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The latest breaking updates, delivered straight to your email inbox. To bolster, there will be ample parking on the development to include a mix of underground, on-street and surface lot parking. In addition, Macerich continued to prune its portfolio with the sale of three malls in the Central U.S. region -- Crossroads Mall in Oklahoma City, Oklahoma, Northwest Arkansas Mall in Fayetteville, Arkansas and The Citadel Mall in Colorado Springs, Colorado. At a joint news conference Mayor Jean Stothert announced that a memorandum of understanding has been signed by the city and Frank Krejci, president of Century Development and Chip James, president of Lockwood Development to build a mixed use development on the 40 acres of property with retail and restaurants, a hotel and apartments and office space. Construction on the $500 million project, called . Omaha mayor unveils redevelopment details for Crossroads Mall - WOWT IM DAVID EARL. Dodge and DCI Group. Absolutely. The Crossroads will definitely do that, Krejci said. Although the Crossroads redevelopment plan won city approval last year, the projects redevelopment agreement has yet to be completed. A new section of South 27th Street will run through the site. The Omaha City Council on Tuesday voted 7-0 to approve an $80 million tax-increment financing request for the project, an award that should help developers deliver on a $553 million redevelopment vision at the site near 72nd and Dodge Streets. Demolition of the current mall structure is slated to begin in October. Its been more than a year and a half since demolition equipment tore into the former Sears Auto Center of Crossroads Mall to clear the way for long-awaited redevelopment. Authorities investigate fatal stabbing in Harvard, Neb. Lance has more than 25 years of experience in the engineering, real estate, and construction industries. There have been many discussions about redeveloping the dying mall over the years, but some people who live in the area are excited because this time things actually seem to be happening.