The former Civic Auditorium will be reborn as a mixed-use development project near 17th Street and Capitol Avenue in downtown Omaha.

A development group, Civic Corner, proposes a mixed-use development including multifamily housing, retail, office, parking and public space, according to a City of Omaha news release announced Tuesday afternoon. The first phase of construction will include 388 apartments: 268 market-rate units and 120 mixed-income units.

White Lotus Group — a development company that has worked on large-scale projects such as I-80 Logistics Hub, West Dodge Pointe and the Ames Innovation Center — will collaborate with local and regional partners on the project.

“Housing options in our urban core are critical to attract new business and talent,” Omaha Mayor Jean Stothert said in a news release. “The Civic property is surrounded by new commercial development and there will be even more growth downtown in the coming years.” “Housing, retail, recreation, and social spaces, connected with multi-modal transit, will complete the vision we have for downtown Omaha,” Stothert added.

A memorandum of understanding between the city and White Lotus includes an agreement for the city to sell the property to Civic Corner and requires building permits and plans to be submitted by a 2023 deadline.

“For years, the Civic Auditorium was a place where fans enjoyed concerts, festivals, and sports events. As Omaha continues to strengthen its urban core, we are pleased to have the rare opportunity to bring an entire neighborhood into our downtown,” White Lotus CEO Arun Agarwal said in a release. “We believe bringing more people will encourage employers to engage in the area. We are committed to collaborating with our development peers, the city, and others to bring concerted vision to the redevelopment.”

The project is eligible for tax-increment financing. The purchase price will not exceed $5 per square foot,  and state law allows the sale of property in a redevelopment area below market rates for a public benefit.

The city demolished the Civic Auditorium in 2017. A previous development plan was proposed and later withdrawn by the Tetrad Property Group.

“We are enthusiastic and confident in Arun and his partners and look forward to a vibrant and active neighborhood in this part of the urban core once again,” said Stothert said in a release.