OMAHA — Two decrepit buildings with an alley between them. That’s how developer Jay Lund recalls the defunct midtown Omaha steel plant some four years ago when his team began contemplating a conversion project that partnered with the neighboring University of Nebraska Medical Center.

On Wednesday, the site was crawling with academic, business, and community members for a public unveiling of the repurposed product: the Catalyst, a 170,000-square-foot co-working hub expected to incubate new medical inventions, draw talent, and burnish the area’s reputation as a healthcare and research magnet. So far, 20% full with 18 tenants, officials say investment in the private-public venture will reach about $97 million, $29 million of which is university funds and $6.3 million of which is public tax-increment financing from the City of Omaha.

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