Skip to main content
You are the owner of this article.
You have permission to edit this article.
Edit
Two high-rise apartment complexes in downtown Lincoln get nod from City Council
editor's pick alert top story

Two high-rise apartment complexes in downtown Lincoln get nod from City Council

  • Updated
  • 0
{{featured_button_text}}
14th and N

Argent Group is behind this high-rise development at 14th and N streets. The rendering is looking southwest.

A revamped redevelopment plan for the Gold's Building aims to turn it into one of the largest apartment projects in downtown history.

Two large high-rise apartment complexes sailed through getting City Council approval Monday to move forward with multimillion-dollar projects in the Gold’s Building and on 14th and N streets.

“All these things coming up are good for our city,” said Councilman Roy Christensen, referring to the projects being considered.

The council approved tax-increment financing for both projects: $6.1 million for the $50 million project to renovate the Gold’s Building into apartments and some office space; and $14.1 million for the $71 million project to build a 15-story apartment building at 14th and N streets.

The TIF approved for the Gold’s Building at 11th and O streets includes a new 20-year payback period.

Tax-increment financing allows developers in blighted areas to use the increased property taxes generated by the project to pay for certain costs upfront. Typically, they get bonds or a loan and then divert the additional property taxes to pay it off.

Developers eyeing extended TIF payback for Sharp Building and Vine Street projects in Lincoln

In November, Nebraska voters approved a constitutional amendment to extend the payback period from 15 to 20 years in areas declared as “extremely blighted."

Support Local Journalism

Your membership makes our reporting possible.
{{featured_button_text}}

The project at 14th and N streets by the Chicago-based Argent Group includes 202 apartments, parking for 150 vehicles and high-quality amenities including a coffee bar, fitness center and expansive lobby with a door attendant.

The Gold’s Building plan includes creating about 180 apartments that would be mostly one-bedroom units.

Two high-rise apartment projects in downtown Lincoln poised to move forward

The first floor of the building would be designated for commercial use, the basement would be turned into self-storage for building residents or businesses, and there would be rooftop amenities for the residents.

The developer, a Kansas City real estate group, is seeking historic tax credits to add needed windows to the building.

There is also plan to raze a vacant building next door at 1023 O St. to create a small park or open space for residents.

Block 65 developers want to bring condo feel to downtown Lincoln apartment building

The developer would take over use of the skywalk, leading to parking in the old Centum parking garage with about 220 stalls reserved for residents.

The project also includes plans to demolish the old building at 233 S. 10th St. that once housed the Lincoln Police Department to make way for a bus transfer station. Buses currently stop on the east side of the Gold’s Building.

Council member Jane Raybould noted that while these projects don't include affordable housing, the tax-increment financing used will make a considerable contribution to a fund that provides $400,000 every two-year budget cycle for affordable housing. 

Reach the writer at 402-473-7226 or mreist@journalstar.com.

On Twitter @LJSreist

0
0
0
0
1

Get Government & Politics updates in your inbox!

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

Local government reporter

Margaret Reist is a Lincoln native, the mom of three high school graduates now navigating college and an education junkie who covers students, teachers and policymakers inside and outside the K-12 classroom.

Related to this story

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

Topics

News Alerts

Breaking News

Husker News