City selects developer for South Haymarket Park redevelopment site
LINCOLN, Neb. (Press Release) - Lincoln Mayor Leirion Gaylor Baird and the Urban Development Department announced Thursday the City has selected EADO, LLC of Lincoln for the redevelopment site at the southwest corner of Seventh and “N” streets. The 1.54-acre site is located on the northeast end of the six-acre lot that will be home to the proposed South Haymarket Park. EADO, LLC, is a partnership between Speedway Properties and Nelnet, Inc.
“The redevelopment of this site increases office and commercial space, adds affordable and market-rate housing, and furthers our vision to create a signature urban park,” said Mayor Leirion Gaylor Baird.
The developers propose a mixed-use, five-story building with a total proposed investment of about $47.5 million. In addition to office and commercial space, the 161,200 square-foot building would include affordable and market rate apartments. The proposal includes an option to increase the amount of housing in the building if a major office tenant is not secured.
Clay Smith, Speedway Properties Co-Founder and General Partner, said the project will serve as an important connection in the Haymarket area.
“We are excited about this opportunity to build next to the new urban park. We are also excited to make this the critical link between the Haymarket area and the ever-growing South Haymarket area,” Smith said.
Dan Marvin, Urban Development Director, said EADO, LLC has a successful record of redeveloping other sites in the Haymarket area, including mixed-use residential buildings such as Canopy Row and Canopy Park. The project meets many of the goals of the South Haymarket Neighborhood Plan by adding affordable housing and expandable office space in a location that helps support the future park, Marvin added.
Mayor Gaylor Baird thanked Smith and Terry Heimes, Nelnet, Inc. Chief Operating Officer, for their continued commitment to investing in the Lincoln community.
“With the arena on one end, and this project on the other, the bookends of our redeveloped West Haymarket are now in place. Between these bookends, we will add even more chapters to Lincoln’s story as a vibrant, successful, and growing community,” Mayor Gaylor Baird said.
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