Omaha Forums

Greg S wrote:The announcement and this thread started in 2011 so I don't think those of us complaining can necessarily all be included in the "I want it now crowd." I think 5 years is quite awhile. Yes I want it done right. That being said I am extremely frustrated with Yates. I think he wanted and believed he was going to get an incentive package similar to what he got at Gretna. That would have been great for him, but he does not have the leverage here that he did there. That's where my doubts come in.

Greg

Uh......I think that is spot on. And I don't think Yates wants the extra competition to the Outlet Mall. He'd be competing with himself. He hasn't quite figured out how not to lose money at the Outlets if he goes through with Crossroads.The city needs to start thinking about some kind of action to get that land back.

choke wrote:

Greg S wrote:The announcement and this thread started in 2011 so I don't think those of us complaining can necessarily all be included in the "I want it now crowd." I think 5 years is quite awhile. Yes I want it done right. That being said I am extremely frustrated with Yates. I think he wanted and believed he was going to get an incentive package similar to what he got at Gretna. That would have been great for him, but he does not have the leverage here that he did there. That's where my doubts come in.

Greg

Uh......I think that is spot on. And I don't think Yates wants the extra competition to the Outlet Mall. He'd be competing with himself. He hasn't quite figured out how not to lose money at the Outlets if he goes through with Crossroads.The city needs to start thinking about some kind of action to get that land back.

The city didn't own Crossroads. Might be hard to get it back.

Might not be too hard for the city to get it. They just don't go forward with any more incentives. Not sure if they can just withdraw the existing TIF, or let it expire as well.

Greg

Greg S wrote:Might not be too hard for the city to get it. They just don't go forward with any more incentives. Not sure if they can just withdraw the existing TIF, or let it expire as well.

Greg

They would just need to pay him at least $9.5 million for it, if he wanted to sell. That's what he paid for it in 2010.

iamjacobm wrote:

choke wrote:

Greg S wrote:The announcement and this thread started in 2011 so I don't think those of us complaining can necessarily all be included in the "I want it now crowd." I think 5 years is quite awhile. Yes I want it done right. That being said I am extremely frustrated with Yates. I think he wanted and believed he was going to get an incentive package similar to what he got at Gretna. That would have been great for him, but he does not have the leverage here that he did there. That's where my doubts come in.

Greg

Uh......I think that is spot on. And I don't think Yates wants the extra competition to the Outlet Mall. He'd be competing with himself. He hasn't quite figured out how not to lose money at the Outlets if he goes through with Crossroads.The city needs to start thinking about some kind of action to get that land back.

The city didn't own Crossroads. Might be hard to get it back.

I just wonder if there is anything the city can do about it? Scenarios like this must have existed before, whether here in Omaha or in another city, where a developer lets a prime piece of real estate that is vital to the city just rot away. Especially, when other developers are interested in it. And not just for Halloween outlet stores and the county fair.

choke wrote:

iamjacobm wrote:

choke wrote:

Greg S wrote:The announcement and this thread started in 2011 so I don't think those of us complaining can necessarily all be included in the "I want it now crowd." I think 5 years is quite awhile. Yes I want it done right. That being said I am extremely frustrated with Yates. I think he wanted and believed he was going to get an incentive package similar to what he got at Gretna. That would have been great for him, but he does not have the leverage here that he did there. That's where my doubts come in.

Greg

Uh......I think that is spot on. And I don't think Yates wants the extra competition to the Outlet Mall. He'd be competing with himself. He hasn't quite figured out how not to lose money at the Outlets if he goes through with Crossroads.The city needs to start thinking about some kind of action to get that land back.

The city didn't own Crossroads. Might be hard to get it back.

I just wonder if there is anything the city can do about it? Scenarios like this must have existed before, whether here in Omaha or in another city, where a developer lets a prime piece of real estate that is vital to the city just rot away. Especially, when other developers are interested in it. And not just for Halloween outlet stores and the county fair.

The city could possibly use eminent domain, like that did with the Wallstreet Tower site.

There's always plenty of parking at the Crossroads, though. It's a modern day ghost town.

Well at least Jeff and Trenton sound confident this is going to happen.

jessep28 wrote:From my understanding, anchor retailers at a lot of these shopping malls negotiated ridiculous leases which are hard to break. Replacing one Oakview anchor with another probably isn't feasible if the current tenant doesn't want to leave.

The Crossroads Sears is an example. At one point I had heard that their lease was longer than the lifespan of your average human.

bbinks wrote:

jessep28 wrote:From my understanding, anchor retailers at a lot of these shopping malls negotiated ridiculous leases which are hard to break. Replacing one Oakview anchor with another probably isn't feasible if the current tenant doesn't want to leave.

The Crossroads Sears is an example. At one point I had heard that their lease was longer than the lifespan of your average human.

Yates bought the lease on Sears at the Crossroads. It's been a done deal for awhile.

Deal reportedly in the works to get construction moving on Crossroads Village

the city attorney wrote developer Rod Yates regarding tentatively accepting city incentives for the project. The first is $40 million in tax increment financing for up to 15 years and a 1.95 percent occupation tax on all sales generated within Crossroads Village.

On top of the tax terms, the city also agrees to improve the area's infrastructure at a price tag of $6.5 million. To get the deal, demolition must begin on Sept. 1.

The mayor's office said the city doesn't consider the letter a deal -- rather an outline of the incentives. To make the deal, Yates must respond to the letter by June 27. The city said he hasn't yet.

Is this the city forcing Yates hand so he has to put up or let the next guy try?

MTO wrote:Is this the city forcing Yates hand so he has to put up or let the next guy try?

Feels like that to me.

MTO wrote:Is this the city forcing Yates hand so he has to put up or let the next guy try?

It's called 'negotiations', I'm sure you can find that entry in the Oxford dictionary.

Coyote wrote:

MTO wrote:Is this the city forcing Yates hand so he has to put up or let the next guy try?

It's called 'negotiations', I'm sure you can find that entry in the Oxford dictionary.

That's comical coming from you.

Question! Could you possibly be paying 11.45% tax to eat at a restaurant in Crossroads Village? The 5.5% Nebraska sales tax, 1.5% Omaha sales tax, 2.5% restaurant tax and the 1.95% Occupation tax? That would put a restaurant in this development, I believe, as the second highest sales tax in the country behind an arkansas town with 12%.

I had not thought of that. Does it apply to food or just goods?

I think the city is done negotiating. This looks like an ultimatum to me. Final offer.

Greg

Greg S wrote:I had not thought of that. Does it apply to food or just goods?

I think the city is done negotiating. This looks like an ultimatum to me. Final offer.

Greg

Pete Festerson and the city sound like they're part of the "I want it now crowd."

24 days left before city's ultimatum expires.

lmdramos wrote:Question! Could you possibly be paying 11.45% tax to eat at a restaurant in Crossroads Village? The 5.5% Nebraska sales tax, 1.5% Omaha sales tax, 2.5% restaurant tax and the 1.95% Occupation tax? That would put a restaurant in this development, I believe, as the second highest sales tax in the country behind an arkansas town with 12%.

It seems the only way that proposal will fly would be to waive the 2.5% restaurant tax within the Crossroads development area, assuming there would be restaurants in the development. ...but other nearby restaurants would cry foul of that.

GetUrban wrote:

lmdramos wrote:Question! Could you possibly be paying 11.45% tax to eat at a restaurant in Crossroads Village? The 5.5% Nebraska sales tax, 1.5% Omaha sales tax, 2.5% restaurant tax and the 1.95% Occupation tax? That would put a restaurant in this development, I believe, as the second highest sales tax in the country behind an arkansas town with 12%.

It seems the only way that proposal will fly would be to waive the 2.5% restaurant tax within the Crossroads development area, assuming there would be restaurants in the development. ...but other nearby restaurants would cry foul of that.

It's my understanding that the occupation tax will not apply to restaurants, just retail.

An article in the Lincoln Journal Star regarding Local Beer, Patio and Kitchen going in at Neb Crossing did include this blurb about C-Village

Matt Olberding of the Lincoln Journal Star wrote:

Yates also announced Wednesday that he and Yin signed a deal to put a 5,500-square-foot Hiro 88 at Crossroads Mall in Omaha.

One week Mr Yates, choose wisely.

MTO wrote:One week Mr Yates, choose wisely.

Watch as nothing happens.

PotatoeEatsFish wrote:

MTO wrote:One week Mr Yates, choose wisely.

Watch as nothing happens.

We will find out by Monday.

choke wrote:

PotatoeEatsFish wrote:

MTO wrote:One week Mr Yates, choose wisely.

Watch as nothing happens.

"Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and your greatest weakness".

We will find out by Monday.

"Which brings us at last to the moment of truth, wherein the fundamental flaw is ultimately expressed, and the anomaly revealed as both beginning and end".

City, developers reach informal deal on incentives for Crossroads redevelopment, but still ‘loose ends to tie up’

http://www.omaha.com/money/city-develop ... f7db6.html

Paige Yowell / World-Herald staff writer:

The incentives could be revoked if demolition doesn’t start by the end of the year, Stothert said.

Meanwhile, negotiations to buy out leases of existing tenants at Crossroads Mall are stalling the demolition of the tired shopping center at 72nd and Dodge Streets, Yates said earlier this month.

More cat and mouse games. Gotta buy out the existing lease of Battle Bears before demolition can start.

Obviously, this entire "re-development plan" has been a painstaking long and arduous process..

The article pointed out that citizens are impatient. I understand that.. But at the same time, I want the city and developers to get this right.. So I've personally not been on the "lets get this going- NOW!" hype train.. What I've said for years on this forum about Crossroads is that since 1963, it's re-invented itself 2 times to compete and stay relevant..

The city/developer needs to hit a home run on this one.. So I have no problem being patient, waiting it out, in order to get this right. It's too important a development in a high volume high profile part of the city NOT to..

Remember friends, retail development, for a variety of reasons, are very tricky to get right and maintain in the Omaha area- especially as it relates to Crossroads.. I remember a long running discussion and disagreement with a poster here years ago who stated he wanted to "blow up Crossroads" I disagreed with his use of the term "blow up" mainly as it related to eliminating the retail aspect of the mall.. In a sense, with this development I guess, we'd be doing just that (blowing it up). But I look at it as Crossroads re-inventing itself once again into a significant/relevant mix of retail/entertainment/commercial..

As always, patience is key...

Ciao..LiO...Peace

I'm sure that the anchor tenant with a 100 year pre-paid lease may be giving them problems.

jessep28 wrote:I'm sure that the anchor tenant with a 100 year pre-paid lease may be giving them problems.

That store is such a dump. I don't know why they'd want to keep it open. It can't do that good of business.

HR Paperstacks wrote:

jessep28 wrote:I'm sure that the anchor tenant with a 100 year pre-paid lease may be giving them problems.

That store is such a dump. I don't know why they'd want to keep it open. It can't do that good of business.

Sears' lease was bought out a couple of years ago. I have no problem being patient. I'm fine with the old UP site and Lanoha. Lanoha will build when there is demand. On the other hand, Yates has said for the umpteenth time that "demolition will start later in the year." Just tell us that Crossroads will be developed when it's feasible. That's all. Quit crying wolf.

Not sure how much is new, but there is a "Ten Minutes with the Mayor" video on the World-Herald website indicates there is now a signed agreement with the developers, which sets the incentives and requires demo start by the end of the year. Press conference and more info soon. Target is staying, because they own that land. Sears is gone, as expected.

yellowcolumbia wrote:Not sure how much is new, but there is a "Ten Minutes with the Mayor" video on the World-Herald website indicates there is now a signed agreement with the developers, which sets the incentives and requires demo start by the end of the year. Press conference and more info soon. Target is staying, because they own that land. Sears is gone, as expected.

Here is the link to "Ten with the Mayor" about Crossroads:

http://studio.omaha.com/Ten-Minutes-Wit ... stId=14324

Interesting. Back in April 2015, Stothert stated on Grow Omaha that Yates told her Sears was a done deal at the 19:00 mark of this audio:

http://kfab.iheart.com/media/podcast-gr ... -25946589/

Did they ever have the press conference on this?

Greg

As Sears has continued to close more and more stores nationwide...and their future continues to look bleak, I was shocked they continued to be part of the project going forward.

I don't know anyone that shops at Sears anymore. They don't make sense as part of this development. IMO, you're putting your new trendy development behind the 8 ball at the start if two of your anchors are Target and Sears. Target serves a need, but combining them with Sears seems old, dusty, and outdated.

omaha79 wrote:As Sears has continued to close more and more stores nationwide...and their future continues to look bleak, I was shocked they continued to be part of the project going forward.

I don't know anyone that shops at Sears anymore. They don't make sense as part of this development. IMO, you're putting your new trendy development behind the 8 ball at the start if two of your anchors are Target and Sears. Target serves a need, but combining them with Sears seems old, dusty, and outdated.

Sears' lease has been bought out. They won't be part of it.

I'd like to see Sears survive with what they do best. Their Kenmore appliances, Craftsman tools and lawn/garden stuff are top notch and fairly priced. I live less than a mile from a "Sears Outlet" store that sells only their hardware/appliances.

Garrett wrote:

omaha79 wrote:As Sears has continued to close more and more stores nationwide...and their future continues to look bleak, I was shocked they continued to be part of the project going forward.

I don't know anyone that shops at Sears anymore. They don't make sense as part of this development. IMO, you're putting your new trendy development behind the 8 ball at the start if two of your anchors are Target and Sears. Target serves a need, but combining them with Sears seems old, dusty, and outdated.

Sears' lease has been bought out. They won't be part of it.

yeah. I saw that. My comment was more of a response to those above discussing Sears as part of this. When they were even talking about Sears being a part of it, I was scratching my head.

ricko wrote:I'd like to see Sears survive with what they do best. Their Kenmore appliances, Craftsman tools and lawn/garden stuff are top notch and fairly priced. I live less than a mile from a "Sears Outlet" store that sells only their hardware/appliances.

If they are going to survive as a brand, the stores like the one they have on 25th and Cornhusker in Bellevue will be how they will do it. I'm not sure that business model of essentially being a catalog showroom works in a place like Omaha though. I could see it working in smaller towns where there aren't as many retail options.

Time keeps on slippin' into the future.............