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March 6, 2011

4

Utah developer lands Innovation Park, too

by Deena Winter

I thought it was interesting that the developer that won the Nebraska Innovation Park bid to develop infrastructure is the same company that was picked by the city to develop shops near the future arena.

Woodbury Corp. of Salt Lake City partnered with WRK of Lincoln to win the bidding to develop stores, restaurants, offices and so on near the future $168 million arena that will be built west of the downtown post office. I don’t believe Woodbury had done any projects in Lincoln before they won the arena gig, but they’ve signed on with WRK to do several projects since getting interested in the arena project.

The two companies are also building condos on top of the city parking garage under construction downtown between 13th and 14th on Q street. They’re also building a hotel in the Haymarket, which will be next door to the Sheldon expansion. And now, Woodbury — which is the managing partner in what it calls Nebraska Nova Development LLC — has signed an agreement to develop infrastructure for the first phase of Innovation Park (UNL’s research and development corridor on what used to be the state fairgrounds).

When I was at the LJS, I wrote about the wundertwins behind WRK, and if I were still an LJS reporter, I’d be trying to get an interview with Woodbury folks to find out why they see such potential in Lincoln, and how they’re able to invest so much money here during tough economic times. I think it’d be an interesting and well-read story.

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4 Comments Post a comment
  1. Mar 6 2011

    The money is out there for investment. There is far more capital available in the world than investable projects. I was curious what the time frame was for the return payments to Woodbury 25, 50, 99 years? Perpetual? If the terms are 99 years or more it would be super easy find big investors for the project.

    Reply
  2. Mary Lazlo
    Mar 6 2011

    Your premise is wrong – why would somebody want to invest in Lincoln? As a council candidate, the answer should be obvious: Becuase Lincoln is a great city that’s on the move. The arena vote (a popular vote of the people) also demonstrates that it’s a city that’s willing to invest in the future- something that developers look for.

    You keep saying that it’s tough economic times but you miss the fact that there is an incredible amount of investment dollars out there just being sat on waiting for good opportunities.. Zach Wiegert (an obvious conduit/advocate to bring money to Lincoln) was either on one of the Journal Star’s web chats or an interview on the radio – Woodbury Group has a lot money and is a privately held company that can invest as it sees fit – they put there money where they’re confident they’ll make money.

    Reply
  3. Roberta
    Mar 7 2011

    I think what she is saying is there wasn’t or there appears there wasn’t a nationwide search for developers. So how did woodberry get in for such a lucrative project?

    Reply
  4. roberta
    Apr 3 2011

    Maybe all the donations to people are not all in big bills, but probably unmarkerd and not reported. What is more interesting is what does the City and the University give them?

    Reply

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