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Council backs $3.6 million TIF for rehab of vacant downtown building into Atrium apartments
Summary
The Omaha City Council approved a tax-increment financing (TIF) assistance request of up to $3,596,808 for the Atrium multifamily rehabilitation at 7270 Cedar Street, a $21.9 million rehab converting a vacant hotel into 197 studio apartments, with council voting 7-0 on the redevelopment plan and related agreement.
The Omaha City Council voted unanimously on May 20 to approve tax-increment financing (TIF) assistance for the Atrium multifamily redevelopment at 7270 Cedar Street.
City planning staff described the project as a comprehensive rehabilitation of a vacant, damaged hotel into a 6-story building containing 197 studio, market-rate apartment units. Developers told council the project preserves the building…
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