Apartments planned for Northeast Lincoln Station, where business has burned down

Speedway’s plans call for 20% of the homes to be designated affordable, meaning rents that a person could earn at 60% of the area’s median income.

The company began the lengthy approval process Tuesday in a public hearing before the city’s Urban Design Committee, whose members voted unanimously to approve the project.

Commission member Tom Huston, an attorney, said he once represented a client who saw a potential block to the redevelopment but didn’t think it would work financially.

On January 16, 2003, a fire broke out at the Greens’ home, causing an estimated $1.1 million in damage. The building, built in 1906, was Green’s home for more than 60 years.

The business eventually moved to a location a mile north, the damaged building was torn down, and in 2006 Greene sold the vacant lot to the city for $387,500.

The open space has since hosted a farmer’s market and has been the site of a seasonal fireworks display, but has never been developed into something permanent.

“I think it’s time to change that,” said city planner Colin Christopher.

Kristy Joy, managing partner with Etcetera Architecture, which is working on the project, said the apartments will be similar to the Speedway in the Telegraph District near 21st and N streets.

Joy said tenants have already signed letters of interest for the commercial spaces, but declined to give any names, adding, “There are some very interesting potential users.”

The speedway intends to use tax increment financing for the project, which would allow it to use future property tax dollars to pay for partial costs.

As a result, he must have several hearings before the Lincoln-Lancaster County Planning Commission and the Lincoln City Council and negotiate a development agreement with the city.

If all goes as planned, the speedway hopes to begin construction on the project in the fall, and to coordinate timing with the city as it plans street improvement projects at North 48th Street and Madison Avenue.

Peter Hind, another member of the Urban Design Commission, called the project “absolutely fantastic”.

“This is exactly what the city needs,” he said.

But before continuing the development process with the city, the company plans to make a statement to the University Place Community Organization on February 14.