Ledger Tower Redevelopment Gets $9 Million TIF
The Omaha Planning Board approved tax increment financing for converting the former First National Bank building at 1620 Dodge Street into 295 apartments.
Updated on Nov. 6, 2026 in Commercial
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Omaha's Planning Board approved a Tax Increment Financing application for the 1620 Dodge Street highrise, known as the Ledger, which will be converted from office space into 295 apartments. The project, led by Todd Heistand of NuStyle Development, will cost nearly $70 million.
Why it matters
The conversion adds a large block of rental housing to downtown Omaha by repurposing an aging 1971 office tower rather than building new. Public TIF support signals the city's willingness to subsidize office-to-residential conversions.
The 22-story building, constructed in 1971, will be converted into 295 units for a nearly $70 million project supported by $9 million in TIF. The developer's broader track record includes the nearby 700-unit Duo project, and the final cost and completion dates remain projections.
The players
Todd Heistand
Heistand is the lead developer behind NuStyle Development, which is also building the nearby 700-unit Duo project in downtown Omaha.
NuStyle Development
NuStyle Development is the Omaha real estate firm behind the Ledger conversion and the nearby Duo project.
The details
The Ledger was once home to First National Bank of Omaha, and the Omaha Press Club has occupied its top floor for more than 50 years and will remain. The developer purchased the adjacent Central City Parking Garage and holds a parking agreement with First National Bank for reserved stalls in two nearby garages, alongside 27 on-site stalls.
Timeline
1971: The 22-story office building is constructed.
November 6, 2026: The Planning Board approves the TIF application.
May 2027: Upper-floor occupancy may begin.
Late 2027: Project completion is anticipated.
Market Landscape
Converting older downtown office towers into apartments with TIF support is a growing approach as office demand softens and housing needs rise. The Ledger project places Omaha alongside other cities repurposing aging office stock rather than building from scratch.
Downtown renters may see new apartment options when upper floors open as early as May 2027. Current office tenants and the Omaha Press Club will remain in the building during the transition.
The takeaway
Converting aging office towers into housing can add apartments downtown without new construction, but public financing like TIF is central to making these projects pencil out. Watch the 2027 timeline to see whether the conversion delivers the expected units.
What happens next
Upper-floor occupancy may begin as early as May 2027, with completion anticipated in late 2027.
Further reading
Explore more Commercial real estate news shaping downtown Omaha.
Source note: This article includes information reported by Omaha World-Herald.
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