271
Locust Street Development
2809 North 16th Street Omaha, NE 68110
Larry Russell
Parter
Ljr1064@gmail.com
+1 (402) 677-9496
Yes
Oliver Piatek - Partner
Locust Street Development
35353853.47
10606156.0
Capital project
Locust Street Development (LSD) is a joint venture to bring 80 unit, mixed use development to 16th Street and Locust area. Located at16th and Locust, the concept of Sankofa is a 100-acre innovation district in Omaha, NE that will be anchored by the Cathy Hughes Innovation Center. LSD will be the ideal place to live work and play. Larry Russell Investments current owns 2823, 2821, 2819 North 16th and has options on 2809, 2807, and 2801 North 16th St. I also own 2814 N 15 ST and 2821 N 15 AV. Locust Street Carpet (Oliver) has options on several property in the same area. Locust Street Carpet will be housed in the mixed use development and have a retail carpet store serving North Omaha and Downtown.
▪ November 2022 • Finalize all joint ventures partners and development group • Secure Land Options for Parcels in the area January 2023 • Land Purchase • Removal of Debris Jan-March 2023 • Design • Engineering • Equipment ordered • Permits issues • Select contractors April • Site Prep • Survey • Layout • Excavation • Site Clearing • Utilities • Foundation • Deposit on Equipment May - July • Footings poured • Slab Poured • Temp Power installed • Steel Building Erected • Rough Framing of Offices completed • Windows and Doors installed Aug-Oct • Rough Plumbing Elec, and HVAC installed • Insulation Installed • Sheetrock installed in offices Sept -Jan 2024 • Finish work begins • Electrical • Plumbing • HVAC Feb- April • Texture and paint in offices, • Trim Installed • Office and Handling equipment arrives May 2024 • Final inspection • Final testing
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Fundamental Change (i.e., a proposal that will continue to elevate North or South Omaha's presence and perception within the region, significantly improving the lives of area residents through physical development) Long-Lasting Economic Growth (i.e., a proposal that will foster gainful employment opportunities and financial investment in the area, leading to the creation of generational wealth and widespread economic vitality in North and South Omaha) Transformational (i.e., a proposal that will help energize, recharge, or spur significant and favorable advancements in North or South Omaha's function or appearance)
Multimodal Transportation (i.e., enable connectivity through driving, biking, taking transit, walking, and rolling) Sustainable Community (i.e., create or enhance housing, services, education, civic uses, recreation, etc.)
□ Transformational Change - This proposal will transform would literally transform 16th Street through major investments in underutilized lands. The investment will generate construction jobs and allow for recruiting companies that will add high paying jobs in much needed office and retail space. □ Fundamental Change - By strategically locating on 16th street, the LSD will reconnect North Omaha with the downtown community (both through a trail and 16th street), a connection that was previously severed. In addition to connecting the community, the District will also create a true business district in North Omaha which has been missing. □ Long-Lasting Economic Growth - The proposal provides multi-faceted economic growth, in digital, manufacturing, construction, as well as, entrepreneurship and innovation all within one mile. The Revitalization of the 16th Street Corridor is crucial to the overall development of North Omaha. The revitalization of the 16th Street Corridor ties together the community with the business park and IHub. By creating additional commercial spaces, small businesses will have access to store fronts and have the ability to continue to grow in the community. Moreover, with multipurpose building that have retail on the bottom and housing on top, much needed housing stock will be added to the area enabling people to work live and play. Finally with a true commercial BID in North Omaha, businesses will be able to contribute and continue to invest in the community creating longevity and lasting change after federal dollars have been spent.
Affordable housing and walkable communities were at the top of the needs list in the Visioning Workshop. This proposal addresses both. We will seek RFPs for development of mixed-use and affordable housing units along 16th Street thereby locating housing where jobs will be created, eliminating the barriers that lack of transportation has created.
see above
50 in office spaces, 25 with the Locust Carpet
75
55,000 and above
All of these opportunities will be within Qualified Census Tracts and serving those from Qualified Census Tracts.
In addition to catalyzing the growth of jobs and businesses, LSD will spur new economic investment It will also create a business core district allowing for the recycling of capital in the community creating a sense of pride and ownership.
LSD is a “live, work, play” place. This will be the new Blackstone for those working in the Enterprise park.
WE hope to partner with local Modern Eminence to build sustainable housing.
80 units
Either we build them or we dont.
No
Yes
We want to be provide workforce housing with all local employers along with student housing for graduate students.
No
See above
Within one or more QCTs
Yes
Yes
Yes
No
No
No
Other sourcing TIF, Imagine Revolving Fund and Bank and Private Financing. Decision date is concurrent with the proposed.
Estimated timelines are within approximately thirty (30) days of the proposed submission and approval.
Yes we have equity ready to go.
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Additional Location Documents (see application for list) Plans and detailed descriptions, including pictures and a map of the site location/surrounding area Pro Forma Proposal Budget/Sources and Uses Schedule