New Development Team Takes Over as $900 Million Revamp Moves Forward
Omaha’s Crossroads Mall site has long been a symbol of both opportunity and frustration for the city. For 15 years, plans to redevelop the once-thriving shopping mall into a modern commercial and residential hub have come and gone. However, after years of delays and some setbacks, the project has now reached a significant milestone, as a new development team takes the reins of what’s being described as a $900 million, mixed-use redevelopment.
Since its purchase in 2008 by a local developer, the Crossroads Mall site has been at the center of debates about the future of Omaha’s retail and commercial landscape. But for the past few years, much of the 42-acre property sat vacant after the demolition of much of the mall’s outdated infrastructure. This idleness was once again highlighted last week when a fire broke out in an abandoned structure on the site, stirring concerns about the project’s lack of visible progress.
However, on Tuesday, Omaha’s mayor and a new development team announced an exciting update for the project. The Woodbury Corp. team, based in Utah, is now officially in control of a third of the Crossroads site, following a real estate transaction with the previous developers, KV Ventures. The new plan includes a $105 million city-backed tax-increment financing package to fund the first phase of the redevelopment, marking a significant step forward for the stalled project.
The Plans for a New Urban Center
The first phase of the Crossroads redevelopment is set to begin in spring 2025 and will include the construction of a 92,000-square-foot entertainment complex, a 40,000-square-foot outdoor plaza surrounded by retail and office space, and a residential building with ground-floor retail. The residential element is expected to bring a mix of living options to the area, while the outdoor plaza will become a hub for social and commercial activity.
As part of the first phase, the City of Omaha has committed to building three parking garages, two of which will be underground, with a total capacity of more than 1,500 parking stalls. These parking structures are seen as a key component in making the new development accessible to visitors and residents, helping to meet the anticipated demand for space in the area.
Mayor Jean Stothert expressed optimism about the development’s momentum. “It has had some slowdowns and it has had some startups,” Stothert said during a news conference. “It is a really important corner, and we are really excited this development is moving forward at the pace that it is now.”
The mayor also acknowledged the criticisms that have followed the project’s delays. At one point, the project, under previous developer Frank Krecji, was expected to open in 2013, with a mix of retail, entertainment, and residential offerings. However, several delays and ownership changes have pushed the timeline back, frustrating some residents and taxpayers. Still, Stothert emphasized that the city was limited in how fast it could act, as the Crossroads property was privately owned until now.
New Phase, New Expectations
The arrival of the Woodbury Corp. development team signals a fresh phase for the redevelopment effort. The Utah-based company, which has experience in revitalizing underperforming shopping centers, sees the Crossroads site as a prime opportunity. “This is something that we like to do, take over old shopping centers,” said Jeff Woodbury, the senior vice president of development and acquisitions for Woodbury Corp. “It’s usually the best real estate in most communities.”
Woodbury also expressed confidence that the site’s central location—right at the intersection of 72nd and Dodge Streets—makes it an ideal spot for a mixed-use community. The addition of more retail, entertainment, and residential spaces, combined with the city’s investment in infrastructure, is seen as a potential catalyst for revitalizing the surrounding area.
The project is also seen as complementary to ongoing developments nearby. On the southern edge of the Crossroads site, a $158 million new library facility is under construction. To the northeast, Stothert hinted at a “big development” in the works, though she declined to provide details. These additions suggest that the redevelopment of the Crossroads site is part of a broader effort to rejuvenate this central part of Omaha, turning it into a vibrant, mixed-use urban space that could draw residents and visitors alike.
Economic Implications for Omaha
The $900 million investment in the Crossroads Mall site is seen as a potential economic boon for Omaha. If successful, it could attract new businesses, create jobs, and provide modern housing options in one of the city’s most central areas. The project has the potential to redefine how the city approaches urban development, offering a model for blending entertainment, retail, and residential life in a way that can foster community engagement and economic growth.
For local residents and businesses, the success of this redevelopment could mean lower vacancies, more foot traffic, and a boost in the local economy. Mayor Stothert and other officials have emphasized the importance of this development, not just as a commercial project, but as a crucial part of Omaha’s ongoing growth and transformation.
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