OMAHA — A $45 million privately-owned apartment complex is expected to rise on an old TV station site west of downtown Omaha and be boosted by the public incentive called tax-increment financing.

GreenSlate Development, joined by Mayor Jean Stothert, announced its next venture during a Wednesday news conference in the Blackstone District, where the project is to be completed by spring of 2027.

Featuring 180 market-rate units ranging from studio-sized to two-bedroom apartments, the project is to be built along the city’s planned streetcar route.

GreenSlate said it plans to seek city approval for $5 million in tax-increment financing (TIF).

Heated Issues

Both TIF and the streetcar have become controversial issues in the Omaha mayoral race, amplified in several exchanges between Stothert and former State Sen. Mike McDonnell, both Republicans.

Stothert is a champion of the streetcar while McDonnell has “Stop the Streetcar” emblazoned across some of his yard signs.

McDonnell held a news event repeating State Auditor Mike Foley’s remark from last year that the streetcar would be “the largest diversion of property tax dollars for an economic development project in Nebraska history.”

Democratic mayoral candidates Douglas County Treasurer John Ewing and nonprofit executive Jasmine Harris both have said it likely is too late to stop the streetcar at this point. Each has said Omaha needs a mayor that makes sure the city’s transportation system works for residents.

The nonpartisan mayoral primary election is April 1. Community advocate Terry Brewer is also running.

The streetcar, a project with $389 million in city costs to be covered by TIF proceeds, is slated to be running in 2028 along a route from downtown to midtown Omaha.

GreenSlate principal Jay Lund has been a leading proponent and early pusher of the streetcar. He stated in a news release that his development company’s latest apartment project would likely be half the size without the streetcar, because he would have to build more parking.

“The streetcar reduces the amount of parking throughout the urban core and creates opportunities for new development on parking lots that are seldom used,” said Steve Jensen, a board member of the Omaha Streetcar Authority.

Other GreenSlate developments are largely in the midtown Omaha area, along the streetcar route.

10-Plus Year Momentum

The development team expects to present its TIF request to the Omaha Planning Board during the board’s monthly meeting in April.

TIF is a public financing mechanism that requires approval from a city to leverage future property tax revenue from the increased valuation of a new project (for up to 20 years) to help pay eligible redevelopment expenses on a project state.

State law says the venture must be in a blighted area and deemed not possible to be developed “but for” the subsidy.

The just-announced GreenSlate project is set to transform the former WOWT-TV station site at 35th and Farnam Streets. Amenities include a courtyard, resort-style pool, grilling areas and a dog park. Demolition of the existing structures are scheduled to begin in the spring.

“We are very excited to continue to build on the 10-plus year momentum of the Blackstone District with this new project,” said Lund. “Repopulating Omaha’s urban core with density is what creates walkability and placemaking that make our city unique and special.”

The Blackstone District, a cluster of entertainment, residential and commercial properties, is between downtown and the University of Nebraska Medical Center.

Stothert noted the impact on development of the streetcar route.

“Blackstone’s success and growth will continue to accelerate when the streetcar is running,” she said.

This story was published by Nebraska Examiner, an editorially independent newsroom providing a hard-hitting, daily flow of news. Read the original article: https://nebraskaexaminer.com/briefs/45m-apartment-project-to-rise-on-oma...