A new vision for the Crossroads Mall was unveiled last week after the City of Omaha approved a new memorandum of understanding with the project developers.

Omaha Mayor Jean Stothert joined Lockwood Development and Century Development last Wednesday to announce a joint venture to redevelop the Crossroads Mall at 72nd and Dodge streets.

Frank Krejci, president of Century Development, and “Chip” James, president of Lockwood Development, said they will build a mixed use development on the 40 acres with retail and restaurants, a hotel, apartments and office space.                                                  

“This project merges and connects our most important asset in Omaha; our people, with local transportation, education, healthcare, retail, business, arts and culture,” James said in a news release distributed by the city government. “It is strategically positioned at the heart of Omaha. Just as it was in 1960 and is true today, all roads lead to The Crossroads.”

Krejci owns the property and sought out Lockwood as a partner for the $500 million redevelopment.

“We believe in the location, and as lifelong Omahans, we believe in developing projects that will last the test of time and benefit our community. The Crossroads will definitely do that,” Krejci said.

Mayor Jean Stothert said the partnership with will build on the current momentum of growth in Omaha.

“I have great confidence in the project, the partnership and Omaha’s economy,” Stothert said. “Chip will deliver a spectacular development at this true crossroads of our city.”

Target, which owns its building, will remain in its current location as will the existing 2,200 stall parking garage. The developers recently closed on the properties west of the existing Crossroads.

The city anticipates $12.5 million in redevelopment bonds. Lockwood also plans to apply for tax increment financing and enhanced employment area financing. The city has discussed options to purchase the garage.

The plans for the area include 350,000 square feet of retail, dining and entertainment; a 150-room hotel; 250 apartment residences; and up to 500,000 of square feet of office space and senior residences.

Demolition of the current mall structure is slated to begin in October. Work is planned through fall 2024.

Lockwood Development is also behind the Sterling Ridge development at 132nd and Pacific streets.

Find more information at thecrossroadsomaha.com.