the progress and also frustrated with the current status of the site,” Festersen said.An old parking garage and piles of dirt still sit on the land.While $30 million in site preparations have already been done — including street projects and sewer infrastructure — no buildings have risen yet.”Visually, it’s not beneficial to the neighborhood to have a partially demolished site, we’ve had some dust issues during the summertime on windy days,” Festersen said.According to the Crossroads TIF amendment, the costs “threatened the financial viability” of the project, causing it to stall.As a part of the new plan, developers will now demolish the old parking garage and build new ones which the city will 0wn and maintain.This will help offset the overrun costs for the developer.The total cost of the project increased from $553, 868,000 to $861,713,000 because of the changes made.It will still be a mixed-use property with retail, housing, office and entertainment spaces.The plan would also add the new Central Library to the redevelopment area. This would not be paid for with TIF. These funds were raised by a private donor and the city contributed $20 million.Festersen said he still supports the Crossroads project but wants to see milestones laid out in the redevelopment agreement.”I really think we need the accountability as to time frame to make sure that does in fact happen,” he said.These changes would allow the city to issue bonds to pay for the parking and the money contributed to the library.The estimated completion date is 2027.The city council will meet with Woodbury on Tuesday and have a public hearing and vote at 2 p.m.Click here for the latest headlines from KETV NewsWatch 7
The land sitting off 72nd and Dodge known as the Crossroads project won’t see any action until 2025.
A new ownership team, Woodbury Corporation, is joining the project and re-imagining the property. They’re also requesting an additional $26,150,000 in TIF funding for the project.
One city council member wants to hold the developers accountable by putting them on a timeline.
Omaha City Council President Pete Festersen said the plan to create a mixed-use site there has stalled for years.
“I’ve been frustrated with the progress and also frustrated with the current status of the site,” Festersen said.
An old parking garage and piles of dirt still sit on the land.
While $30 million in site preparations have already been done — including street projects and sewer infrastructure — no buildings have risen yet.
“Visually, it’s not beneficial to the neighborhood to have a partially demolished site, we’ve had some dust issues during the summertime on windy days,” Festersen said.
According to the Crossroads TIF amendment, the costs “threatened the financial viability” of the project, causing it to stall.
As a part of the new plan, developers will now demolish the old parking garage and build new ones which the city will 0wn and maintain.
This will help offset the overrun costs for the developer.
The total cost of the project increased from $553, 868,000 to $861,713,000 because of the changes made.
It will still be a mixed-use property with retail, housing, office and entertainment spaces.
The plan would also add the new Central Library to the redevelopment area. This would not be paid for with TIF. These funds were raised by a private donor and the city contributed $20 million.
Festersen said he still supports the Crossroads project but wants to see milestones laid out in the redevelopment agreement.
“I really think we need the accountability as to time frame to make sure that does in fact happen,” he said.
These changes would allow the city to issue bonds to pay for the parking and the money contributed to the library.
The estimated completion date is 2027.
The city council will meet with Woodbury on Tuesday and have a public hearing and vote at 2 p.m.
