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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 shell and common spaces while creating studio units around a large indoor atrium; they described plans for health-and-wellness programming and shared spaces such as yoga and fitness rooms.
City planning reported the developer is investing about $21.9 million in the rehabilitation and requested TIF support of up to $3,596,808. Planning staff said the proposal met required TIF criteria and recommended approval. Attorney and developer representatives described outreach to surrounding neighborhoods and indicated some nearby stakeholders supported the revitalization.
Council members praised the proposal and neighborhood outreach; one council member asked the developer to consider a future senior housing floor, which the developer said they would consider. A motion to approve the TIF redevelopment project plan carried on roll call; the council later took first reading on a related redevelopment agreement on the agenda.
The approved TIF commitment and redevelopment agreement formalize city support for the project. Developers said the building has been dormant since the pandemic and that the conversion into studios and active common spaces aims to reactivate the site and attract residents to the area.
