If you haven’t seen it lately, Downtown Omaha is experiencing a renaissance, thanks to the recent transformation of three key parks—Gene Leahy Mall, Heartland of America Park and Lewis & Clark Landing—into a unified, vibrant urban green space known as The RiverFront. Spanning 72 acres along the Missouri River, this ambitious project has not only enhanced the city’s landscape but has also reinvigorated the community’s relationship with its urban core. The Urban Land Institute recently awarded The Riverfront Revitalization Project the Americas Awards for Excellence.
Revitalizing Omaha’s Urban Green Spaces
The RiverFront project tackled long-standing challenges associated with these parks, which had grown stagnant and underutilized due to disjointed access and inadequate recreational opportunities. By elevating sunken areas to street level and improving pedestrian connectivity, the parks were transformed into a cohesive and inviting public space that now seamlessly integrates with the surrounding downtown area.
Jay Lund, Chair of ULI Nebraska, expressed the excitement surrounding this transformation: “We are thrilled about this development, especially as we are working to create our own local District Council. This project exemplifies the kind of innovative urban planning that can drive both community engagement and economic growth.”
The redesigned parks boast a variety of amenities, including expansive lawns, performance pavilions, playgrounds, public art installations and a unique all-seasons skate ribbon. Additionally, an urban beach along the Missouri River offers scenic views and cozy fire pits, providing a one-of-a-kind outdoor experience in the heart of the city.
Economic Impact and Community Engagement
The RiverFront’s revitalization has been a powerful catalyst for downtown Omaha’s growth, sparking over $500 million in new commercial and residential developments. This project, largely funded through a public-private partnership with 85% of the $342 million cost covered by private donations, demonstrates the potential for strategic urban planning to drive economic development.
The parks have quickly become a hub of activity, attracting both residents and tourists with a diverse lineup of events, from family-friendly gatherings to music festivals and art showcases. This consistent programming ensures that The RiverFront remains a dynamic and engaging space year-round.
A Model for Sustainable Development
Not only is The RiverFront a testament to innovative urban design, but it also stands as Nebraska’s first Envision Platinum project, recognized for its commitment to sustainability and community well-being. This distinction highlights the project’s holistic approach to infrastructure development, prioritizing environmental stewardship alongside economic and social benefits.
Opportunities for Investors/Developers
For commercial real estate investors, The RiverFront’s success story underscores the value of investing in projects that enhance public spaces and foster community engagement. As downtown Omaha continues to grow, the demand for residential, commercial, and retail properties in the area is likely to rise, offering significant opportunities for those looking to capitalize on the city’s revitalization.
At Investors Realty, we are excited to see how The RiverFront will continue to shape the future of downtown Omaha and are eager to help our clients navigate the opportunities this revitalized urban core presents.
Whether you’re considering new investments or looking to expand your current portfolio, The RiverFront’s transformation is a compelling example of how thoughtful urban planning can drive both community and economic growth.
The RiverFront is more than just a park; it’s a symbol of Omaha’s potential. Its success reflects the power of collaboration between public and private entities in creating spaces that enhance quality of life while driving economic vitality. As The RiverFront continues to attract new businesses and residents, it will undoubtedly play a pivotal role in shaping the future of downtown Omaha.
This article appeared in our company newsletter in September of 2024. Please click here to download the entire newsletter.