A 200-room hotel, along with retail outlets and restaurants, is proposed for the former Coreslab property along Fort Crook Road, according to a redevelopment plan to be considered Thursday by the Bellevue Planning Commission.
The submission from Royce Cornhusker, LLC., seeks $4.2 million in tax-increment financing, with the total taxable value of the development at full build-out estimated at $26 million.
The 33-acre site, at the northwest corner of the intersection of Fort Crook and Cornhusker roads, would be divided into 12 lots spread between the upper and lower portions of the site.
The lower portion of the development, east of the railroad tracks and Mud Creek, would be accessed by two points from Fort Crook Road, but would have no access from Cornhusker Road.
The upper portion, west of the tracks and the creek, would be accessed from the existing signalized intersection at 9th Street, and from a new street connecting to Sycamore Street.
The development is identified in the submission as Cornhusker Pointe.
The Planning Department has recommended the Planning Commission approve the agreement.
The applicant behind Royce Cornhusker, LLC., is Lockwood Development, Inc. a prominent developer of retail malls and hotels around the Omaha metro area.
The request for TIF financing is standard among developers looking to build in areas declared blighted.
TIF financing permits property taxes due on infrastructure improvements to be channeled instead into retiring the cost of those improvements.
Jim Ristow, president of the Bellevue Chamber of Commerce, welcomed news of the development, but said he is unaware of any specific tenants lined up for the site.
“I assume they still have to do a feasibility study and analysis as to whether a hotel will fit there or not,” he said. “It sounds like they’re casting a net and wondering if people will flock to it.”
The hearing will begin at 7 p.m.