Hines, Cresset-Diversified QOZ start construction on mixed-use project in US

WCN Editorial Team 26 Feb 2020 NORTH AMERICA BUILDINGS

Hines, a US-based real estate firm, along with its partner Cresset-Diversified QOZ Fund have started construction on The Mercantile, a mixed-use project located downtown Omaha, Nebraska.

The land was recently acquired by Hines and its partner from Conagra Brands. The project’s first vertical development will include 375-unit, four-storey midrise apartment building with 42,000ft² of retail space on the ground floor.

The apartment will feature several shared amenities such as a club room with entertainment kitchen, co-working lounge, flex collaboration rooms, fitness centre with on-demand studio classes, media and game lounge, automated package room, pet spa and bike storage.

Outdoor amenities also include a resort-style pool, grills, a fire feature and an entertainment terrace.

Hines senior managing director Tom D’Arcy said: “The Mercantile will undoubtedly be a transformative development for the city of Omaha. We are proud to commence construction and witness the evolution of this one-of-a-kind destination.”

Phase one of the project is expected to include three new city blocks, a two-block extension of Harney Street toward Heartland of America Lake and a one-block extension of Eighth Street.

Harney Street will offer an activated, pedestrian-friendly experience with a 35ft wide plaza between 10th Street and 9th Street.

Further developments for future phases could include additional apartment buildings, a boutique hotel, new office buildings and a landscaped boulevard, overlooking the Heartland of America Park lake.

The company also plans to construct a 720-car, City of Omaha-owned parking structure serving the residents and local businesses.

When completed, The Mercantile will offer a full mix of residential, commercial retail and green spaces spread over 20 acres of land.

Cresset co-founder and co-chairman Avy Stein said: “We are pleased to once again work with Hines to develop an exciting new project within a Qualified Opportunity Zone.

“The Mercantile will be an amazing asset to the area and will help add to the economic vitality of Omaha.”

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Image: Artist’s rendering of the Mercantile project. (Credit: Hines Group.)

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