Major renovation planned for Terminal building
The first floor would continue to have restaurant and retail space, and there also would be a small amount of private office space. The plan is also to give the public access to the main atrium of the building.
The second and third floors would be renovated and continue to have office space.
The big change planned for the building is on floors four through 10. Those floors currently have office space that has been largely vacant since a fire in 2018 heavily damaged the eighth floor of the building.
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According to the planning application, that investment will be about $24 million. That includes the purchase price of the building, about $12 million the new owner will spend on renovations and about $3.9 million in tax-increment financing. That would put the price for the building at about $8 million.
Marvin declined to provide any details about the buyer, a company called 947 Terminal LLC. The company registered with the Nebraska Secretary of State's Office last month. It lists as its registered agent Lincoln hotel developer Mike Works.
Works is one of the investors in the six-story Holiday Inn Express hotel that's under construction directly west of the Terminal building at Ninth and O streets.
Also, not related to this project, but mentioned in the article:
In addition to the Holiday Inn Express, they include the Lied Place Residences, a 20-story condo building under construction at 11th and Q streets; a $15 million-$20-million redevelopment of the Gold's building at 11th and O streets; and a 15-story apartment building proposed on city-owned land near 14th and N streets that could cost as much as $100 million.
What is this about? Does anyone have additional details? This is the second high rise project I have read about in downtown Lincoln that I have come across today.
