The City of Omaha announced Friday that it has officially taken ownership of a 25-acre lot in north downtown that will later be home to a professional soccer stadium.
The land, nicknamed “Home Plate” due to its proximity to the home of the College World Series, was owned by Union Pacific, which used it to park historical railcars for special events. The company will retain access to six acres of the property and event space for that purpose.
Omaha paid $18.5 million for the property. In addition to the soccer stadium for professional soccer team Union Omaha, the city is planning a mixed-use development with apartments, restaurants, retail and a city parking garage near Millwork Commons. There are also plans for “major city infrastructure projects,” including a combined sewer treatment facility.
The entire redevelopment is expected to cost $332 million, with the stadium expected to cost $140 million. In a press release, the city said leasing the stadium to Union Omaha and other financing tools will help the project “pay for itself.”
Earlier this year, the Omaha City Council approved $48 million in tax increment financing for the redevelopment.
The stadium will have 6,500 seats and a capacity of up to 8,500 people. In a statement, Mayor John Ewing lauded the purchase as a “home run.”
“This purchase puts us at the plate, pun most definitely intended, to swing for the fences on creating a more exciting Omaha,” he said.