New building to replace OM Diner?

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DTO Luv
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New building to replace OM Diner?

Postby DTO Luv » Mon Nov 13, 2006 8:42 am

I was in the Old Market Saturday and noticed the lot that the Diner is on (12th and Harney) is for sale. The sign said it was zoned for CBD so I'm guessing whoever buys it would buy with the intent of building a new building.
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Big E
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Postby Big E » Mon Nov 13, 2006 9:36 am

I called on the lot the other day. List price is something like $2.1 million. Don't hold your breath on that one.

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Postby MTO » Mon Nov 13, 2006 11:19 am

Dude! I told you this a long time ago! The owner of Cool Stuff told me. And you didn't believe me. HAHAHAAA
Next time just "listen to me now and believe me later".
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Postby the1wags » Mon Nov 13, 2006 11:26 am

Well if anything, at that price point someone prolly isn't going to buy it to sell sandwiches. I'd think it would be more likely for new construction. Think JLofts north.

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Postby It's omahachef » Mon Nov 13, 2006 11:36 am

T make this even stickier, I was chatting with the oriental woman who owns the place, and she owns the building, but not the land. She plans to close and retire in about 4 years, and has a lease until that time. If you bought the property, I'd suspect you would have to either honor the lease, buy out the lease, or pay to move the business. $2.1 million for about a 16th of the block?

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Postby DTO Luv » Mon Nov 13, 2006 12:41 pm

I don't know if $2M is too expensive. It's a signifigant spot in the Old Market. I'm interested to see what happens with it. I would like to see other small lots with other buildings around them be built in through out DT. The new hotel on Jackson could open some people's eyes to similiar projects.
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Postby MTO » Mon Nov 13, 2006 12:47 pm

And if it doesn't go then what happens to it? :what:
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Big E
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Postby Big E » Mon Nov 13, 2006 1:27 pm

You basically have two options if you want to buy the land:

1) Buy the property and honor the lease
2) Buy the property and try to renegotiate the lease

I imagine I would let the lease run its course while I was figuring out what to do with the land. It's making someone money as it is right now. At $2+ million, though, you're not going to have a parking lot and breakfast joint for long, though.

Does anyone else just shake their head at all these empty corner lots being built and developed just a few decades after being torn down? WTH were people thinking?

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Postby Guest » Mon Nov 13, 2006 4:51 pm

If memory serves me, I belive the owner of Michaels in the Market owns this lot.

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Postby Coyote » Mon Nov 13, 2006 5:28 pm

You are correct Guest. Michael Henery - owner of Michael's Restaurant and Lion Place Condominiums also owns this property.
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Postby Coyote » Sun Aug 19, 2007 9:02 pm

Land sale eventually could force the Diner out of the Old Market after its lease expires

Omaha World Herald wrote:The central business district zoning on the land allows a building with a height of up to 75 feet, Henery said. Henery purchased the land planning to build a six-story building containing commercial condos with a restaurant on the first floor and underground parking, he said. However, the Diner's lease doesn't expire for three more years, and Henery decided that he did not want to buy it out, he said. Instead, Henery is selling the property. The sale of the land may jeopardize the future of the Diner, which has been open at its current location for 20 years. The owner of the Diner was out of the country and unavailable for comment last week.
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DTO Luv
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Postby DTO Luv » Sun Aug 19, 2007 9:20 pm

Well that sucks thay we'll have to wait 3 years for anything to happen. I still see that for sale sign on the lot so I've wondered how things were going.
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Postby DTO Luv » Sun Aug 19, 2007 9:26 pm

A new 6 story building would look nice here.

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Postby Guest » Tue Aug 21, 2007 2:16 pm

D T O Luv here. I over heard Val (the OM sketch guy) talking about the guy who owns the dinner being offered to be bought out by a couple of people but that he wouldn't sell. Like I said that's unfortunate that we have to wait 3 years to get anything done there.

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Postby Guest » Thu Aug 23, 2007 4:31 pm

Although I am all for the added density it would add to the Market, there are far more important surface lots that need buildings on them.  Specifically the ones on 11th St.  Besides that, I like the diner and the atmosphere it adds.

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Postby OmahaChef » Tue Aug 28, 2007 8:06 pm

Val is apparently a crazy old man like he tends to act, since there is no "he".  Mr. C died several years ago.  The funeral attracted literally 100's and 100's and almost turned into a spectacle.  Mrs. C owns the Diner and the building and leases the property.  She has been adamant that she will retire when the lease on the land runs out, so unless someone buys the property and keeps the Diner there, it will be gone after 3 years in any case.  Given the asking price of the land, there is no way the existing Diner could ever do enough business to pay on that mortgage.  It's my days off breakfast spot and I intend to enjoy it until the day it closes.
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Postby DTO Luv » Tue Aug 28, 2007 9:10 pm

It might not be that bad food wise but it's hard for most people to enjoy it when they close so early. By the time the evening crowds roll around the Diner is pretty much a surface parking lot.
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Postby Coyote » Mon Nov 18, 2013 5:23 pm

I am wondering if there is any interest on this yet, I am surprised it is zoned for only 75 ft though..

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Re: New building to replace OM Diner?

Postby Midwestern » Mon Aug 17, 2015 9:00 pm

This is listed for sale again. Price moved up to $2,395,000. Would be nice if this could finally be developed by the end of this decade...

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Re: New building to replace OM Diner?

Postby daveoma » Tue Aug 18, 2015 12:14 am

Midwestern wrote:This is listed for sale again. Price moved up to $2,395,000. Would be nice if this could finally be developed by the end of this decade...

Agreed, I think this corner has TONS of potential. Same with the parking lot north of Harney street between 10th and 11th.

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Re: New building to replace OM Diner?

Postby Coyote » Tue Aug 18, 2015 6:45 pm

That building across the street to the west could use some new life...
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Re: New building to replace OM Diner?

Postby Louie » Tue Aug 18, 2015 8:22 pm

Coyote wrote:That building across the street to the west could use some new life...

The building with the Dubliner in the basement? What are the above floors used for?

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Re: New building to replace OM Diner?

Postby daveoma » Tue Aug 18, 2015 9:00 pm

Louie wrote:
Coyote wrote:That building across the street to the west could use some new life...

The building with the Dubliner in the basement? What are the above floors used for?

I think it's commercial space but there have been long periods of vacancy.

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Re: New building to replace OM Diner?

Postby skinzfan23 » Wed Aug 19, 2015 8:51 am

Yeah, they have had for lease signs in the windows for at least 3 years.

Seems like it would be a good space for a coffee place or another restaurant considering they have the patio area on 12th St.

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Re: New building to replace OM Diner?

Postby Louie » Wed Aug 19, 2015 4:31 pm

Bet they could put some insane lofts on the upper floors, too.

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Re: New building to replace OM Diner?

Postby iamjacobm » Wed Aug 19, 2015 8:24 pm

Midwestern wrote:This is listed for sale again. Price moved up to $2,395,000. Would be nice if this could finally be developed by the end of this decade...


darn...

Hope someone can make that work, with height restrictions for any new construction that may be a hard figure to recoup. Maybe some really high end condos could work.

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Re: New building to replace OM Diner?

Postby Midwestern » Thu Aug 20, 2015 12:36 am

Doubt we'll see any more JLofts type buildings any time soon. What % of JLofts is even sold/occupied?

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Re: New building to replace OM Diner?

Postby iamjacobm » Thu Aug 20, 2015 9:06 am

Midwestern wrote:Doubt we'll see any more JLofts type buildings any time soon. What % of JLofts is even sold/occupied?


Last update was about half full. That was a while ago when an out of state investor bought all the empty condos.

Even this lot is so much smaller than where jlofts is. This building could be about 6 floors max. That might be a $10 million building at least on a $2 million lot with not a ton of space for units. I think anythig that goes in here will have to be premium priced.

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Re: New building to replace OM Diner?

Postby MTO » Thu Aug 20, 2015 1:49 pm

Well the skinny building thing is in at least for our major cities. It would be nice to see a six story there. How about some micro flats or are those not that profitable. If this stay vacant however imminent domain is a must.
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Re: New building to replace OM Diner?

Postby iamjacobm » Thu Aug 20, 2015 2:38 pm

MTO wrote:Well the skinny building thing is in at least for our major cities. It would be nice to see a six story there. How about some micro flats or are those not that profitable. If this stay vacant however imminent domain is a must.


I just said 6 stories because the height limit is 75 feet. Maybe I don't know what I am talking about, but that asking price doesn't give me a lot of hope for a sale. The DCA has the lot valued $2 million less than the asking price. The tax value doesn't always mean thats what it will sell for, but dang.

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Re: New building to replace OM Diner?

Postby Midwestern » Thu Aug 20, 2015 4:35 pm

There is no chance it is selling for that price. Isn't there a way the city could make surface parking cost-prohibitive? Do other cities ever do that? I really think 10th to 16th, Douglas to Jones, should be off-limits to surface parking. Or at the very least, 10th to 13th.

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Re: New building to replace OM Diner?

Postby GetUrban » Thu Aug 20, 2015 11:11 pm

Actually, it's encouraging to see prices for land that high in the OM. It will force denser development to realize a return on investment. You'd really have to build something substantial to make the numbers work. If there is a demand, it could happen. That's a big if. I agree the price will have to come down. The lot is 66 ft x 132... Same as the Plank restuarant building where Little King used to be at the SW corner of 12th & Howard. Not really a terribly skinny lot by downtown standards...historically speaking.

I suppose the Diner building itself has some value, if it can be moved..maybe $150k?
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New building to replace OM Diner?

Postby Coyote » Wed Mar 16, 2016 12:23 pm

Coyote wrote:You are correct Guest. Michael Henery - owner of Michael's Restaurant and Lion Place Condominiums also owns this property.


I just spoke with Mr Henery and asked this property and he said he was glad he didn't build here 10 years ago because of the recession. He bought out the diner a while back and now leases the property to the present Diner people, but now has no plans on doing anything here.
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