Plans for skyscraper in Lincoln’s Haymarket might be scaled back

LINCOLN, Neb. (KLKN) — Developers of the Lincoln Bold project might have to change their construction plans, but they say the project will still move forward. 

“We are currently building some contingencies,” said Steve Glenn, one of the partners at Craft Development Group. 

The original plan — to build a 254-foot-tall building at Ninth and P Streets, where Melichar’s gas station used to sit — is still a possibility.  

But Glenn said the project is facing challenges from rising interest rates and building materials prices. 

“When we originally started this, it was an $85 million project,” he said. “Now it’s $115 million.”

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So the developers have created four contingency plans.

Glenn said they cannot predict if the building will be shorter or fatter.

Still, developers are optimistic, and Glenn said they are very encouraged with the project.

He thinks interest rates will go down, which could be beneficial. 

SEE ALSO: Lincoln City Council narrowly approves 22-story downtown skyscraper

Developers are also waiting on results from an environmental study after a cleanup that included removal of the underground gasoline tanks. 

“There’s not really a problem with the area,” Glenn said.  “But since it’s been there for 60 years, we have to mitigate, test and make sure that there’s no environmental residual.”

Glenn says they are expecting the results in the coming months.