Aksarben Village Development Provides Jobs, Homes and Economic Opportunity
Date: November, 2018
Aksarben Village, located in the heart of Omaha, Nebraska, is more than just a place to go for a fun night out. Aksarben Village plays an integral part in what First National Bank of Omaha calls the virtuous cycle. When customers do business with the bank, the bank can then work with developers in the community to build something that makes the community better.
“A bank is more than just a place to put your money when that bank does something meaningful and valuable with it,” said Vice President of Community Development at First National Bank Alec Gorynski. “When we invest our resources in strategic, focused ways, it allows us to contribute to the cycle of housing and economic development in the communities we serve.”
The redevelopment at Aksarben Village has played an integral part in bringing housing and employment to the area. Currently, Aksarben Village is the home to 24 professional services businesses, 19 restaurants and bars, seven fitness facilities, four shops, three hotels, and three apartment complexes. The development also includes a large park and neighbors the University of Nebraska Omaha.
“We’re choosing locations that we really believe are good today and will be good in the future,” explained Senior Vice President of Broadmoor Bob Stratton. “A good example would be Aksarben Village and what it’s become today.”
Aksarben Village has over 650 apartment homes – which equates to around 1,000 people living in the neighborhood. But they don’t just live in the neighborhood; they invest in it by shopping and eating in the neighborhood, which in turn creates more jobs and economic opportunities in the community. According to the National Association of Home Builders, the one-year economic impact of building 100 single-family homes can make a big difference in the community. On average, those 100 homes generate an estimated $28.7 million in local income, $3.6 million in revenue for the local government and 394 jobs for the local community.
“When the money goes in, the businesses get built and jobs start to exist,” said Magnum Development Corporation President John Hughes. “We see constant reinvestment in some of what I like to call our neighborhood communities.”
The Aksarben area also has a long history in Omaha, making it an ideal location. In the 20th century, the neighborhood was famous for its horserace track, grandstand, coliseum and entertainment events. After the re-development of the area, people in the community are drawn back to Aksarben.
“Every transaction we do improves the community and because it’s real estate, these are 50-year, 75-year, maybe 100-year decisions, and that’s pretty cool,” said Senior Director of Commercial Real Estate Banking at First National Bank of Omaha Scott Damrow.
The re-development of Aksarben Village benefits more than just one neighborhood, it impacts the community as a whole. “Another thing that starts to happen is there’s a creation of a greater tax base, so there’s more dollars available, whether it’s for schools, or the roads or anything else that contributes to the quality of life in that community,” said President & CEO of Noddle Companies Jay Noddle.
First National Bank of Omaha has a long history of investing in communities by giving businesses and families a place to grow. “Our depositors continue to invest in our ability to create more economic activity and more housing activity to create a more vibrant community overall,” Gorynski said.
If you’re interested in learning more about the Aksarben Village re-development and its impact in the Omaha community, watch our short video.
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