City of Lincoln
2005 Media Releases
Mayor Coleen J. Seng announced today she has selected the Pinnacle Point proposal for the redevelopment of the north side of 48th and “O” streets. The Mayor ordered negotiations to begin immediately on a redevelopment agreement. The Pinnacle Pointe Redevelopment Proposal calls for a multi-use commercial center, that includes Pinnacle Bank and Hy-Vee, Inc.
Pinnacle Pointe was one of two proposals submitted for developing the north side of the 48th and “O” area. Mayor Seng appointed a citizen review committee to review the two proposals for the north side and the one proposal submitted for the south side. Negotiations are already under way on a redevelopment agreement for the proposal submitted for the south side by West Gate Bank, Runza National Inc. and Village Development Inc., which represents Walgreen’s. Redevelopment agreements must be approved by the City Council.
“I am pleased we are moving forward on the redevelopment of this area, which has been mostly vacant and deteriorating for a few years,” said Mayor Seng. “These are high quality projects with very qualified developers. I am confident that these proposals will restore this area to a vital and productive center for new jobs and commerce.”
The area bounded by 48th, 52nd, “R” and “N” streets was declared blighted in August, making potential developers eligible for tax-increment financing. The redevelopment area is almost 42 acres of prime retail and commercial property sitting in the center of the city.
The 48th and “O” Street intersection is the second busiest in Lincoln. The City is planning to schedule the widening of “O” Street at the same time as the redevelopment project to be cost efficient and minimize inconvenience to the public and area businesses.
The City announced earlier this month that it had received a $128,200 federal grant to assess the need for environmental cleanup at the site, which was the location of several auto dealerships and related businesses. Lincoln will use the funds to conduct site assessments and develop a plan for cleaning up any contaminants.