A major investment is sparking change in north downtown.
The Peter Kiewit Foundation revealed it's behind a big project meant to create an arts and trades district in Omaha.
The Foundation began planning for the project in 2008. In 2011, the foundation formed Future Forward LLC and starting buying up properties north of Cuming, though many of the tenants had no knowledge of the larger initiative. The investors, made up of local philanthropists and businesses, wish to remain anonymous.
Future Forward now owns 12 properties, totaling 25 acres of land and 175,000 square feet of buildings in the area.
A group led by the Peter Kiewit Foundation has been buying property in downtown Omaha, where it will create an "arts and trades" district.
Future Forward LLC is investing about $7 million to buy buildings and offer affordable leases to entrepreneurs, artisans, techies and other creative tenants. The group has assembled more than 25 acres with buildings containing 175,000 square feet of space in north of TD Ameritrade Park.
Lyn Wallin Ziegenbein, a spokeswoman for Future Forward, said investors don't intend to develop the land but will clean it up and make structural improvements to the neighborhood.
Many of the lots purchased by Future Forward were made by Raymond J Neary of Investors Realty, and a member of the Omaha Planning board from 2004-2014. He was replaced by Trenton Magid.
Peter Kiewit Foundation wrote:From time to time, the foundation develops targeted grant programs and special initiatives to address specific areas of need. The foundation’s current Economic Growth and Opportunity initiatives include:
Future Forward
The foundation initiated this community redevelopment effort in 2008 to stimulate rejuvenation of North Downtown. The goal of the effort is to foster an environment attractive to the “creative class” of entrepreneurs, artisans, techies, and business start-ups, known as a “Makerhood.” The foundation partnered with several other private philanthropists to launch the initiative, which is known by its legal name, Future Forward, LLC. To date, 20 parcels of property containing 175,000 square feet of useable space have been assembled at a cost of approximately $7 million. Public announcement of the project was made on September 22 and planning for leasing and public use is underway.
This is a really cool idea. Isn't this similar to what the Mercers did in the Old Market? Basically give very affordable rental spaces to creative people? I love the idea of encouraging this kind of organic and indigenous creativity in the community.
And as of today these properties are owned by Paul Gerard Smith of Tenaska.
He owns the Mastercraft building, the Ashton building, and the Disbrow block just south of the Ashton.
Greater Omaha Chamber wrote:Paul G Smith Associates is a development and investment firm owned by Paul Smith. Smith is a retired energy executive and the lead investor in the Capitol District. Smith has a variety of development and investment interests which include real estate and property development of Omaha’s urban core and energy infrastructure nationwide. Mr. Smith and his wife Annette are also active in philanthropic support of the arts and youth development in the greater Omaha community
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I am resurrecting this thread to see if anyone has any information about the warehouse the is adjacent to the Midco building where Omaha Municipal Land Bank and MCC's lost arts classes are located. It has changed recently receiving a blue and white paint job and it's been cleaned out; there use to be a bunch of stuff including what I think was a streetcar or trolley. Anyway, the warehouse is owned by Future Forward, like many other buildings and properties there, but it looks like they have some plans for reusing it. Just wondering what they are.
Cindy Gonzalez
New North Makerhood: The Peter Kiewit Foundation's aim is to turn a worn pocket of structures northwest of 11th and Cuming into an affordable neighborhood for artisans and entrepreneurs. In its heyday, the area was a bustling industrial tract. Next step is turning an old lumber warehouse into artist studios and outdoor event space.
Does anyone know what building they are referring to?
Ben Porter
Nebraska News Service
A shared love of handmade craftsmanship brings professionals and hobbyists to Bench, a place reserved for the imagination to flourish.
Ben Petersen of Exira, Iowa, opened Bench on North 11th Street in Omaha in 2012. It is home to 35 local artists as a public woodworking shop, co-working space and artisan hub.
“I was working on my own shop at home and wanted an even bigger space and better space to work out of,” Petersen said. “There was nothing like the Bench at the time.”
Jewelers, woodworkers, painters and blacksmiths all rent out of the large warehouse, each having their own studios with a common area where they can all come together to socialize and talk about their projects.
According to the Bench’s website, the shop offers hobbyists and professional makers the community, equipment and space that they need to build great pieces.
A community is what Petersen envisioned when creating Bench.
Leaders of the foundation, first established in 1980 by the estate of Omaha construction magnate Peter Kiewit, have decided to spend down its nearly $500 million in assets by 2030.
While the foundation has typically distributed roughly between $25 million and $50 million in annual grants, exhausting the assets over the next five years and sunsetting its operations will allow it to make some major final investments in the community.
Just what the final big investments will be has yet to be determined. But they are likely to include further enhancing Omaha’s urban core and downtown — a priority of Peter Kiewit in his life and one foundation leaders over time have devoted more than $225 million to support.
“There are some big opportunities in front of us in Omaha,” Boyer said. “If we can do things now that set Omaha up for the next 25 years instead of just sprinkling things over time, we think it can be more impactful.”
I assume some funding the for CHI expansion, but hopefully some more huge projects as well.
Any thoughts on things that may help benefit downtown, or something that might need this funding?
skinzfan23 wrote: Fri Nov 15, 2024 4:46 pm
Didn't know where to put this but I wonder if this means some more huge projects for Omaha in the near future:
Leaders of the foundation, first established in 1980 by the estate of Omaha construction magnate Peter Kiewit, have decided to spend down its nearly $500 million in assets by 2030.
While the foundation has typically distributed roughly between $25 million and $50 million in annual grants, exhausting the assets over the next five years and sunsetting its operations will allow it to make some major final investments in the community.
Just what the final big investments will be has yet to be determined. But they are likely to include further enhancing Omaha’s urban core and downtown — a priority of Peter Kiewit in his life and one foundation leaders over time have devoted more than $225 million to support.
“There are some big opportunities in front of us in Omaha,” Boyer said. “If we can do things now that set Omaha up for the next 25 years instead of just sprinkling things over time, we think it can be more impactful.”
I assume some funding the for CHI expansion, but hopefully some more huge projects as well.
Any thoughts on things that may help benefit downtown, or something that might need this funding?
Amazing how much they've donated since 1979.
- Gene Leahy Mall
- Heartland of America Park and Lewis & Clark Landing
- Qwest Center
- TD Ameritrade Ballpark
- Bob Kerrey Pedestrian Bridge
- Holland Performing Arts Center
- Steelhouse Omaha
- "String of Pearls" along Abbott
- The Luminarium
- Joslyn Art Museum expansion
- The RiverFront
- Project Health
Sounds like they will be using a portion of the money to make sure their work with UNL's engineering college continues, as the emphasis was recruiting female engineering students. I hope they invest some in the 480 lid, streetcar extension to UNMC, more multi-modal transportation options and infrastructure, and maybe the 16th Street Revitalization.
skinzfan23 wrote: Fri Nov 15, 2024 4:46 pm
Didn't know where to put this but I wonder if this means some more huge projects for Omaha in the near future:
Leaders of the foundation, first established in 1980 by the estate of Omaha construction magnate Peter Kiewit, have decided to spend down its nearly $500 million in assets by 2030.
While the foundation has typically distributed roughly between $25 million and $50 million in annual grants, exhausting the assets over the next five years and sunsetting its operations will allow it to make some major final investments in the community.
Just what the final big investments will be has yet to be determined. But they are likely to include further enhancing Omaha’s urban core and downtown — a priority of Peter Kiewit in his life and one foundation leaders over time have devoted more than $225 million to support.
“There are some big opportunities in front of us in Omaha,” Boyer said. “If we can do things now that set Omaha up for the next 25 years instead of just sprinkling things over time, we think it can be more impactful.”
I assume some funding the for CHI expansion, but hopefully some more huge projects as well.
Any thoughts on things that may help benefit downtown, or something that might need this funding?
Amazing how much they've donated since 1979.
- Gene Leahy Mall
- Heartland of America Park and Lewis & Clark Landing
- Qwest Center
- TD Ameritrade Ballpark
- Bob Kerrey Pedestrian Bridge
- Holland Performing Arts Center
- Steelhouse Omaha
- "String of Pearls" along Abbott
- The Luminarium
- Joslyn Art Museum expansion
- The RiverFront
- Project Health
Sounds like they will be using a portion of the money to make sure their work with UNL's engineering college continues, as the emphasis was recruiting female engineering students. I hope they invest some in the 480 lid, streetcar extension to UNMC, more multi-modal transportation options and infrastructure, and maybe the 16th Street Revitalization.
The foundation has a total of $480 million in assets. That engineering program costs $7.5 million a year, so I would think a decent chunk is going to that to keep it funded long-term. Say they have $400 million left, do you think they spend half of that in urban core investment? Maybe they set up an endowment to help maintain the parks? No doubt they are contributing to the CHI expansion. Previous reports stated MECA already had $60M committed to the project before they halted financing efforts to get the bond issue through.
I personally want to see them help fund something with the I-480 overpass like redeveloping the surface lots for better uses, like more parks, sports courts, skate parks, or something. It would directly benefit Kiewit HQ as well. Also, maybe something can happen with the old railyard behind the Durham. Are there any other cultural amenities Omaha still needs?
skinzfan23 wrote: Fri Nov 15, 2024 4:46 pm
Didn't know where to put this but I wonder if this means some more huge projects for Omaha in the near future:
Leaders of the foundation, first established in 1980 by the estate of Omaha construction magnate Peter Kiewit, have decided to spend down its nearly $500 million in assets by 2030.
While the foundation has typically distributed roughly between $25 million and $50 million in annual grants, exhausting the assets over the next five years and sunsetting its operations will allow it to make some major final investments in the community.
Just what the final big investments will be has yet to be determined. But they are likely to include further enhancing Omaha’s urban core and downtown — a priority of Peter Kiewit in his life and one foundation leaders over time have devoted more than $225 million to support.
“There are some big opportunities in front of us in Omaha,” Boyer said. “If we can do things now that set Omaha up for the next 25 years instead of just sprinkling things over time, we think it can be more impactful.”
I assume some funding the for CHI expansion, but hopefully some more huge projects as well.
Any thoughts on things that may help benefit downtown, or something that might need this funding?
Amazing how much they've donated since 1979.
- Gene Leahy Mall
- Heartland of America Park and Lewis & Clark Landing
- Qwest Center
- TD Ameritrade Ballpark
- Bob Kerrey Pedestrian Bridge
- Holland Performing Arts Center
- Steelhouse Omaha
- "String of Pearls" along Abbott
- The Luminarium
- Joslyn Art Museum expansion
- The RiverFront
- Project Health
Sounds like they will be using a portion of the money to make sure their work with UNL's engineering college continues, as the emphasis was recruiting female engineering students. I hope they invest some in the 480 lid, streetcar extension to UNMC, more multi-modal transportation options and infrastructure, and maybe the 16th Street Revitalization.
The foundation has a total of $480 million in assets. That engineering program costs $7.5 million a year, so I would think a decent chunk is going to that to keep it funded long-term. Say they have $400 million left, do you think they spend half of that in urban core investment? Maybe they set up an endowment to help maintain the parks? No doubt they are contributing to the CHI expansion. Previous reports stated MECA already had $60M committed to the project before they halted financing efforts to get the bond issue through.
I personally want to see them help fund something with the I-480 overpass like redeveloping the surface lots for better uses, like more parks, sports courts, skate parks, or something. It would directly benefit Kiewit HQ as well. Also, maybe something can happen with the old railyard behind the Durham. Are there any other cultural amenities Omaha still needs?
I always thought that a modern observatory or Ferris Wheel that you could see the entire city/Dt area would be cool. Also a more permanent indoor/outdoor market district that could provide seasonal foods with the lack of grocery stores.
ita wrote: Fri Nov 15, 2024 9:45 pm
The foundation has a total of $480 million in assets. That engineering program costs $7.5 million a year, so I would think a decent chunk is going to that to keep it funded long-term. Say they have $400 million left, do you think they spend half of that in urban core investment? Maybe they set up an endowment to help maintain the parks? No doubt they are contributing to the CHI expansion. Previous reports stated MECA already had $60M committed to the project before they halted financing efforts to get the bond issue through.
I personally want to see them help fund something with the I-480 overpass like redeveloping the surface lots for better uses, like more parks, sports courts, skate parks, or something. It would directly benefit Kiewit HQ as well. Also, maybe something can happen with the old railyard behind the Durham. Are there any other cultural amenities Omaha still needs?
I always thought that a modern observatory or Ferris Wheel that you could see the entire city/Dt area would be cool. Also a more permanent indoor/outdoor market district that could provide seasonal foods with the lack of grocery stores.
Those are neat ideas. I always liked the Downtown 2030 concept for the railyard south of the Durham. That plan had a ferris wheel there. That location would have nice views of downtown skyline. An observatory would be awesome as well! It's really too bad the indoor market at 10th street never came to fruition.
ita wrote: Tue Nov 19, 2024 2:51 pm
Those are neat ideas. I always liked the Downtown 2030 concept for the railyard south of the Durham. That plan had a ferris wheel there. That location would have nice views of downtown skyline. An observatory would be awesome as well! It's really too bad the indoor market at 10th street never came to fruition.
Aksarben Yard would be a really great addition to the core. Maybe that would help connect downtown to Little Italy and spur that neighborhood's growth. Would love to see that area get some more Blackstone-like development along 10th Street, especially if the streetcar extends down 10th to the zoo.
These are from the Downtown 2030 doc and the market is in the second image just below the Durham Museum.
This OWH article was updated here is an old quote from the first version: \
“The strategy has really been about investing in quality of life amenities that will make Omaha and downtown Omaha a place where people will want to live and where jobs will want to move to,” Boyer said. “We feel good that we have been a part of helping to catalyze some of that investment and resurgence downtown.”
Just what the final big investments will be has yet to be determined. But they are likely to include further enhancing Omaha’s urban core and downtown — a priority of Peter Kiewit in his life and one foundation leaders over time have devoted more than $225 million to support.
“There are some big opportunities in front of us in Omaha,” Boyer said. “If we can do things now that set Omaha up for the next 25 years instead of just sprinkling things over time, we think it can be more impactful.”
And a new quote about what the Kiewit Foundation will be spending its remaining assets on:
(Stothert) said there are indeed future big things in Omaha that the Kiewit spend down could support, including in the urban core.
“There’s more in the works,” she said. “Stay tuned.”
