Omaha Mayor Stothert details streetcar project funding and development potential

Omaha's ambitious streetcar project is gaining momentum, as Mayor Jean Stothert and Economic Development Director Steve Jensen presented key updates during a recent City Council meeting. The initiative, which has been in the works for over two decades, aims to enhance urban development and connectivity in Omaha's downtown and midtown areas.

The presentation highlighted significant progress in the streetcar plan, including a revised route that now extends to Nebraska Medicine, reflecting the growing interest from local stakeholders. Mayor Stothert emphasized that the streetcar is a vital component of the Urban Core Committee's strategic plan, designed to foster a vibrant community that attracts businesses and young professionals.

A major point of discussion was the funding model for the streetcar, which does not require a tax increase. Instead, the project will be financed through increased property values along the route, primarily impacting income-generating commercial properties. This approach aims to alleviate concerns about taxpayer burden while promoting economic growth. The mayor noted that the project is projected to generate approximately $4 billion in new development over the next 15 years, with $1.5 billion already committed before construction has even begun.

Jensen further elaborated on the challenges facing Omaha, including limited room for suburban expansion and the need for increased urban density. He pointed out that the current reliance on parking structures is unsustainable, consuming valuable land and resources that could otherwise support new development. The streetcar is seen as a solution to reduce parking demand, allowing for more efficient land use and fostering a more walkable urban environment.

The presentation concluded with a call for community support, as the city aims to transform Omaha into a more accessible and economically vibrant city. As the project moves forward, city officials remain optimistic about its potential to reshape the urban landscape and drive future growth.