(OMAHA, NEBRASKA) – Hines, the international real estate firm, along with Conagra Brands today announced that the redevelopment of a portion of Conagra’s existing campus will be named The Mercantile. The Mercantile will be a vibrant mixed-use addition to Omaha’s downtown community.
The word ‘Mercantile’ channels both simplicity and sophistication. It speaks to a place where people come together – not just to engage in trade or commerce, but to interact and share ideas. The name aligns with the heart of the development, Nebraska’s pioneering past and the inspiring call of Omaha’s motto - Fortiter in Re – to advance “Courageously in every enterprise.”
When fully developed, The Mercantile will include more than 20 acres of land and provide a full mix of residential, commercial and green space uses, all overlooking the Heartland of America Park lake.
“The area around the lake is one-of-a-kind and the perfect setting for this multi-use development that will be a compelling, uniquely-Omaha destination for generations,” commented Hines Senior Managing Director Tom D’Arcy. “We are making great progress working collaboratively with the Omaha community in the initial development phase for The Mercantile and we’re ready for the visible changes to begin.”
The Mercantile is the result of Hines’ ongoing collaboration with Conagra Brands, a key stakeholder in this transformative initiative. The project redevelops the northwest portion of the Conagra Brands corporate campus. Conagra’s nearly 1,300 Omaha-based employees will continue to occupy the three newly-renovated office buildings on the southeast portion of the site. The Greater Omaha Chamber of Commerce and other tenants will continue to occupy the building at 808 Conagra Drive.
Hines and Conagra Branda have released exterior renderings of the project’s first vertical development – a 375-unit apartment building with 42,000 square feet of ground-floor retail. The best-in-class apartment building will feature many shared amenities including a club room with entertainment kitchen, co-working lounge, flex collaboration rooms, fitness center with on-demand studio classes, media and game lounge, automated package room, pet spa, and bike storage. Outdoor amenities will include a resort-style pool, grills, a fire feature and an entertainment terrace. Hines will also construct a 720-car, City of Omaha-owned parking structure that will serve the residents, retailers and public.
Changes to the property are expected to begin before the start of 2020. The initial phase will include the build-out of three new city blocks – a two-block extension of Harney Street toward Heartland of America Park lake and a one-block extension of 8th Street, from Farnam to extended Harney. Harney Street will offer an activated, pedestrian-friendly experience with a 35-foot-wide plaza between 10th Street and 9th Street.
“We are pleased to partner with Hines to bring a redeveloped district to downtown Omaha,” said Rick Mosquera, vice president of Real Estate and Facilities for Conagra Brands. “The Mercantile will be a terrific addition to the community, and a great place for our employees – and all of Omaha – to live, work and play.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 219 cities in 23 countries. Hines has approximately $124.3 billion of assets under management, including $63.8 billion for which Hines provides fiduciary investment management services, and $60.5 billion for which Hines provides third-party property-level services. The firm has 148 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,362 properties, totaling over 449 million square feet. The firm’s current property and asset management portfolio includes 514 properties, representing over 222 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG) is one of North America's leading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company's portfolio is evolving to satisfy people's changing food preferences. Conagra's iconic brands, such as Birds Eye®, Marie Callender's®, Banquet® Healthy Choice®, Slim Jim®, Reddi-wip®, and Vlasic® as well as emerging brands, including Angie’s® BOOMCHICKAPOP, Duke's®, Earth Balance®, and Frontera® offer choices for every occasion. For more information, visit www.conagrabrands.com.