The Union Omaha soccer stadium project took a major step forward last week with the Omaha Planning Board’s approval of Tax Increment Financing. Recently, the city approved a purchase agreement with Union Pacific to buy the site north of 11th & Cuming Street for $18.7 million.
Currently, the City and developer are working through the terms of the development agreement. The city will own the land and stadium and then lease the stadium to Union Omaha, which would manage the property. The development agreement is an important step because it is a prerequisite for the city to issue any bonds related to the project. The developer is pushing to start construction by this fall to be able to finish by 2028 soccer season.
According to the TIF application, total investment in the 25-acre site will potentially exceed $300 million. The stadium, which constitutes Phase 1 of the project, will cost approximately $125 million, which includes $12 million in public infrastructure improvements to support the whole mixed-use district. The 6,500-seat stadium will be located on the north end of the site, just south of Seward Street. The team indicated that the stadium timeline coincides with the league’s planned relegation changes in 2028, whereby Union Omaha may be able to move up to the upper tier within the USL system.
Phase 2 of the project will consist of multi-use buildings south of the stadium on approximately 7 acres. Plans for that portion of the project are early, but the developer anticipates building nearly 500 residential units. Each building would have ground-floor commercial space for retail and restaurants totaling 39,000 sq. ft. These spaces will be oriented toward a pedestrian promenade that will lead to the stadium from a future extension of Millwork Avenue.
The developer is seeking $48 million in TIF. The Omaha Planning Board unanimously approved the request, moving the application forward to the city council for review and approval.
