Hines Selected by Conagra Brands to Redevelop Portion of Existing Downtown Campus
OMAHA, Nebraska (December 8, 2017) – Conagra Brands announced today that it has selected Hines, a global real estate development firm, to redevelop part of its downtown campus. The redevelopment, which is expected to occur over the next decade, will become a vibrant addition to Omaha’s downtown community. In addition to continuing to house Conagra’s 1,200 employees, the site is expected to provide a mix of residential, commercial and green space uses.
Hines and Conagra Brands unveiled initial plans for the redevelopment today, highlighting the significant potential of the underutilized areas of the Conagra campus. The redevelopment is targeted for an area that encompasses One ConAgra Drive, the parking lot on Farnam Street and various open spaces along 10th Street. The redevelopment area also extends to Heartland of America Park, and will provide greater opportunities for the public to enjoy the lake.
Conagra’s 1,200 employees will remain on the campus. Six, Nine and Eleven ConAgra Drive, and the corresponding parking lots, are not part of the redevelopment. Those buildings were remodeled in 2016 to create a more modern and innovative work space. Five ConAgra Drive, which is also owned by Conagra Brands and leased to third parties, is also outside of the scope of the redevelopment. “This is an exciting time for Conagra,” said Sean Connolly, president and chief executive officer, Conagra Brands. “We have selected Hines to redevelop a part of our downtown Omaha campus for the benefit of our 1,200 employees as well as the entire Omaha community. We chose Hines because of their track record of success and community-oriented vision for this important property. Connecting our property to the rest of downtown and improving access to the lake will be hallmarks of this project.”
Hines foresees a phased redevelopment of the property over the next seven to 10 years, similar to other projects of this scale. According to Hines, redevelopment options include retail, entertainment, housing, parking, green space and improved access to the lake. Hines has retained local commercial real estate firm Bear Properties to assist with the project.
“We know that the redevelopment project and its prime riverfront access is important to the city, Conagra Brands and its workforce, as well as businesses that occupy the property,” said Tom D’Arcy, senior managing director at Hines. “We are committed to working with city leaders and believe this redevelopment will complement current projects such as the Riverfront Revitalization. At the same time, the project will improve access to the lake and create a vibrant community for those who want to live, work and play in downtown Omaha.”
Mr. D’Arcy continued, “We were privileged to have designed and built the Union Pacific headquarters in downtown Omaha 13 years ago, and look forward to returning to the city with this incredible project.”
Hines and Conagra Brands will immediately begin the process of engaging with key stakeholders to evaluate redevelopment options and develop a master plan. Hines expects to break ground on the project around early summer 2019.
ABOUT CONAGRA BRANDS
Conagra Brands, Inc. (NYSE: CAG), headquartered in Chicago, 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 Marie Callender's®, Reddi-wip®, Hunt's®, Healthy Choice®, Slim Jim® and Orville Redenbacher's®, as well as emerging brands, including Alexia®, Blake's®, Frontera® and Duke's®, offer choices for every occasion. For more information, visit www.conagrabrands.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 21 countries. Hines has approximately $100 billion of assets under management, including $54.5 billion for which Hines provides fiduciary investment management services, and $45.5 billion for which Hines provides third-party property-level services. The firm has 113 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,262 properties, totaling over 414 million square feet. The firm’s current property and asset management portfolio includes 529 properties, representing over 213 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.
FOR MORE INFORMATION:Dan Hare