Omaha, Neb. — Lockwood Development, Century Development and the City of Omaha are redeveloping Crossroads Mall in Omaha. Demolition of the mall is currently underway and is expected to be complete in May. Plans call for a mixed-use project spanning 40 acres with 350,000 square feet of retail and restaurants; 250 apartment units; up to 500,000 square feet of office space and senior living; a 150-room hotel; and 2.5 acres of public space. An existing Target store will remain in place.
Project costs are estimated at $553 million. The city anticipates using $12.5 million in redevelopment bonds to pay for infrastructure costs in and around the development, which will be known as The Crossroads. In February, the Omaha City Council approved an $80 million tax-increment financing request for the project. The developers also anticipate applying for an Enhanced Employment Area occupation tax to recoup some of their project’s costs. Completion is slated for late 2024. Crossroads Mall opened in 1960 and closed in 2008.