City says Block 54 is at a standstill
The City first announced plans for Block 54 in November 2016. It is an area set for two hotels and residential space near 9th and O Streets. Last November, Knickerbockers Bar & Grill was torn town to make room. Now, the multi-million dollar project may not even happen.
The City's Urban Development Department said at this point, construction isn't moving forward. The City of Lincoln said its price tag went up at least $10 million.
The City's Urban Development Department Director Dave Landis said, "The question is whether they can put the financing and the resources together to execute it."
The city council approved the project in April 2017.
Landis said the developers either needs to expand financing or downsize the project.
"They have every bit of my sympathy, but I sure hope they're successful, because it's an exciting project," Landis said.
Landis also said the conditions need to be right. With steel tariffs and building material costs increasing, conditions aren't getting better.
"Once they formulate their strategy, I would expect our conversations to begin again," Landis said.
If Block 54 doesn't happen, Landis said a project that can be financed will take its place. That land won't sit undeveloped for another 10 years.