The Omaha City Council formally moved forward with the latest proposal for The Crossroads at 72nd and Dodge Street. Salt Lake City-based Woodbury Corp., the new developer, plans to invest $862 million to convert the site into a massive mixed-use development.
As previously presented, the Crossroads project will be built in phases, with Phase 1 consisting of the development of three lots. Lot B on the north side of the overall development site borders Cass Street. A multifamily building and parking garage are planned for Lot B and will be the first to go vertical starting in 2025. South of Lot B is Lot E, which will serve as a town center boasting public space surrounded by retail. The lot west of Lot E, Lot D, will have an unidentified entertainment center. Both Lot D and E will have underground parking.
In an effort to have more control over the projection of the development, the City will purchase the land and lease it to the Woodbury. The City will also own the parking garages and lead the design and engineering of those structures. Additionally, the City will have rights to enforce maintenance of the property. As part of the agreement, Woodbury has a soft deadline to complete the entirety of the project by 2032.
While the project has appeared to be inactive for some time, the developer explained that more than $35 million has been invested in the infrastructure to support the development. With the infrastructure in place, the involvement of the new developer and the modified arrangement with the City, the new developer is confident that construction will pick up pace once they start next year including development of the other lots.
Woodbury expects construction to go vertical next spring.
