Monarch Private Capital Announces Opening of Kimpton Cottonwood Hotel in Nebraska
The rehabilitated hotel provides valuable impact to the downtown Omaha community
Monarch Private Capital, a nationally recognized tax-advantaged investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the opening of the Kimpton Cottonwood Hotel, a $75 million historic rehabilitation of the esteemed Blackstone Hotel in Omaha, Nebraska’s Blackstone District. Restored to its original allure, the new hotel stimulates the local economy and reinvigorates the Blackstone community, all while preserving an iconic slice of Americana.
The original Blackstone Hotel was built in 1915 and attracted travelers from all over the country. At its peak, the previous hotel featured multiple award-winning restaurants, rooftop gardens and a fleet of limousines. Its reputation as the birthplace of the Reuben sandwich, as well as its array of high-profile visitors, added to its astounding popularity and supported its successful operations for nearly 60 years. In recognition of its many notable contributions to American history, the property was listed on the National Register of Historic Places in 1985.
Monarch partnered with Clarity Development Companies and GreenSlate Development, two exceptional development teams dedicated to the revitalization of Omaha’s historic Blackstone District, to successfully transform the original property into the new Kimpton Cottonwood Hotel. To spotlight its unique culture and preserve its place in history, key architectural features were restored and maintained, including hand-carved terra cotta columns, a marble staircase, the barrel-vaulted rooftop ballroom, original tile and hardwood flooring, and its more than 800 windows. In recognition of this exemplary accomplishment in the preservation of Nebraska’s historic places, Clarity Development group has been selected to receive the Nebraska State Historic Preservation Award for 2021 for the rehabilitation of the Kimpton Cottonwood Hotel.
The newly renovated Kimpton Cottonwood Hotel now boasts 205 rooms, a resort-style swimming pool, 13,500 square feet of meetings and event space and a rooftop terrace with breathtaking views of downtown Omaha. The new hotel also features five bar and restaurant options, each of which pays homage to the original property through inspiration drawn from its rich history, such as the Orleans Room’s re-inauguration of the Reuben sandwich. The Kimpton Cottonwood Hotel also displays a collection of over 50 pieces of locally curated art throughout their halls. Five of the 50+ pieces were commissioned specifically for the new hotel itself, including a quilt made by Omaha-born fiber and textile artist Celeste Butler, which incorporates original Blackstone Hotel materials, including a rusted shower drain and cottonwood leaves.
“The all-Omaha development and ownership team were honored to be given the opportunity to bring back this important piece of our local history,” said Thomas McLeay, President of Clarity Development Companies. “The team worked with local, state and national preservation agencies to carefully preserve the historic details of the Cottonwood Hotel while simultaneously updating the hotel with state-of-the-art modern technology and amenities. Monarch Private Capital, as our investment partner, understood what we were trying to achieve and helped us to make a final product that is the perfect mix of old and new and showcases the best of Omaha’s rich history and its bright future.”
“We are proud to have taken part in the successful and essential rehabilitation of the legendary Blackstone Hotel in Omaha, Nebraska,” said Rick Chukas, Managing Director of Federal Historic Tax Credits at Monarch Private Capital. “By restoring this historically significant property, we continue to support the ongoing social and economic growth of Omaha’s illustrious Blackstone District while strengthening an integral connection to our Nation’s compelling history.”
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.
About Clarity Development Companies
By leveraging its unique expertise and nearly 40 years of its teams’ experience in real estate development and management, Clarity Development Companies have unmatched expertise in complex real estate finance and urban redevelopment with creative solutions that identify the highest and best use for the specific real estate and the community as a whole. Clarity Development Companies has designed, permitted, built and managed residential developments ranging from urban to suburban, historic rehabilitation to ground-up new construction–using a combination of traditional financing and multiple layers of subsidies and incentives.
About GreenSlate Development
GreenSlate is responsible for developing and managing Omaha, Nebraska’s Blackstone District – a diverse, multi-use community where people can live, work and play. Located at the center of Midtown, the Blackstone District is designed with modern living in mind. Stretching from 42nd to 35th Streets, the historic district is only a short walk from a variety of businesses and entertainment.
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