A $22.5 million plan to build a 125-unit apartment complex in downtown Omaha will go before the Planning Board next week.
The proposal by City Ventures calls for about $3.3 million in tax-increment financing and would be constructed at Ninth and Jones Streets on a city block left largely vacant after a 2004 fire that gutted the former Butternut building that was being transformed into upscale loft apartments.
A new U-shaped structure will emerge under the City Ventures plan, standing four stories on the west side and five on the east, developer Chris Erickson said. It will contain commercial space on the east ground level. A courtyard and heated in-ground swimmng pool would fill the “heart” of the complex, he said.
Erickson said he and business partner Dan White formed their company about a year ago and looked for a large urban redevelopment site. “We've been looking for an opportunity to really make a splash,” said Erickson, formerly of Shamrock Development.
Erickson said the apartments, yet to be named, will range from studio to two-bedroom and lease at rents ranging from about $800 to $1,600. About 190 secure parking spots would be created for the complex, including many in a soon-to-be-converted warehouse.
Cassie Seagren, Mayor Jean Stothert's deputy chief of staff for economic development, said the increased tax base, additional downtown living space and a reuse of vacant property add up to a benefit for the city.