Mutual of Omaha to expand footprint downtown
Insurance giant Mutual of Omaha not only intends to move its headquarters to the downtown site currently occupied by the W. Dale Clark Library, but it also plans to acquire the block of land owned by the city to the east.
Lately, this location – bounded by 13th, 14th, Farnam and Douglas streets – has been used to park construction equipment and store materials used for the renovation of the Gene Leahy Mall.
Under a proposed deal just released with the City of Omaha, Mutual would acquire the additional land at “fair market value” and use it as a staging area while its Mutual office tower is built. projected $443 million and 800,000 square feet.
Mutual has agreed, once the tower is completed, to develop and maintain the property across the street in a way that complements the Gene Leahy Mall, according to a spokesperson for Mayor Jean Stothert. The tower is to be built at 215 S. 15th St. by the end of 2026.
The city buys parking lots in the city center
In the past, city and business officials have referred to this city land east of the library as a prime location for business, commerce, or other activities to accommodate the remake of this downtown Omaha area.
Details of the land deal are, among other things, set out in the proposed deal that will be on the agenda of the Omaha City Council next week. A public hearing is scheduled for May 10. The board’s vote on accepting the deal is scheduled for May 17.
The document also includes the city’s intention to purchase Mutual’s three existing parking garages at its downtown Omaha campus for $15,000 per stall, which equates to about $53 million.
The mayor’s office said in a statement that the three garages would be operated by the city and would help facilitate the reuse of existing Mutual buildings and the redevelopment around them.
Turner Park, TIF, tram
The city will be responsible for Turner Park, the green space at Mutual’s Midtown Crossing commercial and residential campus.
The agreement also confirms the City’s intention to:
- Operate and own the 2,200 space parking garage that will be part of Mutual’s new downtown office tower.
- Swap the library block with land owned by mutual developer Lanoha Real Estate at the northwest corner of 14th and Dodge streets.
- Build and operate the streetcar, which was a key reason Mutual officials said they wanted to move its headquarters and about 4,000 employees from the Omaha area to downtown.
- Authorize up to $68.6 million in additional tax financing for the Mutual’s head office project.
The destruction and removal of the library from the central point of the business district has been controversial. The city is moving forward with plans to move downtown library services to a building at 14th and Jones streets and will use a building near 84th and Frederick streets for administrative services.
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