Civic Square (former Civic Auditorium)

[Garrett]

Does anyone recall what the required timeline was for White Lotus to begin work here?

They had to be vertical by March.

[Doctor Fate]

Does anyone recall what the required timeline was for White Lotus to begin work here?

They had to be vertical by March.

And then it reverts to the city or the city can buy it back?

[Garrett]

Does anyone recall what the required timeline was for White Lotus to begin work here?

They had to be vertical by March.

And then it reverts to the city or the city can buy it back?

Found the sale document from July, 2023.

https://cityclerk.cityofomaha.org/wp-co ... -43475.pdf

On page 8:

Section 5.c.ii. of the Purchase Agreement shall be deleted in its entirety and replaced
with the following language which shall become the new paragraph 5.c.3.:

Right to Repurchase. Buyer shall Commence Construction (as defined below), as set
forth in the amended Redevelopment Plan, within two years of Closing. Buyer
understands and agrees that it will make its best efforts to complete installation of a
minimum of fifty percent (50%) of the public infrastructure within eighteen (18)
months of Closing. “Commence Construction” shall mean the commencement of the
construction of the footings, foundations and/or road work for a minimum of fifty
percent of the total proposed infrastructure and building structures or fifty percent of
the proposed building structures.. Buyer acknowledges and understands that any
application for tax increment financing must be submitted to the City and approved by
the Omaha City Council prior to the Commence Construction requirement can be
fulfilled. If Buyer fails to satisfy this requirement and upon notice to the Buyer and
sixty (60) days to cure, the City shall have the option to repurchase the Property for the
Purchase Price. A memorandum of this right to repurchase shall be recorded against
the Property at Closing.

[Huskerbum]

Time to move on…

[MadJack]

It'll be fun to watch what happens when Arun's time runs out in March.

[Dusty]

I don't think anyone is disappointed this development is not getting built. I do like the Civic Square name.
They can keep that! LOL!

[Doctor Fate]

Has White Lotus even done anything here in the years they’ve had this?

[nebport5]

It'll be fun to watch what happens when Arun's time runs out in March.

I wouldn't be surprised to see Noddle get involved.

[Garrett]

Has White Lotus even done anything here in the years they’ve had this?

They put up the sign with the plan

[Toto]

Has White Lotus even done anything here in the years they’ve had this?

They put up the sign with the plan

Looking at the White Lotus website and socials, I don't think they did a damn thing anywhere in 2024! They broke ground on something in the builders district that will take 16 years to complete, but that's it. Omaha needs to run them out of the civic site immediately.

[Garrett]

Has White Lotus even done anything here in the years they’ve had this?

They put up the sign with the plan

Looking at the White Lotus website and socials, I don't think they did a damn thing anywhere in 2024! They broke ground on something in the builders district that will take 16 years to complete, but that's it. Omaha needs to run them out of the civic site immediately.

Honestly I hope the city has grown to the point that it can just start depending on developers with proven track records. Omaha has a relatively shaky history with local developers, though there are some bright spots. Shamrock took forever with the Capitol District, White Lotus fumbled the Civic site, Rod Yates did jack |expletive| with Crossroads and then managed to make an even bigger |expletive| of himself in Gretna, etc.

Meanwhile, it seems in the last few years, other local developers have really started to make big hits, particularly NuStyle and Noddle, and hopefully developing the MOO Tower and Campus will launch Lanoha into another level too. On top of that, proven national developers like Woodbury and Hines seem to be increasingly involved in big projects.

[ita]

Just a couple points regarding the City's right of reversion. The way I read it is that the City may exercise its right of reversion if White Lotus does not Commence Construction, as defined under the that same section 5, within two years of closing. Based on public record, they recorded the deed in September 2023. So, I think White Lotus has until September to show it's "commenced construction" and if it hasn't, the City may or may not exercise its right of reversion at that point.

[Garrett]

Just a couple points regarding the City's right of reversion. The way I read it is that the City may exercise its right of reversion if White Lotus does not Commence Construction, as defined under the that same section 5, within two years of closing. Based on public record, they recorded the deed in September 2023. So, I think White Lotus has until September to show it's "commenced construction" and if it hasn't, the City may or may not exercise its right of reversion at that point.

I think we're on the 18 month timeline for installation of 50% of public infrastructure though, which hasn't happened either, which would put us at March.

[ita]

Just a couple points regarding the City's right of reversion. The way I read it is that the City may exercise its right of reversion if White Lotus does not Commence Construction, as defined under the that same section 5, within two years of closing. Based on public record, they recorded the deed in September 2023. So, I think White Lotus has until September to show it's "commenced construction" and if it hasn't, the City may or may not exercise its right of reversion at that point.

I think we're on the 18 month timeline for installation of 50% of public infrastructure though, which hasn't happened either, which would put us at March.

True, but the 18 month timeline is for the developer to make its "best efforts", whatever that means, but I don't think it triggers the right of reversion. I could be wrong though. In any case, if they haven't done anything by March, it's safe to say, that they'll miss the September 2025 deadline.

[nebport5]

Just a couple points regarding the City's right of reversion. The way I read it is that the City may exercise its right of reversion if White Lotus does not Commence Construction, as defined under the that same section 5, within two years of closing. Based on public record, they recorded the deed in September 2023. So, I think White Lotus has until September to show it's "commenced construction" and if it hasn't, the City may or may not exercise its right of reversion at that point.

I think we're on the 18 month timeline for installation of 50% of public infrastructure though, which hasn't happened either, which would put us at March.

True, but the 18 month timeline is for the developer to make its "best efforts", whatever that means, but I don't think it triggers the right of reversion. I could be wrong though. In any case, if they haven't done anything by March, it's safe to say, that they'll miss the September 2025 deadline.

The city has already been generous with the initial terms no? Still, I wouldn't worry too much about the city's ability to take it back if they think they have another developer lined up that has a better chance of success here. I'd also imagine Agarwal (without securing a grocery tenant) may not protest and waive the White(Lotus) Flag.

I'm still intrigued by a multi developer partnership, á la Crossroads.

[ita]

Just a couple points regarding the City's right of reversion. The way I read it is that the City may exercise its right of reversion if White Lotus does not Commence Construction, as defined under the that same section 5, within two years of closing. Based on public record, they recorded the deed in September 2023. So, I think White Lotus has until September to show it's "commenced construction" and if it hasn't, the City may or may not exercise its right of reversion at that point.

I think we're on the 18 month timeline for installation of 50% of public infrastructure though, which hasn't happened either, which would put us at March.

True, but the 18 month timeline is for the developer to make its "best efforts", whatever that means, but I don't think it triggers the right of reversion. I could be wrong though. In any case, if they haven't done anything by March, it's safe to say, that they'll miss the September 2025 deadline.

The city has already been generous with the initial terms no? Still, I wouldn't worry too much about the city's ability to take it back if they think they have another developer lined up that has a better chance of success here. I'd also imagine Agarwal (without securing a grocery tenant) may not protest and waive the White(Lotus) Flag.

I'm still intrigued by a multi developer partnership, á la Crossroads.

Agreed, the City has been more than generous. A multi-developer arrangement could work out, especially since they already platted the property into smaller parcels since White Lotus purchased it.

[OmahaJaysCU]

Has White Lotus even done anything here in the years they’ve had this?

They put up the sign with the plan

Looking at the White Lotus website and socials, I don't think they did a damn thing anywhere in 2024! They broke ground on something in the builders district that will take 16 years to complete, but that's it. Omaha needs to run them out of the civic site immediately.

I had heard the only reason this construction “started” was because the city put a timeline on that project. So they tore a 1970s addition off the building and let the rest sit.

I strongly suspect there will be a new developer inserted on the Civic site (again) in the near term.

[F0R_L1F3]

Yeah, they are working on the Mural in downtown Lincoln and that has progress started on it. I just don't see them being able to go with the Civic Square. Their development in Lincoln has plans for phases similar to how it was with Civic and the possibility for a downtown library. Hope a new owner comes in and as I mentioned before, if a stadium hypothetically went in here, something like a ballpark village from Saint Louis would be awesome!

[PotatoeEatsFish]

What is the point of all these firms over the years spending thousands on renderings and plans just to not do anything? I get building momentum for funding but if you don’t have any funding secured I struggle to see the point from a business perspective.

[Doctor Fate]

Do we have any idea why White Lotus has done nothing? Struggling to find tenants? Lack of interest? Tetrad had that problem with finding a major office tenant and then demanded all that |expletive| from the city.

I hope that when White Lotus runs out of a time, the city can find a national developer instead of another local one with no urban core portfolio.

[Garrett]

I think Tetrad and White Lotus are just both small time developers who managed to get awarded this huge project. 4 square blocks is massive, especially when you consider how tough its been to fill single square block developments or even smaller.

[skip]

What is the point of all these firms over the years spending thousands on renderings and plans just to not do anything? I get building momentum for funding but if you don’t have any funding secured I struggle to see the point from a business perspective.

I've always thought this with projects that don't workout. Like they had to spend tens of thousands if not hundreds of thousands on renderings, architects, design planning, etc.. Why not commit and finish the project? These developers are a bunch of half-steppers.

except you NuStyle and Noddle, love you both xoxo

[iamjacobm]

What is the point of all these firms over the years spending thousands on renderings and plans just to not do anything? I get building momentum for funding but if you don’t have any funding secured I struggle to see the point from a business perspective.

I've always thought this with projects that don't workout. Like they had to spend tens of thousands if not hundreds of thousands on renderings, architects, design planning, etc.. Why not commit and finish the project? These developers are a bunch of half-steppers.

except you NuStyle and Noddle, love you both xoxo

Avoiding the sunk cost fallacy is probably one of the key strengths to have as a RE developer.

[Athomsfere]

I think Tetrad and White Lotus are just both small time developers who managed to get awarded this huge project. 4 square blocks is massive, especially when you consider how tough its been to fill single square block developments or even smaller.

I really wish we would go back to much smaller plats.

Four square blocks would be a lot nicer, more usable as ~40+ buildings of mixed styles, age and height than what we do now: ~4 buildings...

[Garrett]

I think Tetrad and White Lotus are just both small time developers who managed to get awarded this huge project. 4 square blocks is massive, especially when you consider how tough its been to fill single square block developments or even smaller.

I really wish we would go back to much smaller plats.

Four square blocks would be a lot nicer, more usable as ~40+ buildings of mixed styles, age and height than what we do now: ~4 buildings...

I agree. Smaller buildings are easier to develop and make blocks way more dynamic and enjoyable. There's a reason Blackstone and the Old Market are amongst the most successful areas of the city.

[Louie]

Completely agree. My assumption as to why they haven't done that is that it's easier to have control/say over what gets built with a single parcel/developer than multiple.

[Athomsfere]

Completely agree. My assumption as to why they haven't done that is that it's easier to have control/say over what gets built with a single parcel/developer than multiple.

Yup. I got your gist. But I just mean even further than a few developers who would likely each fill a block. Give it to dozens of developers.

[snick]

Fencing and heavy equipment showed up today. Looked like they are starting to push dirt around.

[Garrett]

I swear to god

[OmahaJaysCU]

Heard a rumor that white lotus is putting on a show. They had a performance clause in their agreement with the city. They’ll push some dirt around so they can claim they started. There’s another project that is being floated there by a competing developer(it’s not a high rise, sorry).

[Garrett]

Heard a rumor that white lotus is putting on a show. They had a performance clause in their agreement with the city. They’ll push some dirt around so they can claim they started. There’s another project that is being floated there by a competing developer(it’s not a high rise, sorry).

I figured this is what was happening.

But also, don’t kill my dreams for a 100 story mega tower that’s definitely in demand because of the streetcar.

[jjjjhskr]

Shocking but true, there are White Lotus trailers on this site

[Garrett]

Really getting down to the wire I guess

[jjjjhskr]

Ok, it’s not a trailer but it’s definitely something

[riceweb]

Really feels like Civic Square, Crossroads, and Avenue One have dragged things out so much they'll all now be canceled because of the impending real estate collapse.

[Garrett]

Really feels like Civic Square, Crossroads, and Avenue One have dragged things out so much they'll all now be canceled because of the impending real estate collapse.

Of the 3, I have the most faith in Crossroads since it has a legit national developer with meat on its bones, but we’ll |expletive| see.

If the impending downtown boom busts out because of this trade war I’m gonna lose it

[Louie]

Ok, it’s not a trailer but it’s definitely something

Planting soybeans.

[ita]

Ok, it’s not a trailer but it’s definitely something

Planting soybeans.

If I remember correctly, they were trying to get permission to have it designated for aguse to reduce the tax assessment last year or two years ago. White Lotus had contract with a local farmer.

[Doctor Fate]

If the impending downtown boom busts out because of this trade war I’m gonna lose it

I would be quite upset if that happens. These are the major projects that could stall out (though some have really dragged regardless) or be significantly delayed:
- Crossroads
- Civic Square
- The Beam
- Project Health
- 3rd convention center hotel
- Union Omaha Stadium
- Mutual Midtown Campus redevelopment
- The Stitch

Any I am forgetting?

[skinzfan23]

I didn’t really like the interview from lotus on kmtv. He didn’t sound very promising, and kept saying that he doesn’t want to put a definitive timeline to things. Doesn’t breed much confidence.
https://www.3newsnow.com/central-omaha/ ... n-date-set