Month/Year of Graduation

5-2019

Degree Name

Bachelor of Science in Real Estate (RELU)

First Advisor

David Beberwyk

Abstract

The purpose of this study is to analyze the North 24th Street corridor in Omaha, Nebraska, to highlight the benefits of investing in commercial real estate development, propose tools for financing new development or redevelopment projects, and to suggest methods of building a coherent development plan to avoid gentrification. Commercial development provides the following: quality business space, accessible jobs for an underemployed populace, additional tax revenue, and a reduction in community detriments such as crime, empty lots, and low property values. The North 24th Street corridor has economic potential, as it is less than one mile from downtown Omaha, the core of the city. Investors would be wise to invest in the future of the corridor since several tax incentives and other tools exist to make projects more financially viable. Although the goal is to create a space that is friendly to all people, community members should not be shunned from the future of the corridor, as their voices are a vital component to building a thriving neighborhood that truly meets the needs of the people. Designated community organizations should serve as representatives of the citizens along the corridor. As representatives, the organizations must participate in the development/redevelopment planning process and enforce controls on new projects to ensure agreed upon plans are effectively executed. Ultimately, this study will serve as a guide to facilitate collaboration between the community, the local government, and private developers/investors to effectively revitalize the “Street of Dreams.”

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