Condos proposed for LES building downtown - Lincoln Journal Star
A proposed redevelopment would turn the upper floors of the Lincoln Electric System building at 11th and O streets into condos.
More condos are headed to downtown Lincoln as part of the proposed redevelopment of the Lincoln Electric System building at 11th and O streets.
LES is building a new headquarters at 98th Street and Rokeby Road and has a deal in place to sell its six-story downtown building to BIC Development of Lincoln for $2.2 million.
BIC Development, which has redeveloped two buildings at Eighth and O streets in The Haymarket into condominiums, plans to do the same with the LES building.
An application filed with the Lincoln-Lancaster County Planning Department last month shows BIC plans to renovate the upper floors of the building to accommodate 21-23 one- and two-bedroom condos. The first floor will have commercial space and could also have residential space, depending on how the market pans out.
The project is expected to cost about $7.1 million, with close to $1 million of that coming from tax-increment financing, which allows the future increased property taxes generated by the development to be used to pay for improvements that will benefit the public.
Craig Gies, one of the owners of BIC Development, told the city's Historic Preservation Committee on Thursday that current plans are to close on the sale in April and start work immediately.
Gies said the building's exterior facade will pretty much stay "as is," with only minor cosmetic work planned, such as window replacements and some painting and cleaning.
"Our hope is to keep a lot of the character of the outside of the building," Gies said.
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Condos are planned for floors two through five, although Gies said it's possible there could be commercial space on the second floor depending on what the interest is.
The sixth floor, which has no windows and is where LES has its board room and conference room, is likely to be developed into some sort of communal space, Geis said. He said one potential use that's been discussed is turning it into private workspace for use by residents.
Hallie Salem of the city's Urban Development Department said she was "very excited that Craig has come to us again" with another project.
Gies and his partner, Boyd Batterman, redeveloped two buildings at Eighth and O streets, the Schwarz Paper Building and the Raymond Bros. Building, bringing commercial space to the first floors and 28 combined condo units on the upper floors.
The LES building redevelopment, to be known as Ten40 O, joins a host of other downtown housing projects that are either under construction or under development, including the Lied Place Residences at 11th and Q streets, a proposed redevelopment of the Terminal building at 10th and O streets and a student-oriented apartment complex at 10th and M streets.
The Historic Preservation Commission offered an advisory recommendation in favor of the project, which is scheduled to have a public hearing before the Lincoln-Lancaster County Planning Commission on Oct. 28.
10 tallest buildings in Lincoln
10. Wells Fargo Center
The Wells Fargo building is listed at 148 feet tall by Emporis, although a 1976 Journal Star article lists the height at 173 feet.
9. Terminal Building
The Terminal Building at 10th and O was built in 1916. It is 10 stories and 150 feet tall.
8. Georgian Place
Georgian Place (pictured facing northeast) houses a portion of the downtown YMCA at 11th and P Streets. The apartment building is 11 stories tall and 152 feet. It was built in 1926.
7. University Towers
University Towers, originally known as the Stuart Building, is 13 floors and 158 feet tall. It was completed in 1929. It stands at 13th and P streets.
6. Abel Hall
Abel Residence Hall at the University of Nebraska-Lincoln is estimated to be 161 feet tall.
5. Sharp Building
The Sharp Building, 206 S. 13th St., is 16 floors and 166 feet tall. It was built in 1927.
4. Graduate Hotel
The Graduate Hotel at 9th and P streets is an estimated 198 feet tall.
3. U.S. Bank building
The U.S. Bank building was built in 1969 at 13th and M streets. It is 20 stories tall and 220 feet high.
2. Lied Place
Developers plan to build the $30 million Lied Place Residences, a 20-story retail, office and residential project, on the north side of the Que Place Garage at 12th and Q streets. The building would be 240 feet tall.
1. State Capitol
The Nebraska State Capitol dominates the skyline in Lincoln, including looking west from 28th and J streets. The Capitol has 15 floors above ground and is 400 feet tall. It was completed in 1932 after 10 years of construction; the cost was $9.8 million in 1932 dollars.
The Capitol stays Lincoln's tallest building because the Lincoln Municipal Code puts height restrictions on structures within the Capitol Environs District.
Reach the writer at 402-473-2647 or molberding@journalstar.com.
On Twitter @LincolnBizBuzz.
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2020-10-15 23:00:00Z
https://journalstar.com/business/local/condos-proposed-for-les-building-downtown/article_d6571cf5-ad44-5eea-b274-b82653098227.html
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