Re: Beer and Loathing in Dundee
Posted: Tue Apr 19, 2016 12:31 pm
These weren't construction workers. Mix of male and female, business casual dress.
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That would be awesome! Let's hope that rumor has some teeth.Professor Woland wrote:I hear Jennifer Coco has acquired the building. I hope this is true.
I must have posted this in a different thread, but Chef Jennifer got tired of waiting for this building to get ready,iamjacobm wrote:Being marketed on loopnet for $1.2 million.
If the universe behaves as it ought to, I will win a large lottery jackpot, buy this building and turn it into a first rate burger restaurant (Shake Shack quality.) The lower floor will be a butcher shop that will provide meat for the restaurant and sell a full range of quality meats to the public. As I would be fabulously wealthy in this scenario I wouldn't have to work there, just stop by to do quality control. That or a store that sells man rompers (which I would not wear.)Coyote wrote:I must have posted this in a different thread, but Chef Jennifer got tired of waiting for this building to get ready,iamjacobm wrote:Being marketed on loopnet for $1.2 million.
Rumors were also that she wanted rooftop access.
I noticed they were doing a lot of rooftop repairs last year... That would have been the bomb if they had rooftop seating...
My gosh.. A Big E sighting..Big E wrote:The more things change, the more they stay the same.
I think I know you!Big E wrote:The more things change, the more they stay the same.
So what are you so afraid of?Coyote wrote:I think I know you!
HeightsBig E wrote:So what are you so afraid of?Coyote wrote:I think I know you!
MSizlack wrote:i understand how some see this becoming a business office as a disappointment. Dundee is a sort of gathering/dining destination. A restaurant may have been preferred. But as there is such a demand for housing in the Dundee/memorial park/aksarben and the rest of the midtown area, this is a good location for their business.
This property has been for sale for a few years. For those who whine and complain about what this building is going to become, or any other building or empty lot that is being developed into what you deem a fail, poor use or could have been so much more, why not put your money where mouth is. Take on one of these projects. There seems to be enough like minded people on this website that there shouldn't be much problem getting a group together and get a loan to do so. Whether you you opt to take on a project to start a restaurant, a building for condos or the holy grail, mixed use with underground parking, ground floor retail, office space above with top floor residential, there is plenty of opportunity out there. You can even not seek TIF.
Yes I'm being a d!ck about this. It's so easy to be disappointed on someone else's dime.
That’s really too bad the owner is charging so much for rent. This is not good for Dundee.onelocalfoods wrote:MSizlack wrote:i understand how some see this becoming a business office as a disappointment. Dundee is a sort of gathering/dining destination. A restaurant may have been preferred. But as there is such a demand for housing in the Dundee/memorial park/aksarben and the rest of the midtown area, this is a good location for their business.
This property has been for sale for a few years. For those who whine and complain about what this building is going to become, or any other building or empty lot that is being developed into what you deem a fail, poor use or could have been so much more, why not put your money where mouth is. Take on one of these projects. There seems to be enough like minded people on this website that there shouldn't be much problem getting a group together and get a loan to do so. Whether you you opt to take on a project to start a restaurant, a building for condos or the holy grail, mixed use with underground parking, ground floor retail, office space above with top floor residential, there is plenty of opportunity out there. You can even not seek TIF.
Yes I'm being a d!ck about this. It's so easy to be disappointed on someone else's dime.
I put my money where my mouth was on this building and submitted an LOI. It was in |expletive| shape and the only way back was through TIF and Historical credits. The rent was still as high as ANYWHERE in town and the landlords Dad begged me to stay with it. In the end it was a |expletive| deal which is why J coco and others had to bag it. This was the only thing left to do. No one was interesed in doing the deal the way it shook out. I cant say the same for many other buildings in Omaha. An office in that space is a fail.
Not sure why a former hardware store was given historical status. Anyone have background?Professor Woland wrote:I'm fine with it not being a restaurant, there are a lot of eateries in the area, but it would have been awesome if a good menswear store or specialty food store had opened up there. Maybe the house that the realtor was using can become something like that now. This whole fiasco reaffirms my belief that there should be no such thing as a legally defined historic building outside of a few properties of real significance.
Onelocalfoods can speak to this even better than I can, but my understanding is that these types of things combined with unreasonable lease terms and rent compared to similar properties is what makes this building a non starter for so many.GetUrban wrote:What specific "historical neighborhood requirements" kept this project from happening?
It seems more likely that bringing the building up to current ADA accessibility standards, life safety codes and/or energy efficiency standards would be the more major cost items, which would be required on all projects. There are actually exceptions allowed for meeting all ADA standards in historic buildings if it would significantly alter the historic features of the building or would be too cost prohibitive.
I'll try to find the article for more detail, but it sounds like she was trying to meet the requirements to receive the Federal Historical Tax Credit (HTC)but was unable to get through the process. I'm sure it's not easy, but if you want the HTC, you have to play by their rules. So, without that 20% credit she didn't have the money to do the project. Don't blame the stinking historic building, just the hoops. By the way, the GOP's recently passed tax bill almost eliminated the HTC, but it was saved at the last minute, thankfully.Professor Woland wrote:There is an article from Omaha Magazine from December of 2017 called "Fancy Food In Historic Buildings" where she explained what happened. She was able to meet state and local requirements for the building, but things got hung up on the federal level. Before the federal approval came through, state requirements changed again necessitating a whole new plan. If you're curious about specifics I guess you could ask her, but it seems clear to me that some sort of historic status cost us a great restaurant in that building.
The article doesn't mention tax credits, and the context of her comments doesn't suggest that she was after them. It's possible it was misreported, but if the article is accurate this incident didn't involve funding.GetUrban wrote:I'll try to find the article for more detail, but it sounds like she was trying to meet the requirements to receive the Federal Historical Tax Credit (HTC)but was unable to get through the process. I'm sure it's not easy, but if you want the HTC, you have to play by their rules. So, without that 20% credit she didn't have the money to do the project. Don't blame the stinking historic building, just the hoops. By the way, the GOP's recently passed tax bill almost eliminated the HTC, but it was saved at the last minute, thankfully.Professor Woland wrote:There is an article from Omaha Magazine from December of 2017 called "Fancy Food In Historic Buildings" where she explained what happened. She was able to meet state and local requirements for the building, but things got hung up on the federal level. Before the federal approval came through, state requirements changed again necessitating a whole new plan. If you're curious about specifics I guess you could ask her, but it seems clear to me that some sort of historic status cost us a great restaurant in that building.
More HTC info:
https://savingplaces.org/historic-tax-c ... l50ZKinGUk
Found the Omaha Mag article. http://omahamagazine.com/articles/fancy ... buildings/ Although they don’t mention the specific approval she was seeking, digging a little deeper, Dundee is designated as a Heritage Preservation District in Omaha, voted on by more than 51% of the neighborhood property owners/residents. As such, the Omaha Heritage Preservation Commission must issue a certificate of approval for proposed modifications to buildings within the District. The City Council can override the commission’s rulings. I’ll add a link to the heritage preservation rules when I get a chance. It’s hard to tell exactly what historic item hung them up, but it sounds like there were other problems too such as high rents and re-design/drawing costs and fees. The only Federal hang-up would be the Historic Tax Credit, if they were going for that, unless I'm missing something.Professor Woland wrote:The article doesn't mention tax credits, and the context of her comments doesn't suggest that she was after them. It's possible it was misreported, but if the article is accurate this incident didn't involve funding.GetUrban wrote:I'll try to find the article for more detail, but it sounds like she was trying to meet the requirements to receive the Federal Historical Tax Credit (HTC)but was unable to get through the process. I'm sure it's not easy, but if you want the HTC, you have to play by their rules. So, without that 20% credit she didn't have the money to do the project. Don't blame the stinking historic building, just the hoops. By the way, the GOP's recently passed tax bill almost eliminated the HTC, but it was saved at the last minute, thankfully.Professor Woland wrote:There is an article from Omaha Magazine from December of 2017 called "Fancy Food In Historic Buildings" where she explained what happened. She was able to meet state and local requirements for the building, but things got hung up on the federal level. Before the federal approval came through, state requirements changed again necessitating a whole new plan. If you're curious about specifics I guess you could ask her, but it seems clear to me that some sort of historic status cost us a great restaurant in that building.
More HTC info:
https://savingplaces.org/historic-tax-c ... l50ZKinGUk
Sec. 24-81. - Same—Considerations for issuance.
The commission, in considering the appropriateness of any work, shall consider, among other things, the purposes of this article, the historical and architectural value and significance of the landmark or landmark heritage district, the texture, material and color of the building or structure in question or its appurtenant fixtures, including signs, and the relationship of such features to similar features of other buildings within a landmark heritage district, and the position of such building or structure in relation to the street or public way and to other buildings and structures.
Just curious, I've known you through Nick, what concept where you imagining here?I Put my money where my mouth was on this building and submitted an LOI. It was in |expletive| shape and the only way back was through TIF and Historical credits. The rent was still as high as ANYWHERE in town and the landlords Dad begged me to stay with it. In the end it was a |expletive| deal which is why J coco and others had to bag it. This was the only thing left to do. No one was interesed in doing the deal the way it shook out. I cant say the same for many other buildings in Omaha. An office in that space is a fail.
Just curious, I've known you through Nick, what concept where you imagining thereCoyote wrote:I Put my money where my mouth was on this building and submitted an LOI. It was in |expletive| shape and the only way back was through TIF and Historical credits. The rent was still as high as ANYWHERE in town and the landlords Dad begged me to stay with it. In the end it was a |expletive| deal which is why J coco and others had to bag it. This was the only thing left to do. No one was interesed in doing the deal the way it shook out. I cant say the same for many other buildings in Omaha. An office in that space is a fail.
Ah, bummer that didn't work out.onelocalfoods wrote:Just curious, I've known you through Nick, what concept where you imagining thereCoyote wrote:I Put my money where my mouth was on this building and submitted an LOI. It was in |expletive| shape and the only way back was through TIF and Historical credits. The rent was still as high as ANYWHERE in town and the landlords Dad begged me to stay with it. In the end it was a |expletive| deal which is why J coco and others had to bag it. This was the only thing left to do. No one was interesed in doing the deal the way it shook out. I cant say the same for many other buildings in Omaha. An office in that space is a fail.
without getting too deep into it, a grown up cocktail lounge. with a private bar in the basement and service with music on the roof. a place to keep people in dundee before or after dinner.
That would have been a hit, I'm sure.MadMartin8 wrote:Ah, bummer that didn't work out.onelocalfoods wrote:Just curious, I've known you through Nick, what concept where you imagining thereCoyote wrote:I Put my money where my mouth was on this building and submitted an LOI. It was in |expletive| shape and the only way back was through TIF and Historical credits. The rent was still as high as ANYWHERE in town and the landlords Dad begged me to stay with it. In the end it was a |expletive| deal which is why J coco and others had to bag it. This was the only thing left to do. No one was interesed in doing the deal the way it shook out. I cant say the same for many other buildings in Omaha. An office in that space is a fail.
without getting too deep into it, a grown up cocktail lounge. with a private bar in the basement and service with music on the roof. a place to keep people in dundee before or after dinner.