Mayor Chris Beutler and developers today broke ground for a ten-story structure to be built on the City-owned "Catalyst" site on the south side of "Q" Street between 13th and 14th streets. The $30.6 million project includes 17,000 square feet of first-floor retail and six floors of City-operated parking, with 53 residential units on the top three floors. Crews are now removing the pavement from the site, and the project is scheduled to be completed by summer 2012.
"This new building, one of the tallest to be built in more than a decade, will literally change the skyline of our City," said Mayor Beutler. "I want to thank all those who worked to create this major investment. The 600 parking stalls along with the new retail and residential space were priorities for downtown Lincoln. The project will spur additional development and set the stage for the future Civic Plaza at 13th and 'P' streets."
The Lincoln City Council approved a redevelopment agreement for the project November 22. Sampson Construction signed a construction manager-at-risk agreement with the City and Block 38 LLC to oversee the bidding and construction of the project. The project includes $16.4 million in private investment and $14.2 million in public funding. About $1.7 million in tax-increment financing will be used to help fund the City parking portion of the project along with alley work, sidewalks and landscaping.
The development team includes local developer WRK and nationally known developers Woodbury Corporation and Colmena Capital. Other members of the team include Sinclair Hille Architects; Engineering Technologies; C & C Consultants; Desman Associates; Olsson Associates; and Structural Design Group.
This site on block 38 was originally identified in the 2005 Downtown Master Plan for a major project that would tie into the Civic Plaza and provide additional parking. In 2007, the City began negotiations on a redevelopment agreement for the Catalyst site with the Lincoln Synergy Group, but negotiations ended due to the economic downturn. The City received two responses to an invitation for new redevelopment proposals in 2009, and Block 38 LLC was chosen for the project.