West Omaha, Neb.—Block Construction Services will execute the master planning of Avenue One, a $1.2 billion mixed-use project that will serve as a hub of activity for residents and businesses in West Omaha, Neb.
“The major appeal is going to be the re-creation of Main Street. We’ve got really a true mixed-use environment where you can have live/work/play options,” Aaron Mesmer, Block Real Estate Services’ investment sales manager, told MHN. “The development will have multifamily and office over retail, restaurants, entertainment, fitness and a trail system that connects the whole thing.”
The land for the forthcoming 1.3 million square feet of office and retail space and more than 2,000 residential units was acquired by Jasper Stone Partners 13 years ago. The project is set to break ground in mid- to late 2017.
“The approval of this project will be tremendous news for Omaha,” Curt Hofer, CEO of Jasper Stone Partners, said. “The jobs and economic activity resulting from this development will benefit the entire metro area.”
On the multifamily side, there will be a senior village, a traditional suburban development and apartments on Main Street above the retail components.
Avenue One is located south of 192nd and Dodge St. interchange, the Methodist Women’s Hospital and the 175-acre Youngman Lake and Park area. The mixed-use project will transform approximately 200 acres of farmland into an interconnected, pedestrian-friendly area, which will include 26 acres of green space and more than six miles of walking and biking trails.
The project will be one of the largest of its kind in Omaha and is expected to have an annual economic impact of more than $1 billion, according to research presented to the State of Nebraska for ranking the economic impact of state-directed highway improvement projects.
Completion of phase one of the infrastructure is expected in late 2018. The entire project is estimated to take between 10 to 15 years.