Developers who plan a $92 million, nine-story building at Ninth and P streets aren’t worried about the other redevelopment projects in the downtown area.
"The rising tide lifts all boats. So more activity coming in, more building, that is good," said developer David Newman, pointing to new software startups in Lincoln, Kawasaki's new aerospace division and new downtown apartments, condos and hotels.
Lincoln is really a fantastic city in so many ways, said Newman, with Newman Development Group, a New York City firm, at a Thursday news conference.
“We think it is just warming up in its growth stage,” he said. And the city staff is pro-business, with a “smart growth stance that we really appreciate,” Newman said.
Newman unveiled more detailed plans and new architectural drawings of the City Centre building, which will include first-floor retail, two stories of office space, six floors of apartments and a 10th level of indoor and outdoor amenities.
That 10th level will have a swimming pool and fitness center overlooking the Haymarket and the city, and a large indoor club and an outdoor clubhouse area with views of the stadium.
Amenities will be available to residents, for companies leasing office space in the building and for corporate rooftop events, Newman said.
The City Centre building will replace the two-story Lincoln Journal Star building located at an iconic gateway to the city, Newman said.
The Journal Star plans to move its newsroom and business offices to a new location.
Newman's group has vetted Lincoln extensively, and he said, “We know we are going to be very successful here.”
The developer expects few students will live in the more than 230 apartments -- studios to two-bedroom units -- though the location will definitely feed off the university, Newman said.
He expects rental prices to be higher than other Lincoln apartments. "This is going to be a very well-amenitized project with lots of services. And the rooftop amenities are going to be spectacular."
The new building will total about 435,000 square feet, with 30,000 square feet of retail, 70,000 to 80,000 square feet of office space and six levels of apartments.
There will be below-ground parking for about 100 vehicles, and the developer will lease parking at a nearby city garage.
About $78.5 million in private money and an estimated $13.5 million in tax increment financing will be used on the project, said Mayor Chris Beutler.
It is the largest private investment in a single building in the city's history, said David Landis, Urban Development Department director.
A redevelopment agreement will go to the City Council in July. Construction could begin as soon as the fall, and the building will be completed in late 2019 or early 2020, Beutler said.
Other proposed downtown projects include a 15- to 17-story hotel and condominium complex at Ninth and O; apartments, a grocery store and office space that will wrap around a city garage at Canopy and N streets; and a boutique hotel and refurbished ballroom at 11th and P.