The Lincoln City Council is likely to see a redevelopment agreement for the proposed Lied Place Residences this month, possibly even next week.
At a public hearing Monday on whether the proposed 20-story building fits into the city's Comprehensive Plan, Tom Huston, an attorney for the project's developer, said a redevelopment agreement will likely be on the agenda for the council's next meeting Jan. 14.
The redevelopment agreement will spell out the particulars of the project and how tax-increment financing will be spent. The fact that it is going forward without a significant delay makes it more likely the project will meet its goal of starting work this spring. The goal is to have the building open sometime in 2021.
The proposed building, which would be built on the north side of the Que Place parking garage between 11th and 12th streets, would have a first-floor restaurant with an open mezzanine that rises the equivalent of two floors, three floors of office space and 15 floors with approximately 40 condo units. Its height has been estimated at anywhere from 230-250 feet, which would make it the second-tallest building in the city.
In November, developer Tam Allan said nearly half of the 40 condos were presold.
The $30 million project is expected to qualify for about $5 million in tax-increment financing, much of which will be used for streetscape improvements, including a possible sidewalk cafe space for the restaurant. The plan calls for the elimination of the far-south turn lane on Q Street between 11th and 12th, a section of the street that currently has five lanes.
Council members voted unanimously Monday to rule the project in conformance with the Comprehensive Plan and to add it as an amendment to the Lincoln Center Redevelopment Plan.
[Peek inside Lied Place: Renderings, video show view inside, outside planned tower]