Mayor Chris Beutler announced today that the City has selected the Journey Senior Living Development Team (JSLDT) to build a $19.4 million, eight-story building on the west and north sides of the new Lumberworks garage at "O" and Canopy streets. The development will include 100 senior housing units, 10,000 square feet of retail space and 8,000 square feet of office space.
JSLDT consists of The Argent Group of Chicago Illinois, RPM Management of Bourbonnais Illinois, and Speedway Properties of Lincoln. The Argent Group is currently developing the housing/mixed use project on the block bounded by 10th, 11th, "M" and "N" streets in downtown Lincoln.
"This is another major milestone in the ongoing development of the West Haymarket area," Mayor Beutler said. "This project will help us meet the increasing demand for housing in the downtown area. I appreciate Argent's continuing investment in our thriving community."
"Our entire team feels blessed to have this opportunity to make another contribution to the fabric of downtown Lincoln," said Mark Matthews, Argent Group CEO. "Our interactions with City leadership and staff have led us to the conclusion that they have a well-articulated vision of what the City is and where it is going. As an experienced development team, this makes us want to continue to produce quality, viable projects in Lincoln in the years to come."
"As one of the pioneers in the redevelopment of the Haymarket area, we are pleased to have this opportunity to participate in this important project" said Clay F. Smith, General Partner of Speedway Properties. "We believe this project can be a catalyst for additional development in the South Haymarket, an area that is well-positioned for growth."
A redevelopment agreement outlining the responsibilities of both the developer and the City will go to the City Council for approval. Construction is expected to begin in the spring of 2015 and take 12 to 14 months.