OMAHA, Neb. (KMTV) — Construction at Crossroads could finally, officially start this spring. I'm Molly Hudson, your Central Omaha neighborhood reporter on the north side of the Crossroads site, where neighbors could see part of the first phase officially pop up after a new developer officially takes ownership on Wednesday.
- The new developer, the Woodbury Corporation, has 5 years to complete it.
- It will be done in phases, starting with phase 1 in the spring of 2025.
- The redevelopment is now estimated to be worth about $900 million.
- An announcement of the first tenants could come in the next few months.
BROADCAST TRANSCRIPT:
It’s one of the busiest intersections in town. Development booming across the street with the new central library and the Crossroads site could soon see some movement.
"It is a really important corner, and we are really excited that this development is moving forward at the pace that it is now," said Mayor Jean Stothert.
This time around, the new developer and owner Woodbury Corporation has 5 years to get it done.
"We have to pay it all back if we don't get it done," said Jeff Woodbury, senior vice president of development and acquisitions for the Woodbury Corporation.
They plan to do it in phases, that includes purchasing the land from current owner KJ Ventures in chunks over time.
Mayor Jean Stothert called this real estate transaction a milestone.
“We are getting a much larger, much bigger, much more dense project there and the TIF amount that is going towards this project is just about the same as it was when it was much less value," Stothert said.
The first phase is expected to break ground in the spring will include a large entertainment venue, about 219 residential units, shopping and office space, and a public plaza plus three parking garages, owned and operated by the city.
The redevelopment is now estimated to be worth about $900 million.
“It has had some slowdowns, it has had some start-ups of course for a while Frank Krejci was the sole owner and passed away but it never had stops," Stothert said.
The Woodbury Corporation says over $30 million was spent by previous owners on demolition and putting infrastructure in to get to this point.
But why didn't the city step in sooner?
"The city doesn't own that property, the city never owned that property, that property was privately owned and it needed to be privately developed," Stothert said.
What's next? The selection and announcement of the local construction manager and general contractor and the announcement of the first tenants. The groundbreaking of the site is expected in the spring.
