The redevelopment agreement for the 20-story Lied Place, a skinny skyscraper that will fit between Q Street and the city's Que Place parking garage, is expected to get City Council approval Monday.
Lied Place Residences will have 40 condos on the top 16 floors, with a restaurant and lobby on the street level and three floors of office space. It will be the second-tallest building in downtown Lincoln, next to the Capitol.
Construction is expected to begin this spring with anticipated completion in the summer of 2020, according to Tom Huston, a Lincoln attorney working with developers.
Lied Place will use about $5 million in tax-increment financing funds as part of the $31 million project.
Lied Place will have many windows on all four sides, and much of the city’s TIF funding, about $3.3 million, will be used to help with that expensive façade, said David Landis, director of the city's Department of Urban Development.
"It is a lot of glass; it’s high end; it is expensive," Landis said.
One of the five traffic lanes on that block of Q Street will be used for a wider sidewalk with more landscaping, and a loading zone, according to information provided to the council last week.
The wider sidewalk will allow the city to create bulb-outs at the intersections for greater pedestrian safety, Landis said.
The landscaping will also allow the city to come up with a common theme for the design of Q Street sidewalks, Huston said.
About $450,000 of TIF funding is earmarked for sidewalk and right-of-way improvements.
About $1.2 million in TIF will be used for site acquisition. The rest of the TIF will be used for administration fees and the cost of issuing the bond.
TIF draws from the property tax payments made by the owner on the increased value of the property created by the redevelopment.
Lied Place property is valued at $1.1 million and its value is expected to rise to more than $26 million when the redevelopment project is finished.
The developer promises not to protest any value less than $26,279,640 in the first tax year, as part of the redevelopment agreement.
The agreement also provides Lied Place with 100 parking spaces in the adjacent Que Place parking garage, 40 for retail and 60 for the condo owners. The spaces will be leased at the city's rental rate, based on the agreement.
There is lots of interest in this project, which will not be rental apartments but will provide home ownership opportunities, Huston said.