Skip to main content
You are the owner of this article.
You have permission to edit this article.
Edit
Work to start next month on clearing former P.O. Pears for downtown Lincoln student housing project
editor's pick alert

Work to start next month on clearing former P.O. Pears for downtown Lincoln student housing project

{{featured_button_text}}
Campion

Campion Development plans to start demolition of buildings on the block bounded by Ninth, 10th, L and M streets next month in preparation of construction of a seven-story student-focused apartment building.

The developers planning Lincoln's newest student-oriented housing project will start work next month.

New Orleans-based Campion Development completed the purchase of five properties on the block bounded by Ninth, 10th, L and M streets, including the former P.O. Pears/Red 9 building, in August. The purchase price, according to county real estate documents, was a little less than $1.5 million.

One lot is vacant, and buildings on the other four lots will be torn down, starting with the former P.O. Pears — which has been mostly vacant since 2014 — and the smaller buildings directly south of it.

Despite alley dispute, developer moving forward with plans for downtown Lincoln student housing project

Demolition of those buildings will start next month, said Steve Gries, an associate broker with Omaha commercial real estate firm NAI NP Dodge.

Gries said The Arter Group at 927 M St. has until the end of October to vacate its building, so demolition on that lot will not occur until November.

Construction on the seven-story apartment building will start immediately after demolition, with Campion planning to have it open before classes at the University of Nebraska-Lincoln start in August 2022, Gries said.

New downtown apartments for students OK'd; objections raised over $5M TIF incentive

The $42 million building will have a total of 575 bedrooms, with mostly four-bedroom dorm-style apartments, but also some one-, two- and three-bedroom units. The first two floors will feature townhouses with sidewalk access.

The cost includes about $5.5 million in tax-increment financing that will pay for energy-efficiency features, facade enhancements, improved streetscape around the project and work to enhance the sidewalks. The City Council approved the TIF as part of a redevelopment agreement in March.

Campion will join several proposed or in-progress downtown residential projects, including the 20-story Lied Place Residences under construction at 11th and Q streets, a proposed 15-story apartment building at 14th and M streets and a proposed redevelopment of the Terminal Building at 10th and O streets that would transform several floors of offices into about 30-35 condos.

What's the next big thing for Lincoln?
Council votes in favor of downtown Lincoln student housing project

Photos: New construction in Lincoln

Reach the writer at 402-473-2647 or molberding@journalstar.com.

On Twitter @LincolnBizBuzz.

0
0
1
0
0

The business news you need

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Business reporter

Matt Olberding is a Lincoln native and University of Nebraska-Lincoln graduate who has been covering business for the Journal Star since 2005.

Related to this story

Get up-to-the-minute news sent straight to your device.

Topics

News Alerts

Breaking News

Husker News