Developers of the Lied Place Residences and city officials made their case to the City Council on Monday for providing an additional $716,000 in tax-increment financing for what will be the second-tallest building in the city.
The Lincoln-Lancaster County Planning Commission recommended an amendment to the redevelopment agreement of the 20-story condo going up at 11th and Q streets that would increase the TIF dollars from $5 million to $5.7 million.
The City Council listened to the proposal Monday and will vote on it next week. No council members expressed any objections to the change.
Tax-increment financing allows developers to use the additional property tax dollars generated by a project to pay for certain elements, such as site acquisition, demolition, relocating utilities and increasing energy efficiency.
More than half of the extra TIF money will go to the city for streetscape enhancements and improvements to the adjoining parking garage, which Urban Development Director Dan Marvin has said will include elevator replacement and some possible work in lobby areas.
The developers will get an extra $250,000 to pay for increased costs for the building's facade.
Lied Place Residences, at about 250 feet tall, has 35 condos and also will include some office space and a first-floor restaurant.
One of the developers told the planning commission last month that 75% of the condo units are sold, and there are commitments for about 40% of the office space. That includes the restaurant space, where he said a tenant has been identified but has not yet signed a lease.
Developers expect the first condo owners and some of the office tenants will be able to move in in January.
Developers accessing TIF dollars sell a bond or get a loan and then pay it back over the term of the agreement, either 15 or 20 years.
The extra TIF money for Lied Place Residences is available because of lower interest rates and increased construction costs, two of the factors that go into determining how much money will be available to developers.
Check out new construction in Lincoln
Expansion construction project continues at Lincoln Airport on Wednesday, Nov. 3, 2021.
Bryan East renovation
Three new cardiovascular surgical suites were completed as part of the third phase of the Bryan East Campus renovation in October.
Construction work continues on the exterior of the Scarlet Hotel on Oct. 19 at Nebraska Innovation Campus. The 154-room hotel will have a roughly 2,600-square-foot first floor that will include education space, a student lounge, conference room and faculty offices. Among the other features of the $31 million project are a full-service restaurant, rooftop bar, coffee shop and a fitness center. The Marriott Tribute property was originally scheduled to open in July, but the hotel's website says it's now set to open in February 2022.
Tabitha's intergenerational housing community
Tabitha is planning an intergenerational housing community on the southwest corner of 48th and L streets. The 128-unit apartment complex would be home to 100-plus independent older adults and about 20 students enrolled at the nearby Bryan College of Health Sciences.
Stand Bear High School
Construction continues on Standing Bear High School at South 70th Street and Saltillo Road on Thursday, Oct. 7, 2021.
Scaffolding surrounds The Sower, a 19-foot tall bronze statue which represents Nebraska's agricultural heritage, on Sept. 23, 2021, at the Nebraska State Capitol, as part of restoration and repair work which is expected to take 20 weeks. The scaffolding will enclose the entire dome allowing the workers to remove and store any loose gold glazed tile while they replace the water-damaged bed beneath.
Car wash construction
Jet Splash is building a new car wash at 40th and South streets.
Rocket Car Wash next to the Hy-Vee in Williamsburg, which is just southwest of 40th and Old Cheney, is one of two full-service car washes under construction on Sept. 22, 2021.
48th and Leighton
The proposed Comprehensive Plan calls for 25% of the new growth to be inside existing neighborhoods and corridors of the city, like the new apartments being built near 48th and Leighton Avenue.
Apartments under construction at South Canopy and N streets on Sept. 3, 2021.
Mabel Lee Hall
Construction of Mabel Lee Hall at North 14th and Vine streets continues on Sept. 3, 2021.
Walmart garden center
Walmart is demolishing part of the garden center at its store at 8700 Andermatt Drive to install automated order fulfillment towers.
Holiday Inn Express
Exterior of the newly opened Holiday Inn Express & Suites on Thursday, August 13, 2021.
Mourning Hope Grief Center
The new Mourning Hope Grief Center includes space for other nonprofits.
The future site of Kiewit Hall, the University of Nebraska-Lincoln's new engineering building set to open in 2023, is seen under construction in late June. Abel and Sandoz residence halls stand in the background.
Lincoln Northwest construction
Construction work continues on Lincoln Northwest High School on Tuesday, May 25, 2021.
The flyover bridge that will connect U.S. 77 to the South Beltway stretches to the southwest as construction work continues on Wednesday, May 12, 2021.
Cooper Park and Park Middle School
Orange construction fencing encloses part of Park Middle School in April 2021 adjacent to South Sixth Street, near where a new entry to the parking lot will be built.
Lied Place Residences
Developers of Lied Place Residences are still working to finalize a tenant for a first-floor restaurant with state-of-the-art air filtration and outdoor café-style seating on Q Street.
Stairs lead from the lobby to the second floor of the new Lincoln Veterans Affairs community-based outpatient clinic.
Pershing proposals/White Lotus Group/HDR
White Lotus Group and HDR propose a mixed-use community hub for the site it calls Mural, which would combine affordable housing, retail, a wellness center and central library with murals throughout the Pershing Center block.
State office building
A nighttime rendering of the planned State of Nebraska office building at 17th and K streets. The four-story building would have two levels of parking and two floors of office space.
This rendering shows what the interior of Daq Shaq at Leighton District will look like. The island-themed restaurant is scheduled to open before the end of the year in the development at 48th Street and Leighton Avenue.
Child Advocacy Center
This rendering shows a plan for a 17,000-square-foot expansion of the Child Advocacy Center in northeast Lincoln that would also become home to the Lincoln Police Department's Special Victims Unit.
An architect’s rendering shows Unity Commons, a planned mixed-use development, from the intersection of 22nd and Vine streets. The redevelopment of the former Cushman site would include housing for retirees and members of the city's international community, as well as retail and research space.
NE Realty building
A rendering of the Nebraska Realty building in Lincoln. The company's workforce in the Capital City has grown from two agents to more than 200 in the past five years.
A rendering shows the Scheels Center, a planned 40,000-square-foot addition to Lincoln Christian School.
Tabitha is planning an intergenerational housing community on the southwest corner of 48th and L streets. The 138-unit apartment complex would be home to 100-plus independent older adults and about 20 students enrolled at the nearby Bryan College of Health Sciences.
Union College AdventHealth Complex
A rendering shows the exterior of the planned Union College AdventHealth Complex.
Developers of the proposed WarHorse Casino in Lincoln say they are ready to break ground the minute they get a gaming license.
NU training facility
A rendering shows the athlete entry to Nebraska's new training facility, which will open before the 2023 football season.
An artist's rendering shows plans for NorthStar Crossing, northeast of 27th Street and Folkways Boulevard, which The Lerner Co. says will have its first businesses open in early 2022.
Cedars broke ground in November 2020 and is raising funds for the $3.5 million, 3,800-square-foot expansion of its emergency youth shelter in southeast Lincoln.
A rendering shows plans for a modern terminal concourse at the Lincoln Airport, with food and beverage services and access to restrooms and the Flyers Club available to passengers after clearing security.
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