Lied Place, a 20-story residential and office tower, opened last year as the second-tallest building in Lincoln, Nebraska. Only the State Capitol is taller.
Though a new proposed building could unseat the 250-foot Lied Place at 1125 Q St., the downtown redevelopment earned a CoStar Impact Award as judged by real estate professionals familiar with the market.
Developers Tam Allan and Doug Rath bought the property in 2014 for $1.2 million. The $36 million project involved the demolition of a former Applebee’s restaurant, which sat vacant for five years as the pair contemplated the best use for the site. The city approved tax-increment financing of $5.7 million to help build a new high-rise.
The tower meets demand in Lincoln for a mix of housing, offices and a restaurant on the ground floor. About 4,500 square feet of Class A commercial office space is located on the second through seventh floors. Floors eight through 20 consist of one-, two- and three-bedroom condos. Nearly all the units have been sold.
The building maximized square footage by using a variable refrigerant flow system, which is less bulky compared to traditional heating, ventilation and air conditioning equipment.
The property sits across the street from the Lied Center for Performing Arts, a major multi-venue attraction in the city, and the University of Nebraska-Lincoln. The exterior features materials that complement other buildings nearby.
About the project: Construction commenced in September 2019. While the project’s completion was delayed by several months because of issues getting building components due to the COVID-19 pandemic, the first residential buyers arrived in February 2022.
What the judges said: “This project and its development team exemplify the innovation and forward-thinking approach that was needed to get the project off the ground. They were able to overcome a number of challenges, i.e., site parameters, city requirements, etc., and meet the demands of today’s consumers. It’s a beautiful building added to Lincoln’s skyline," wrote Diana Schilf, vice president of marketing and communications for NAI FMA Realty.
They made it happen: In addition to Allan, president of Village Development, and Rath, co-chairman of Talent Plus, other key people in the project include Joey Hausmann, president of Hausmann Construction, and Jon Bruning, partner at Bruning Law Group. Sinclair Hille Architects and First National Bank of Omaha were also involved.