Construction is set to commence on the Crossroads property in just a few months, as announced by Omaha Mayor Jean Stothert. Woodbury Corporation, which is in charge of the development at 72nd and Dodge streets, will acquire ownership of the Crossroads property on Wednesday. This real estate transaction marks a significant milestone, as Woodbury has a proven track record in mixed-use development across the country, guaranteeing a remarkable development. The city is committed to building and operating new parking garages, which will be funded through user fees and Tax Increment Financing. Their plan involves a redesigned, highly valuable development currently estimated at around $900 million. The first phase of the project will feature a 92,000-square-foot entertainment complex and a 40,000-square-foot center green. Jeff Woodbury, senior vice president of development and acquisitions, expressed pride in partnering with a city that continuously invests in itself. Omaha's dedication to progress and innovation is truly unique, and they are honored to be a part of its ongoing transformation. The Omaha City Council has approved over $105 million in TIF and established an Enhanced Entertainment Area, enabling an increase in local sales tax within the development.Stothert mentioned that the groundbreaking will take place in the spring. Woodbury also has plans to construct apartments and additional facilities by 2032. To ensure the project stays on track, accountability measures such as maintenance and milestones have been put in place. The corporation is under contract with KJ Ventures to purchase the remaining Crossroads property. KJ Ventures initiated the demolition of the vacant Crossroads property in December 2020 and has completed the infrastructure work, including the installation of streets, sewers, and utilities. For the latest headlines from KETV NewsWatch 7, click here.

Key Highlights of the Crossroads Development

Woodbury Corporation's Proven Track Record

Woodbury Corporation has established itself as a leader in mixed-use development. With their extensive experience and successful projects across the nation, they bring a wealth of knowledge and expertise to the Crossroads property. Their ability to create vibrant and sustainable communities is well-known, and this is expected to translate into an exceptional development at 72nd and Dodge streets.

The City's Commitment to Infrastructure

The city's commitment to building and operating new parking garages is a crucial aspect of the Crossroads development. By utilizing user fees and Tax Increment Financing, they are ensuring the financial sustainability of these facilities. This investment in infrastructure will not only benefit the Crossroads property but also enhance the overall transportation and accessibility of the area.

First Phase of the Project

The first phase of the Crossroads development is set to include a 92,000-square-foot entertainment complex and a 40,000-square-foot center green. This initial stage will serve as a foundation for the larger development and is expected to attract a wide range of visitors and businesses. The entertainment complex will offer a diverse range of activities and experiences, while the center green will provide a beautiful and inviting public space.

Partnership with Omaha

The partnership between Woodbury Corporation and Omaha is a significant one. Omaha's commitment to progress and innovation is what attracted Woodbury to the project. By working together, they are able to leverage each other's strengths and create a development that is truly unique. This partnership is not only beneficial for the Crossroads property but also for the entire city of Omaha.

Accountability Measures

To ensure the success of the Crossroads development, accountability measures have been put in place. Maintenance and milestones will be closely monitored to keep the project on schedule. This attention to detail and commitment to quality will help ensure that the final product meets the highest standards and delivers on the promises made.