It looks like development will soon be coming to a key piece of land in Omaha. It’s one piece of positive news in a commercial real estate industry desperate for new activity.
One of Omaha’s key governmental bodies has approved the Majestic Pointe development plan for the southwest corner of 168th and State streets in Omaha. This 160-acre site has preliminary zoning for mixed-use, multi-family and single-family lots. It remains one of the last key parcels available for development in this section of the city.
Through a letter agreement, the Omaha Planning Department has agreed to a site plan that provides 40 to 47 acres of mixed-use development in Majestic Pointe. This would allow for a double-anchored project with great flexibility. The mixed-use zoning would follow the Omaha By Design criteria.
“The most exciting thing about this site is the connection it will have to the new lake development within the square mile of Majestic Pointe,” said Doug Halvorson, lead landscape architect and site planner for the Omaha and Lincoln offices of Olsson Associates. “Omaha residential development has always been successful around these bodies of water. Omaha does not have many unique amenities, so these lake communities attract the highest-quality developments.”
Majestic Pointe is located in one of the most promising locations in Northwest Omaha.
“Because of the new lake development within the area, 168th Street will become the major vehicular corridor north of Fort Street,” Halvorson said.
State Street is scheduled to become a six-lane divided major arterial street connecting Interstate-680 and Highway 133 to the east, and 204th St. (Highway 6) to the west. “State Street will become the main east-west retail corridor in Northwest Omaha,” Halvorson said.
The property for the lake and dam are being purchased this year. The design for the dam is complete, and the construction is anticipated to start in 2013. Majestic Pointe is the only large retail area available for future residents of this growing area of Omaha.
Bill Torczon, commercial real estate associate at Omaha’s NAI NP Dodge, is the broker representing the sale of Majestic Pointe. Torczon has more than 38 years of experience in commercial and residential real estate. He has been involved with more than 25 real estate development projects as both an owner and managing partner, ranging from land acquisitions to complete land development.
