Transforming Omaha's Central Park Plaza: A Revitalization Masterplan

Omaha, Nebraska is set to witness a remarkable transformation as the city council considers approving over $26 million in Tax Increment Financing (TIF) to renovate the iconic Central Park Plaza. This ambitious project, spearheaded by NuStyle, aims to breathe new life into the aging twin structures, converting them from vacant office spaces into hundreds of modern apartment units. With the impending arrival of the city's streetcar system, this redevelopment promises to bring a renewed sense of vibrancy to the heart of downtown Omaha.

Unlocking the Potential of Omaha's Urban Core

Reviving the Central Park Plaza

The Central Park Plaza, a pair of easily recognizable 15-story buildings situated on South 15th Street between Farnam and Douglas streets, has long been a fixture of Omaha's downtown landscape. However, the structures have stood mostly vacant, with the exception of Sullivan's Steakhouse in the south tower and a few office tenants in the north. NuStyle, the developer behind this ambitious project, aims to transform these aging buildings into a thriving residential hub.The renovation process will be a meticulous one, as the developer plans to "go floor by floor, and we'll actually demo each floor out, but we keep all the structure," according to NuStyle's development director, Greg Rothermel. This strategic approach will preserve the architectural integrity of the buildings while modernizing the interiors to accommodate hundreds of new apartment units.

Embracing the Streetcar's Impact

The timing of this redevelopment coincides with the impending arrival of Omaha's streetcar system, which is expected to have a significant impact on the city's downtown landscape. Rothermel believes that "by turning them into apartments—we actually have a lot more people downtown with the onset of the streetcar—(it) will be bring some vibrancy to this area of downtown."The influx of new residents, drawn to the convenience and connectivity offered by the streetcar, will undoubtedly breathe new life into the Central Park Plaza and its surrounding neighborhoods. This synergy between the redevelopment project and the city's transportation infrastructure promises to create a more vibrant and accessible urban core.

Addressing the Demand for Affordable Housing

One of the key priorities of the Central Park Plaza redevelopment is to address the growing demand for affordable housing in downtown Omaha. Rothermel has stated that the project will include "one-bedroom apartments under $1,000, which there's a need for that in downtown Omaha."By offering a range of affordable housing options, the project aims to attract a diverse population of residents, from young professionals to families, who can benefit from the convenience and amenities of living in the heart of the city. This focus on affordability aligns with the city's broader efforts to promote inclusive and accessible urban development.

A Phased Approach to Transformation

The Central Park Plaza redevelopment will be executed in three distinct phases, with a total project cost exceeding $160 million. The first phase will involve the demolition of the Park Fair Mall building, located directly to the west of the Central Park Plaza, to make way for a city-owned parking garage with additional apartment units on top.The second and third phases will focus on the renovation and conversion of the twin towers themselves, with the south tower expected to welcome its first tenants by the spring, and the north tower targeted for completion by 2027. This phased approach allows the developer to manage the project's complexity and ensure a seamless transition for the new residents.

Securing City Council Approval

The success of the Central Park Plaza redevelopment hinges on the Omaha City Council's approval of the proposed TIF funding. The council will hold a public hearing and a vote on Tuesday, where they will consider the merits of the project and its potential impact on the city's urban landscape.If approved, the TIF funding will provide a crucial financial boost to the project, enabling NuStyle to undertake the necessary renovations and transformations. This public-private partnership demonstrates the city's commitment to revitalizing its downtown core and fostering a more vibrant and livable community.