NuStyle Development, developer of the Central Park Plaza towers redevelopment project, is seeking approval of a $26.45 million Tax Increment Financing application this week from the Omaha Planning Board. The $162 million project will be known as The Duo.
Located next to the modern streetcar line, the overall project will bring 707 new apartment units to the downtown market. Both 15-story towers will be redeveloped into multifamily housing with 278 units in the south tower and 279 units in the north tower. The parking garage on 16th Street, formerly known as Parkfair Mall, will be demolished and replaced by a 500-stall parking garage, with 16,000 sq. ft. of commercial space on the first and second floors.
NuStyle will build an apartment structure on top of the garage consisting of 150 units. While the City of Omaha will own the parking garage, the apartment structure on top will be owned by the developer. The new mixed-use building, or “West Tower,” appears to be at least 11 stories tall, based on a preliminary rendering.
The Duo’s amenities will include elevated courtyards, pools and rooftop views. The project will be completed in phases; first, the South Tower redevelopment, second, construction of the West Tower, and third, redevelopment of the North Tower. Construction on the South Tower rooftop level is already underway. The anticipated final completion date is Fall 2027.
