Logan Building to go Indigo (18th and Dodge)
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- TitosBuritoBarn
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They don't seem to be doing any work on that building, at least from what you can see from the outside....
Any idea how "pending" this is? Â Will it actually happen? Â When? Â Sorry to be the pessimist here, but I just haven't seen tons of projects started in the middle of a recession, especially when large amounts of financing are needed to refurbish the structure.
Any idea how "pending" this is? Â Will it actually happen? Â When? Â Sorry to be the pessimist here, but I just haven't seen tons of projects started in the middle of a recession, especially when large amounts of financing are needed to refurbish the structure.
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The owner/developer applied for TCAP/Section 1602 funds (HUD/Treasury - ARRA programs) and did not receive them - administered in Nebraska by NIFA/NEDED
The project has an approved HPCA Part 2 (historic rehabilitation tax credits) with conditions.
The project has received an allocation of LIHTC from NIFA.
If the project moves forward and is completed, the owner/developer will need to comply with rental rates for low/moderate incomes (I don't know the ratio/mix of low vs. moderate rates - you could probably ask someone at NIFA - I don't know if it is public info yet). Â The point is the project (and the rates) would need to comply for 30 years - this project will have low/moderate rental rates for downtown Omaha. Â The rates for downtown Omaha will be highly than something comparable in West Omaha - B/C IT IS IN DOWNTOWN OMAHA!
There are several projects in the works (market rate and low/moderate), and I have been getting more inquires lately about the historic tax credits.
Two projects (that I can mention) that I hope start within this year (b/c they have been "brewing" for awhile now...) - The Margaret Apts. (16th & Yates) and the Gahm Block (12th & Howard). Â The Margaret will be low/moderate income while the Gahm Block will be market rate.
The project has an approved HPCA Part 2 (historic rehabilitation tax credits) with conditions.
The project has received an allocation of LIHTC from NIFA.
If the project moves forward and is completed, the owner/developer will need to comply with rental rates for low/moderate incomes (I don't know the ratio/mix of low vs. moderate rates - you could probably ask someone at NIFA - I don't know if it is public info yet). Â The point is the project (and the rates) would need to comply for 30 years - this project will have low/moderate rental rates for downtown Omaha. Â The rates for downtown Omaha will be highly than something comparable in West Omaha - B/C IT IS IN DOWNTOWN OMAHA!
There are several projects in the works (market rate and low/moderate), and I have been getting more inquires lately about the historic tax credits.
Two projects (that I can mention) that I hope start within this year (b/c they have been "brewing" for awhile now...) - The Margaret Apts. (16th & Yates) and the Gahm Block (12th & Howard). Â The Margaret will be low/moderate income while the Gahm Block will be market rate.
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One other thing...
19th & Dodge is pretty desolate now, but if Mr. Volleck ends up developing the N.W. Bell tower and The Logan Apts. are completed - these two projects will significantly change the look and feel of that intersection. Â Mr. Volleck had the N.W. Bell tower listed in the National Register of Historic Places in order to take advantage of the historic rehabilitation tax credits.
19th & Dodge is pretty desolate now, but if Mr. Volleck ends up developing the N.W. Bell tower and The Logan Apts. are completed - these two projects will significantly change the look and feel of that intersection. Â Mr. Volleck had the N.W. Bell tower listed in the National Register of Historic Places in order to take advantage of the historic rehabilitation tax credits.
You'd think, but have you flipped through a For Rent book lately? Â Granted, the DT market is smaller, (i.e. less choice, supply and demand) but I don't see that the rest of Omaha gives you a whole lot more for your money unless its old or not recently remodeled.Historic Omaha wrote:The rates for downtown Omaha will be highly than something comparable in West Omaha - B/C IT IS IN DOWNTOWN OMAHA!
thanks for the info.
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I wonder if those Logan rent #s haven't been updated in some time - alot can happen in the market in the nearly 3 years since I toured the building in 2007 - as we have witnessed.
When the project was ramping up, Brandeis was still up in the air - now that building is filled with many 1 bedroom units, close to the 900-1000 range. Â If the Logan project moves forward, they might need to rethink their rent amounts, maybe that is why the project hasn't moved forward yet - they need the figures shown on the website to make the project feasible.
Oh speculation...
When the project was ramping up, Brandeis was still up in the air - now that building is filled with many 1 bedroom units, close to the 900-1000 range. Â If the Logan project moves forward, they might need to rethink their rent amounts, maybe that is why the project hasn't moved forward yet - they need the figures shown on the website to make the project feasible.
Oh speculation...
The LIHTC rates are set on median incomes. Any project in the Omaha MSA (Douglas, Cass, Sarpy, Washington) will have the same maximum rent level no matter where the project is located (downtown or suburban).Historic Omaha wrote:
The rates for downtown Omaha will be highly than something comparable in West Omaha - B/C IT IS IN DOWNTOWN OMAHA!
You'd think, but have you flipped through a For Rent book lately? Granted, the DT market is smaller, (i.e. less choice, supply and demand) but I don't see that the rest of Omaha gives you a whole lot more for your money unless its old or not recently remodeled.
thanks for the info.
Any rent differential is based upon the LIHTC level that the project is aiming to achieve - 50% or 60%. The 50% level gets less rental income but gets more dollar-for-dollar credits against the federal income tax liability of the developer.
Body found after downtown building fire
http://www.omaha.com/article/20130314/N ... lding-fire
http://www.omaha.com/article/20130314/N ... lding-fire
Jay Withrow World-Herald Staff Writer wrote:The fire was contained to the elevator shaft, said Sgt. Matthew Rech, and the condition of the six-story building “was poor.''
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- TitosBuritoBarn
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Re: Logan Building to go Apartments (18th and Dodge)
According to Imperative Voice's fb page this building is on the city's demo list.
Re: Logan Building to go Apartments (18th and Dodge)
Looking at the sales record of The Logan, this was purchased last November by America First Real Estate group. I would love to see them follow NuStyle's lead (with Slate on 19th) and help clean up the block. This is a huge building and has tons of potential.
Re: Logan Building to go Apartments (18th and Dodge)
That is huge news!!SaveOmaha wrote:Looking at the sales record of The Logan, this was purchased last November by America First Real Estate group. I would love to see them follow NuStyle's lead (with Slate on 19th) and help clean up the block. This is a huge building and has tons of potential.
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Re: Logan Building to go Apartments (18th and Dodge)
Anybody heard anything about this moving forward? With the success of Slate and The Wire, this would seem to be a pretty safe bet for a profitable re-development as an apartment building.
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- TitosBuritoBarn
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Re: Logan Building to go Apartments (18th and Dodge)
Good thing we got rid of those row homes. Monstrosities.
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- skinzfan23
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Re: Logan Building to go Apartments (18th and Dodge)
Wish those residential units to the west were still there too. It is crazy to see how much they leveled the pavement on Dodge St.
Last edited by skinzfan23 on Fri Nov 13, 2015 8:48 am, edited 1 time in total.
- skinzfan23
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Re: Logan Building to go Apartments (18th and Dodge)
Haha. I was posting that at the same time.TitosBuritoBarn wrote:Good thing we got rid of those row homes. Monstrosities.
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Re: Logan Building to go Apartments (18th and Dodge)
I wonder if we'll see more action on this when the civic auditorium project moves forward.
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Re: Logan Building to go Apartments (18th and Dodge)
I believe it is Omaha City Code that only one building per city block is allowed. They had to be torn down.skinzfan23 wrote:Haha. I was posting that at the same time.TitosBuritoBarn wrote:Good thing we got rid of those row homes. Monstrosities.
Re: Logan Building to go Apartments (18th and Dodge)
That's a good possibility...yard salad wrote:I wonder if we'll see more action on this when the civic auditorium project moves forward.
Re: Logan Building to go Apartments (18th and Dodge)
Guh. That would be terrible.Joe_Sovereign wrote:I believe it is Omaha City Code that only one building per city block is allowed. They had to be torn down.skinzfan23 wrote:Haha. I was posting that at the same time.TitosBuritoBarn wrote:Good thing we got rid of those row homes. Monstrosities.
Re: Logan Building to go Apartments (18th and Dodge)
With TIF and $1 million in historic tax credits there is a lot of subsidy available for a project here. Lets hope something is happening behind the scenes.Midwestern wrote:Anybody heard anything about this moving forward? With the success of Slate and The Wire, this would seem to be a pretty safe bet for a profitable re-development as an apartment building.
Re: Logan Building to go Apartments (18th and Dodge)
Saw a bunch of suits walking inside this building last week.
15-17, 26, 32
Re: Logan Building to go Apartments (18th and Dodge)
these are everywhere. somebody does this every year. it's adorable.MTO wrote:Damñ hippies!
Re: Logan Building to go Apartments (18th and Dodge)
You mean they do that to a different old building they're wanting to save every v-day?justnick wrote:these are everywhere. somebody does this every year. it's adorable.MTO wrote:Damñ hippies!
15-17, 26, 32
Re: Logan Building to go Apartments (18th and Dodge)
Restoration Exchange goes around and does stuff like this to old buildings from time to time.
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Re: Logan Building to go Apartments (18th and Dodge)
They put up the same kind of thing on Valentines Day on the beige painted building on 15th and Howard
Re: Logan Building to go Apartments (18th and Dodge)
Dang. I didn't know CashMaster closed.
I guess i'm never getting my watch back.
I guess i'm never getting my watch back.
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Re: Logan Building to go Apartments (18th and Dodge)
I wonder what the issues are with this building that has held up it's restoration. It is in a great location for Creighton Students and like was mentioned earlier there is a lot of tax incentives for restoration.
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Re: Logan Building to go Apartments (18th and Dodge)
Those are in the same vein as the famous San Francisco Victorians. Such a shame.TitosBuritoBarn wrote:Good thing we got rid of those row homes. Monstrosities.
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Re: Logan Building to go Apartments (18th and Dodge)
I was hoping this was an announcement of a restoration project.
I walked by this building last week, there was a homeless man sleeping on a pile of trash in the sunken stairwell on the east side of the building and another homeless man had set up on the front steps spreading out all of his possessions across the front steps.
I walked by this building last week, there was a homeless man sleeping on a pile of trash in the sunken stairwell on the east side of the building and another homeless man had set up on the front steps spreading out all of his possessions across the front steps.
Re: Logan Building to go Apartments (18th and Dodge)
That's sad :-( hopefully the project and the homeless guys will get off the ground soon.Joe_Sovereign wrote:I was hoping this was an announcement of a restoration project.
I walked by this building last week, there was a homeless man sleeping on a pile of trash in the sunken stairwell on the east side of the building and another homeless man had set up on the front steps spreading out all of his possessions across the front steps.
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Re: Logan Building to go Apartments (18th and Dodge)
Today I got word concrete barricades went up around the old Logan. Anyone know what’s going on? I sure hope it’s renovation not demolition.
Re: Logan Building to go Apartments (18th and Dodge)
There’s a photo of the concrete barricades on the Forgotten Omaha Facebook Page. They are asking the same question there.Mystikbrian wrote:Today I got word concrete barricades went up around the old Logan. Anyone know what’s going on? I sure hope it’s renovation not demolition.
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Re: Logan Building to go Apartments (18th and Dodge)
Sale traces back to New Generation Construction out of Lincoln less than a month ago. Only permit out is for a street obstruction so far.
EDIT: They submitted the permit and the city issued it on the same day which I have never seen anywhere I have done work. Hope they aren't trying to sneak a demo through b/c NGC has done good restoration work in Lincoln.
EDIT: They submitted the permit and the city issued it on the same day which I have never seen anywhere I have done work. Hope they aren't trying to sneak a demo through b/c NGC has done good restoration work in Lincoln.