LINCOLN, Neb. On Thursday, Mayor Chris Beutler and developers provided details on the City Centre project, a new nine-story mixed use building on “P” Street between 9th and 10th streets.
The existing building on the site has housed the Lincoln Journal Star newsroom and business offices since 1951. Once those operations relocate, the building will be demolished to make room for the $92 million dollar project. The Newman Development Group plans include street-level retail, two levels of office space, six levels of residential units, a tenth-floor rooftop amenity area and underground parking.
“Downtown Lincoln is experiencing historic changes, and this great project is another step in that transformation,” said Mayor Beutler. “With our iconic sports venues and beautiful new high-rises like this one, the entrance to our City becomes more impressive every day. I want to thank the developers for their investment in the future of our City.”
Beutler said the project supports the Downtown Master Plan by continuing the vibrant “P” Street retail corridor to 9th Street and by providing additional housing. The project includes 238 market-rate studio, one-bedroom and two-bedroom apartments. The City’s Market Place Garage and a commercial bank will remain on the block. The Journal Star will continue to print the newspaper at its production building on “Q” Street.
The project is expected to include about $78.5 million in private investment, which is expected to generate up to about $13.5 million in tax-increment funds for public improvements. The Lincoln-Lancaster County Planning Commission approved the project in April. The Urban Design Committee is expected to review the project in June, and the City Council is expected to review and vote on a redevelopment agreement in July. Developers hope to begin construction this fall, with completion expected in late 2019 or early 2020.
“We are thrilled to be part of a very exciting future in the City of Lincoln,” said David Newman with Newman Development Group. “We have tremendous respect for the City's pro-business attitude and desire for smart growth. We are looking forward to bringing a world class mixed use project to this important gateway site, and being part of this great community for many years to come.”