Cyclists, runners, fishing enthusiasts and all-around fans of the outdoors, rejoice. The Papio-Missouri River Natural Resources District’s largest-ever lake and flood-control reservoir opens in northwest Omaha in mere days.

Flanagan Lake, northwest of 168th and Fort Streets, will officially open Wednesday morning. The 220-acre lake and 475 acres of parkland boasts cycling and walking trails, fishing and a pleasant breather from northwest Omaha’s torrid pace of suburban development.

But it’s also proven to be a catalyst for more development.

Already, much of the land around the lake and recreation area is spoken for. A growing list of residential developments in the area includes Pier 15, which will overlook the lake; Anchor Pointe, on 168th and Ida Streets; and a few Celebrity Homes & Townhouses developments in the works.

“People love being around water,” said Andy Alloway, who owns Nebraska Realty. And this isn’t Minnesota or Missouri. Lakes are a rarer commodity.

“When something like this does happen — a new opportunity to have lots around a lake — they’re pretty limited,” Alloway said. “That generates excitement.”

Homebuyers are looking for more than a structure on a patch of dirt, he said. They’re considering a number of factors that, increasingly, include proximity to pools, walking trails and other recreation options.

Developers have had plenty of time to consider land near Flanagan Lake — the project took nine years and $44 million to complete. It was a huge undertaking for the NRD, but “over the long run, it’ll pay tremendous dividends,” said John Winkler, the NRD’s administrator.

The lake will reduce the floodplain and, when new maps reflect that, eliminate or reduce flood insurance rates for homeowners in that area. While the recreation amenities are easier to spot, Winkler said, the flood control is the most notable benefit for the community.

“It’s all in the name of public safety,” he said.

Of course, the recreation is worth getting excited about, too, Winkler said. While the NRD built the reservoir, the City of Omaha’s Parks and Recreation Department will now run it.

Fishing at Flanagan Lake will be great — you’ll just want to wait three to five years, said Daryl Bauer, the fisheries outreach program manager for Nebraska Game and Parks.

Game and Parks has stocked the lake with large mouth bass, bluegill, red ear sunfish, black crappie and northern pike. But the fish are still small, Bauer said, and they need time to grow and reproduce. Fortunately, that happens quickly in a new body of water like this.

The lake was built with water quality and fish habitat in mind, he said. That means it’ll continue to be a good fishery for years to come.

“And let’s face it,” Bauer said. “Around Omaha, we can use all the water we can get.”

Flanagan Lake’s grand opening is Wednesday at 10:30 a.m. Anyone is welcome to attend.