Christopher Burbach / World-Herald staff writer wrote:Concerned about slow business growth in north downtown Omaha, the owners of a hotel in the neighborhood plan a bold step to quicken the pace of urban revival there.
They propose to spend $9.2 million to erect a five-story apartment building at 16th and Nicholas Streets, on an industrial corner not yet reached by the emerging entertainment, cultural and business district.
Nichol Flats would have 67 market-rate apartments above first-floor office and commercial space.
Finally a little more momentum for North Downtown. Â Plus this is really on a parcel that I didn't expect, still plenty of land to develop south of Cuming.
iamjacobm wrote:Finally a little more momentum for North Downtown. Plus this is really on a parcel that I didn't expect, still plenty of land to develop south of Cuming.
I agree, there is plenty of land available in all of north downtown for that matter. Â The article hints at more development in the area. Â Lets hope that it continues. Â If some of those parcels of land are cleaned up and redeveloped similar to this proposal, then we are definitely headed in the right direction.
Finally! Â Hopefully this will build some momentum for the area. Â This should be a huge boost for foot traffic with the new residents and commercial space available.
Nichol Flats would have 67 market-rate apartments above first-floor office and commercial space.
Don't get me wrong, I love north downtown and want this project to do well, but what is market rate when your view includes a junk yard and a homeless shelter?
Nichol Flats would have 67 market-rate apartments above first-floor office and commercial space.
Don't get me wrong, I love north downtown and want this project to do well, but what is market rate when your view includes a junk yard and a homeless shelter?
I think the idea is that after a while those places will choose to sell their property and move.
"Video game violence is not a new problem. Who could forget in the wake of SimCity how children everywhere took up urban planning." - Stephen Colbert
I certainly don't blame these guys for wanting to accelerate investment and I salute them for taking the initiative. But I wonder exactly what is the trajectory supposed to look like in a city this size, could it be faster or is this average.. In my head I keep thinking the next project could be the tipping point that lights up the place. But maybe this is the optimum pace we can expect.
Nichol Flats would have 67 market-rate apartments above first-floor office and commercial space.
Don't get me wrong, I love north downtown and want this project to do well, but what is market rate when your view includes a junk yard and a homeless shelter?
I think the idea is that after a while those places will choose to sell their property and move.
Market rate also means different things at 16th and Nicholas than it does at 15th and Jackson. Â This project will almost certainly be a couple hundred less than the new projects going in by the Old Market. Â Helps get people that can't afford to spend $1000+ on rent get into the downtown scene.
67 is a really big addition for North Downtown, second largest apartment project behind TipTop in the area. Â One unfortunate thing is I think they will follow the current North Downtown trend and have surface parking for the tenants. Â That construction cost doesn't seem high enough to have structured parking like the projects in the core.
6EQUJ5 wrote:I certainly don't blame these guys for wanting to accelerate investment and I salute them for taking the initiative. But I wonder exactly what is the trajectory supposed to look like in a city this size, could it be faster or is this average.. In my head I keep thinking the next project could be the tipping point that lights up the place. But maybe this is the optimum pace we can expect.
There are a lot of factors at play. Â Omaha is redeveloping so many different areas right now that a lot of the possible tenants get spread out. Â If we had let Benson rot or left the Aksarben area for run of the mill strip malls and suburban office buildings I think North Downtown would have more action right now.
As for a tipping point I think we are still $50+ million away from North Downtown being a real viable neighborhood instead of a spattering of apartment and entertainment options.
A while ago I posted a few pics of the original plan for North Downtown. Â It is not anything like what was envisioned. Â There were to be parking garages on the surface lots across the street from the arena with some retail on the first floor. Â There were also multi use buildings envisioned for both sides of Cuming.
I maintain that Lincoln's Haymarket is a prototype for arena district development. Â It is very impressive and there is no reason why Omaha couldn't have done something along those lines.
NDT has for a while felt like the demand is there its just been held back by the lack of any company volunteering there capital to start building new buildings. If this is successful I think you'll see quite a few new apartments pop up quickly.
Brad wrote:Hopefully this will spur on redevelopment of the old fire station next door!
I was going to post the same thing. I'd love to see that building back in action.
Knowing Omaha someone will try to put a brewery in there. That seems to be our fastest growing industry. In reality though I think that would make a good office space for one of our growing tech companies. That or I find a million bucks and get myself a personal residence in North Downtown .
I thought someone was going to put a brewery in the old OFD building. Seems like it was what 5 years ago this was mentioned?
Anyway, is this project more than the Diamond building, it would then only have the hotel to the east, and Tip Top (and Brewery) to the South:
I can't believe the amount of truck traffic there is on Nicholas that turns south on 16th and then out from there...
Coyote wrote:I can't believe the amount of truck traffic there is on Nicholas that turns south on 16th and then out from there...
People have mentioned that those trucks are a detriment to investment in North Downtown and want to see the trucking routes changed. Â Of course the folks using the trucks don't want to extend their routes and spend more on fuel.
Coyote wrote:I thought someone was going to put a brewery in the old OFD building. Seems like it was what 5 years ago this was mentioned?
Anyway, is this project more than the Diamond building, it would then only have the hotel to the east, and Tip Top (and Brewery) to the South:
OmahaChef and I mentioned a few years ago. Â I was compare it to the FireHouse Brewery in Downtown Rapid City
I love that firehouse too, but the reality is that its in really rough shape. Â I mean barely still standing. Â Its been a while since I've been past, but there was a huge shift in the bricks, creating a large crack on what I think I remember as the north side. Â Not anything that could be fixed with some tuckpointing...
Nichol Flats would have 67 market-rate apartments above first-floor office and commercial space.
Don't get me wrong, I love north downtown and want this project to do well, but what is market rate when your view includes a junk yard and a homeless shelter?
I think the idea is that after a while those places will choose to sell their property and move.
Market rate also means different things at 16th and Nicholas than it does at 15th and Jackson. This project will almost certainly be a couple hundred less than the new projects going in by the Old Market. Helps get people that can't afford to spend $1000+ on rent get into the downtown scene.
67 is a really big addition for North Downtown, second largest apartment project behind TipTop in the area. One unfortunate thing is I think they will follow the current North Downtown trend and have surface parking for the tenants. That construction cost doesn't seem high enough to have structured parking like the projects in the core.
Does it really?...or should it? I think we've seen what "market rate" means with downtown projects the last 5 years. Consider the $1200 Junction Apts at 24th and Farnam.
Quote from the article, "Jensen said the environment wouldn't be off-putting to the type of residents envisioned for the area — artists, small entrepreneurs and other creative people." So do you really think "artists, small entrepreneurs and other creative people" will be the criteria for "market rate" here? I guess we'll see. In the meantime, even with the proximity of the Hot Shops, I bet more artists live in Bull Durham than the TipTop where rent apparently starts at $875.
Nichol Flats would have 67 market-rate apartments above first-floor office and commercial space.
Don't get me wrong, I love north downtown and want this project to do well, but what is market rate when your view includes a junk yard and a homeless shelter?
I think the idea is that after a while those places will choose to sell their property and move.
Market rate also means different things at 16th and Nicholas than it does at 15th and Jackson. This project will almost certainly be a couple hundred less than the new projects going in by the Old Market. Helps get people that can't afford to spend $1000+ on rent get into the downtown scene.
67 is a really big addition for North Downtown, second largest apartment project behind TipTop in the area. One unfortunate thing is I think they will follow the current North Downtown trend and have surface parking for the tenants. That construction cost doesn't seem high enough to have structured parking like the projects in the core.
Does it really?...or should it? I think we've seen what "market rate" means with downtown projects the last 5 years. Consider the $1200 Junction Apts at 24th and Farnam.
Quote from the article, "Jensen said the environment wouldn't be off-putting to the type of residents envisioned for the area — artists, small entrepreneurs and other creative people." So do you really think "artists, small entrepreneurs and other creative people" will be the criteria for "market rate" here? I guess we'll see. In the meantime, even with the proximity of the Hot Shops, I bet more artists live in Bull Durham than the TipTop where rent apparently starts at $875.
I am just saying pick up this project and put it on the parking lot at 11th and Jackson and it would draw a higher rent than it will at 16th and Nicholas. Â Location matters a lot and right now North Downtown isn't even close to the desirability or amenities that the Old Market has.
Also I think this place has a better chance to fill up with CU students than it does to fill up with artists.
While you're right that *this* building at 11th and Jackson makes more money. The article said they own a hotel in North downtown. If the apartment building encourages development as they hope. Then rates at the hotel, property values and rent goes up. Way more  potential upside. Also if the alternatives analysis results in anything there will be increased property values here.
Dundeemaha wrote:While you're right that *this* building at 11th and Jackson makes more money. The article said they own a hotel in North downtown. If the apartment building encourages development as they hope. Then rates at the hotel, property values and rent goes up. Way more potential upside. Also if the alternatives analysis results in anything there will be increased property values here.
I completely agree that there is a future revenue potential here, I am not suggesting that this is a poorly thought out project at all. Â All I was responding to was that I think "Market Rate" is a different price in North Downtown than it is in the core.
lol. Do they... Renters have ALL the rights. One of the most common misconceptions about getting into the landlord business, is that your investment works for you. Get the wrong renters, and they will rake you over the coals, and destroy your investment while they're at it.
However, most "renter's rights" are state law.
Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery. - Winston Churchill
Nebraska actually sides far more with the landlord than the tenant compared to most places. There's no limit to how much or how frequently rent can be increased, only a 60 day notice requirement on the increase.
lol. Do they... Â Renters have ALL the rights. One of the most common misconceptions about getting into the landlord business, is that your investment works for you. Get the wrong renters, and they will rake you over the coals, and destroy your investment while they're at it.
I've seen that firsthand at a house in our neighborhood where delinqent renters refused to pay rent and ruthlessly vandalized the place before they were finally evicted by the Sherrif. Â I don't understand people like that.
lol. Do they... Renters have ALL the rights. One of the most common misconceptions about getting into the landlord business, is that your investment works for you. Get the wrong renters, and they will rake you over the coals, and destroy your investment while they're at it.
I've seen that firsthand at a house in our neighborhood where delinqent renters refused to pay rent and ruthlessly vandalized the place before they were finally evicted by the Sherrif. I don't understand people like that.
Seriously? Joke's on them because they'll never be able to rent a place again after delinquent rent payments, plus the vandalism.
When fortune smiles on something as violent and ugly as revenge, it seems proof like no other that not only does God exist, you're doing his will.
Nichol Flats would have 67 market-rate apartments above first-floor office and commercial space.
Don't get me wrong, I love north downtown and want this project to do well, but what is market rate when your view includes a junk yard and a homeless shelter?
I think the idea is that after a while those places will choose to sell their property and move.
Market rate also means different things at 16th and Nicholas than it does at 15th and Jackson. This project will almost certainly be a couple hundred less than the new projects going in by the Old Market. Helps get people that can't afford to spend $1000+ on rent get into the downtown scene.
67 is a really big addition for North Downtown, second largest apartment project behind TipTop in the area. One unfortunate thing is I think they will follow the current North Downtown trend and have surface parking for the tenants. That construction cost doesn't seem high enough to have structured parking like the projects in the core.
Does it really?...or should it? I think we've seen what "market rate" means with downtown projects the last 5 years. Consider the $1200 Junction Apts at 24th and Farnam.
Quote from the article, "Jensen said the environment wouldn't be off-putting to the type of residents envisioned for the area — artists, small entrepreneurs and other creative people." So do you really think "artists, small entrepreneurs and other creative people" will be the criteria for "market rate" here? I guess we'll see. In the meantime, even with the proximity of the Hot Shops, I bet more artists live in Bull Durham than the TipTop where rent apparently starts at $875.
I am just saying pick up this project and put it on the parking lot at 11th and Jackson and it would draw a higher rent than it will at 16th and Nicholas. Location matters a lot and right now North Downtown isn't even close to the desirability or amenities that the Old Market has.
Also I think this place has a better chance to fill up with CU students than it does to fill up with artists.
I hear ya but I don't see much of a distinction between the Old Market and the rest of downtown(including NDT) for rent. Â There are places in the 7-750's in the OM. Â And I agree its more likely to fill up with CU kids, particularly because I suspect the rent will be out of range for most artists.
lol. Do they... Renters have ALL the rights. One of the most common misconceptions about getting into the landlord business, is that your investment works for you. Get the wrong renters, and they will rake you over the coals, and destroy your investment while they're at it.
I've seen that firsthand at a house in our neighborhood where delinqent renters refused to pay rent and ruthlessly vandalized the place before they were finally evicted by the Sherrif. I don't understand people like that.
Seriously? Joke's on them because they'll never be able to rent a place again after delinquent rent payments, plus the vandalism.
There is no shortage of tenants in the Omaha area who disrespect the property, are delinquent on rent and other fees, who, basically, just move down the quality chain of rental options, sometimes until they are in government subsidized housing.
Will they be able to rent another quality property again? Not as likely, but they have other ways into properties, whether it's by having a false signer or whatnot. It's pathetic.
Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery. - Winston Churchill
iamjacobm wrote:Also I think this place has a better chance to fill up with CU students than it does to fill up with artists.
I hear ya but I don't see much of a distinction between the Old Market and the rest of downtown(including NDT) for rent. There are places in the 7-750's in the OM. And I agree its more likely to fill up with CU kids, particularly because I suspect the rent will be out of range for most artists.
In the interest of keeping this thread on track, yeah, I also see this as mainly CU students. Â I've also gotta wonder: how many "artists" does a city like Omaha have? Â Or more importantly, who would want and afford to live in all the "artist" apartments lately? Â I feel like it's a label applied just to attract people because they think it will be "so cool" to be neighbors with artists.
.
