September 22, 2004

Plans for Bluffs riverfront development canceled

Developers of the proposed One Renaissance Center complex failed to provide proof  they could finance the $72 million project. The DLR Group and Signa Development Services had been

	Artist's rendering of the proposed twin condominium towers that were to be the centerpiece of the now defunct 'One Renaissance Center'.

working on financing with American Invsco, a Chicago luxury condominium developer, but missed an August 23rd deadline given to them by the city.

The planned community, which included both condos and apartments, had billed itself as "the Omaha area's most luxurious option for urban living". Initial plans called for it to cover 13 acres of Playland Park north of Interstate 480, making it the largest residential development in the metropolitan area's downtown and riverfront zones.

It now looks as if Omaha itself will be able to make that claim. Four condo projects are currently under development in downtown and development plans were recently announced for Riverfront Place that will be built just south of Gallup University.

Developers for One Renaissance Center had already purchased park property for the project from Council Bluffs but the agreement was written so that the city would have the option of buying it back for the original purchase price of $500,000. A grant application has already been submitted to the Iowa West Foundation to buy back the property and create a development plan for the land.

Bluffs officials say access for the general public should be a high priority and they would like to incorporate more green space into any riverfront plans. The proposed pedestrian bridge across the Missouri River is still planned to anchor on this property so recreation should be a consideration as well as commercial uses.