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No Time to Rest

After seeing the fruits of more than $2 billion in new capital investment transform the riverfront and downtown and act as a catalyst for growth throughout Greater Omaha, sitting back and savoring the success might be in order.

Not in Omaha.

The economic development team of the Greater Omaha Chamber of Commerce made 2006 another record year by closing on 69 projects representing more than $1.2 billion in capital investment and more than 4,500 new or retained jobs.

The concrete hadn’t set on some projects before city officials, developers and investors lined up to announce more. They run the gamut from housing to retail to commercial space – many of them combined into unique, mixed-use urban developments.

They are ambitious to say the least:

• Mutual of Omaha’s Midtown Crossing at Turner Park is a $250 million mixed-use urban development near the Mutual headquarters at 33rd and Dodge streets.

• Aksarben Village is a $166 million mixed-use urban development that will be nestled between the north and south campuses of the University of Nebraska at Omaha, near The Peter Kiewit Institute and the Scott Technology Transfer and Incubator Center.

• The North Downtown mixed use development near Creighton University is shaping up to be a haven for young professionals and creative minds. In addition to residences, an accompanying entertainment district is home to four hotels; new offices; Slowdown, Saddle Creek Records’ new music club; Urban Outfitters and the two-screen Ruth Sokolof Theater at Film Streams, a non-profit, independent film project.

• The Coventry project, announced in December 2006 by CFM Realty, is a 400-acre development in southwest Omaha combining ACI Worldwide’s 19.2 acre new corporate headquarters campus, office and retail space, residences, a church site, a new public high school and 76 acres of natural green space, parks and water – for at least $410 million in private capital investment.

• The $100 million 80Dodge project, a 12-story development featuring condominiums, offices and retail stores at 80th Street and West Dodge Road.

• The pedestrian bridge over the Missouri River, a project designed to complement other riverfront development including Qwest Center Omaha, the National Park Service regional headquarters, the Gallup University campus, Riverfront Place condominiums and town homes, and Lewis & Clark Landing. Due for completion in late 2008, the $22 million bridge project will include an interactive park and children’s play area situated on the Omaha side.

And there is the North Omaha Development Project, which partners business and community leaders to find ways to positively impact the economic growth of the North Omaha community.

Last October, Mutual of Omaha, whose Midtown complex is one of five Fortune 500 companies headquartered in Omaha, unveiled Midtown Crossing at Turner Park. Anchored by an expanded and revitalized Turner Park, Midtown Crossing will have approximately 200,000 square feet of leasable space for restaurants, retailers and entertainment venues, as well as 600 condominium and apartment units and parking for approximately 2,200 vehicles.

In all, the seven buildings in the development will total more than a million square feet. Construction begins this year with the project ready for occupancy in the summer of 2009.

It represents the first major project sparked by the Destination Midtown initiative.

“The Destination Midtown project and our own feasibility study confirmed that this area is primed for redevelopment, and we believe we have an exciting concept that will revitalize Midtown and bring new life and energy to Turner Park and its surrounding neighborhoods,” says Mutual of Omaha Chairman and CEO Dan Neary. “We at Mutual of Omaha are proud to be the catalyst for making this vision a reality.”

Destination Midtown is a partnership of business, academic institutions, neighborhood organizations and residents that is helping to revitalize Midtown Omaha with new small businesses, more green spaces – and projects the scope of the Mutual of Omaha endeavor.

Jim Champion, chairman of the Destination Midtown board, lauds the Mutual project. “As we strive to make Midtown a destination of choice, this redevelopment supports our mission to create a premier urban environment where people want to live, work, shop and play,” he says. “Mutual has embraced our vision by establishing this distinct urban environment that promotes economic development, while advancing neighborhood goals and forging unique partnerships with community-based organizations and local retailers.”

Midtown Crossing represents a massive transformation, with a pedestrian-oriented retail and entertainment environment on the ground level, residential units above and underground and adjoining ramp parking. Plans call for an urban grocery store, multiple-screen movie theater, health club, a variety of retailers and a mix of destination and casual dining establishments.

A study by Creighton University Professor of Economics Ernie Goss indicates Midtown Crossing will have a major positive economic impact. The construction phase will add approximately $420 million to the Omaha economy, support 1,003 full- and part-time jobs annually and generate $16.5 million in state and local tax revenue, according to the study. During the first three years of Midtown Crossing operations, the study estimates that 2,312 jobs will be created, $472 million will be added to the city’s economy and $38.5 million in state and local taxes generated.

“Midtown Crossing will promote economic development and neighborhood revitalization throughout Midtown,” says Neary.

Aksarben Village, on the site of the former thoroughbred horse racing track Ak-Sar-Ben (Nebraska spelled backward), is being developed by the Noddle Companies and others. The project will combine state-of-the-art research facilities, offices, retail space, lodging and academic and residential components. Ak-Sar-Ben Future Trust is the landowner.

Plans for the 70-acre project call for the construction of approximately 750,000 square feet of office and research space, 250,000 square feet dedicated to retail and entertainment uses, a 135-room Courtyard by Marriott hotel, and nearly 500 apartments, town homes and condominiums.

Prior to announcing the North Omaha Development Project study, the Greater Omaha Chamber of Commerce, along with the steering committee of North Omaha community and business leaders, spent months engaged in planning sessions and discussions.

The Chamber, several large corporations, private foundations, African American business leaders, North Omaha businesses and individuals have committed $750,000 to create a business investment plan for North Omaha and begin implementing it.

The initial study is intended to lay out a business investment strategy for an area between Cuming Street and Sorensen Parkway from 16th Street to 52nd Street. The implementation strategy will be project-oriented and packaged so that interested parties in the private sector will readily understand the opportunities available. There will be recommendations for infrastructure improvements, community development opportunities and housing and quality of life initiatives that will make the business investment strategy successful.

The Chamber and more than 40 corporate leaders, elected officials, African American business leaders and North Omaha community members serve on the steering committee that leads the effort. The timeline calls for the study to be completed by fall 2007. At that time, the recommendations will be presented. Funding is available for the first three years of project implementation.