Commercial Real Estate Land Purchase
Six years ago, developer Jason Townsend won the right to develop a square block at 14th and Dodge Streets – just 6 blocks from the new TD Ameritrade Park and directly off a major Interstate 480 off-ramp into downtown Omaha.
Townsend was chosen over another developer when his plans for a 32-story WallStreet Tower were chosen by then-mayor Mike Fahey. He then purchased the land from the City for $1 and assumed the multi-million dollar cost of demolishing the old Union Pacific building, which occupied the site.
Demolition went forward as planned, but development has stalled. The WallStreet Tower project was estimated to cost $122 million, and in this sagging economy, the developer simply has been…