Omaha officials shared an update on the Crossroads development Tuesday, with plans for a spring groundbreaking.
Woodbury Corporation will begin to take ownership of the former mall location on Wednesday, with the first phase of construction planned to start in the spring.
Woodbury became a partner in the Crossroads redevelopment in 2023 and is under contract to purchase the remaining Crossroads property from KJ Ventures.
“This real estate transaction is a major milestone,” Omaha Mayor Jean Stothert said in a press release. “Woodbury’s proven record in mixed-use development around the country ensures they will deliver a spectacular destination development. We are underway.”
The redesigned development is estimated to cost $900 million. The first phase includes a large entertainment venue, residential, retail and office, a public plaza, and pubic parking facilities.
“We are proud to partner with a city that continually reinvests in itself,” Jeff Woodbury, Senior Vice-President of Development and Acquisitions, said in the press release. “Omaha’s commitment to progress and innovation is unique and we are honored to be part of its ongoing transformation.”
In December 2020, KJ Ventures began demolishing the vacant Crossroads. The organization also installed streets, sewers and utilities.
KJ Ventures is a partnership between Chip James and Lockwood Development and Century Development.
The city will build, own and operate multiple public parking facilities within the Crossroads development, the press release stated. The existing garage on the northeast corner of the Crossroads property will eventually be demolished.
The Omaha City Council approved more than $105 million in Tax Increment Financing (TIF) and the establishment of an Enhanced Entertainment Area, which allows an increase in local sales tax within the development.
The first phase of the TIF will help pay for construction of the public parking facilities and additional public infrastructure improvements.
The next steps include the selection of a local construction manager, announcement of the first tenants and a spring 2025 groundbreaking.