2018 Nonresidential Development that Best Exemplifies Major Community Impact
Rail & Commerce Building
Developer: Boyd Jones Construction
Location: Omaha, Neb.
Formerly the USPS’s Railway Mail terminal in Omaha, Neb., the Rail & Commerce Building has transformed into an office space that helps connect the Little Italy neighborhood of Omaha to the rest of downtown, thanks to a $27 million redevelopment including HTCs.
The 105,000-square-foot property, the largest structure in its neighborhood, was built in 1926 as a sorting facility for the USPS. After years of vacancy and neglect, it was purchased by Boyd Jones Construction in 2013. Development problems included its appearance and shape, but the developer turned it into four floors of commercial office space that include small-business incubator space with financing that includes equity from state and federal HTCs and from new markets tax credits. The Rail & Commerce Building includes 13 available suites that are occupied and are transforming neighborhood businesses and helping change the appearance of the 10th Street Corridor in Omaha.