A stretch of Farnam Street just outside of downtown will be getting a face-lift as several historic buildings are slated for renovation.
The developer, Clarity Development, is now working with the city to make this happen near 25th and Farnam. Thomas McLeay, with Clarity Development, told 6 News that it is time to bring new life to the historic area. "In that stretch of Farnam, it was auto dealers row is what it was back 100 years ago. It's about the most intact historic block on both sides of the street that Omaha has."
Currently, crews are busy building a hotel near 25th and Farnam. Right across the street, Abby Korth opened the Zen Coffee Company, one of the first businesses in the growing area. "I was very confident about that, but it was definitely a risk that we kind of stepped into, but it's definitely been worth while."
Clarity Development has plans to put in apartments, parking and new businesses and restaurants in two historic buildings just to the west of Korth's coffee shop. McLeay says renovating the old buildings will cost more than $7 million and they will need help from the city with tax increment financing (TIF). "It's deal breaking. Without it, none of this would happen at all."
TIF will divert future property tax revenue increases from the area.
Korth said she is excited about the city and the developers working together. "To have this kind of activity here is amazing to see. We're really excited to be able to bring new people here, as well as some of the other restaurants that are opening up. We think it's going to be really big with college students, and some of the new business in the area and kind of draw that in as well as connect downtown to the midtown."
The Omaha City Council is holding a public hearing on Tuesday and is expected to vote on granting the developers TIF.
Developers said they hope to have the project complete by this time next year.