Twin Towers (30th & Farnam St)

[DTO Luv]

While I was looking at getting a place of my own today, I found out some pretty cool info. The north tower of the Twin Towers has been condemned. Some bank owns it, BUT another group of investors is looking at buying the building and turning it into apartments.

[StreetsOfOmaha]

That would be AWESOME if those went apartments!

[eomaha]

So much for my condo suggestion.

Unfamiliar with these types of properties, I don't even know what this would mean for an owner of one of these units? The bank doesn't own the entire building does it? Are all the units which have been sold in the south building? Someone enlighten me.

It would be wonderful if the buildings would receive an exterior renovation as well.

[Brad]

It would be wonderful if the buildings would receive an exterior renovation as well.

They can start with a wrecking ball or some explosives.

[eomaha]

Aw come on now... I think some creative architect could do something special with these buildings. Let's not give up on them just yet.

[Brad]

Yes they could, I was just kidding, but they are currently an eyesore. They need MAJOR exterior renovation, including the grounds surrounding the building.

[adam186]

So much for my condo suggestion.

Unfamiliar with these types of properties, I don't even know what this would mean for an owner of one of these units? The bank doesn't own the entire building does it? Are all the units which have been sold in the south building? Someone enlighten me.

To my knowledge, when the bank bought the building they bought the units from the owners of the condos as well. Condo's are just like houses, you own them.

[UNOstudent]

gettting technical, if a bank is taking over a property b/c the owners arent paying isnt that foreclosure? if a property is condemned, isnt that an action that would have been taken by the govt b/c of unsafe living conditions? im not trying to be a smart |expletive|, but that i interpret those terms. oh, and i do agree w/ brad on how to make the twin towers look nice.

[eomaha]

To my knowledge, when the bank bought the building they bought the units from the owners of the condos as well. Condo's are just like houses, you own them.

So then I assume the multiple units which are still on the market... are in the south building.

And with regards to the north building, what if a given property owner didn't want to sell his condo? Is there an association of unit owners which voted, perhaps, to accept the banks offer? In which case, those opposed, had to go along with the associations majority vote? I can see the government taking over the property... but that a bank supposedly got it's hand on it is another thing entirely... how fair is that to the property owner. If a bank in fact took it over, I'm going to assume that it happened with approval of a majority of the unit owners.

[adam186]

what if a given property owner didn't want to sell his condo?

Well when the CITY condemns the property, the owners really don't have a choice.

[eomaha]

They must have some recourse, an option to address whatever issues exist at a minimum... I can't believe this hasn't been in the news. Then I'm led to believe that some lucky bank steps in and takes possession of the property with the promise to make their own improvements? I can see this happening in a situation like the Wintergreen Apartments... but these were supposedly condominiums.

[nebport5]

somehow I have no idea what you guys are talking about? twin towers??

[the1wags]

White buildings east of Mutual of Omaha seen here. The building in question would be the one on the right in the pic.

http://www.eomaha.com/gallery/midtown/skyline/pic2.jpg

[ModestMouse]

Apartments PLEASE.

I mean, we need some tower apartments, something we can rent, not own.

I would love living in one of those things down the road, but it's all condos.

Apartments would be awesome.

[Big E]

I think the days of major EXCLUSIVE apartment construction in or near DTO are over. However, I wouldn't be surprised to see future developments contain both condo and rentals. There are hotel/condo developments all over the place. It just takes awhile for some of these ideas to be embraced here.

-Big E

[StreetsOfOmaha]

Yes they could, I was just kidding, but they are currently an eyesore. They need MAJOR exterior renovation, including the grounds surrounding the building.

I don't see them as eyesores AT ALL. They are excellent residential density of which I wish there was much more. The style is very moderne (that's right. with an'e'). Sure the exterior could use some work, and more importantly the grounds and streetlevel. Plus, there are some open lots to the east of the property that would be SO good for infill. It will probably happen after the Mutual development gets going.

[SPICE GIRL]

Yes they could, I was just kidding, but they are currently an eyesore. They need MAJOR exterior renovation, including the grounds surrounding the building.

I don't see them as eyesores at ALL. They are excellent for residential developmen/ density of which I wish there was much more of midtown. The style is very moderne (that's right. with an'e'). Sure the exterior could use some work, and more importantly the grounds and streetlevel. Plus, there are some open lots to the east of the property that would be SO good for infill. It will probably happen after the Mutual development gets going.

I agree; the south tower will just go up in value! It is not under the same company as the north tower. Painting the outside, re-doing the lobby are just two things the association has done to upkeep the property. Mutual east development is just around the corner.

this is an investment for now!

[eomaha]

Welcome to the forum SPICE.

[DTO Luv]

I found out something else interesting about the twin towers. They were originally built in 1919. I thought it was a typo when I read it on my papers, but the original buildings built in 1919 were torn down to the girders in 1962 and given the exterior we see today.

[eomaha]

I can't recall if it was actually a store or warehouse or both... but it used to house Sears.

[OmahaChef]

Thanks DTO and Jeff. Having moved here in 1994, I had no clue. I figured they were built in the early 60's or something. Apartments would be nice. I'd like to relocate from Bellevue closer to downtown again.

[Brad]

Tuesday 3/7/2006

[eomaha]

It sure looks to me like there are people living in there... and if it has been condemned, shouldn't there be a notice posted outside? Is it possible this was limited to specific units?

[StreetsOfOmaha]

Did we ever establish a reason that it is 'condemned'. Is it a deal like they did with the drug store in Dundee so that it can get tax credits to get remodeled?

[Brad]

Jeff and Trenton said on Jan 3, 2009 that one of the Townsend partners (developer of the Wall Street Tower and Brandise) bought the north tower of the twin towers.

[DTO Luv]

Good. I hope development spread east from there and fills in that very underused aread of DTO between 20th and 480.

[the1wags]

With Midtown Crossing going up that was probably a great buy, even in the marketplace today.

[Garrett]

Wow, Townsend is investing quite a bit in Omaha aren't they? Have to wonder why that is.

[thenewguy]

They are going to try to take over the world.

[Stargazer]

You suppose they'll 'pull a Butternut' on this one ?

[jat]

it is an ex partner. the guy now works for Nelson Development / Construction from Des Moines.

[StreetsOfOmaha]

Well, that's fantastic news. I'd have bought the buildings MYSELF if I could. I love those buildings, and they are in such an amazing location. They just need some love.

[Brad]

I am hoping they do a makeover of the outside of the building.

[the1wags]

More of the same info here.

"Troy Strawhecker, of West Des Moines, Iowa, purchased the property's north tower, according to legal documents. Omaha leaders said Strawhecker plans to turn the long-vacant building into apartments and give them a new look."

http://www.ketv.com/news/18591221/detail.html

[Stargazer]

So is Strawhecker no longer with Townsend??

[windsor]

It was only a matter or time once Turner park got going that this building would see action. I hope that this is just the next domino of many to fall in the area.

[StreetsOfOmaha]

It was only a matter or time once Turner park got going that this building would see action. I hope that this is just the next domino of many to fall in the area.

I prefer to think of it as a ripple-effect, rather than dominoes (buildings) falling down.

Midtown Crossing is going to bring so much renewal and infill to that area.

[GetUrban]

I prefer to think of it as a ripple-effect, rather than dominoes (buildings) falling down.

Ripple effect kind of implies earthquakes though. How about development of the area is catching on like wildfire! Nah, that's no good either. :-)

Seriously though, a few months ago I saw some architectural renderings of a proposed upgrade to the exterior of the north tower that looked real promising. Stay tuned. I don't know if the same architecture firm still has the job, but the design respected the "international style" of the towers, while still giving it a much needed face lift. Hopefully the south tower will eventually be upgraded too.

[OmahaJaysCU]

This is such wonderful news. I drove by that building every day for a 4 or 5 months back in 2007, when Midtown Crossing was just getting started, and I wished I had the money to do something with it. It has great location, easy interstate access, easy access to downtown (hopefully even easier with a streetcar line some day) and within a walking distance from one of the city's future hot spots. If I could do it my way, I would get rid of the parking lots on each side and build out some retail space, give the exterior a little face lift and you have yourself a great property.

Can't wait to see the plans!

[Stargazer]

The 3,100 sq foot south tower penthouse which was listed for $400,000 a couple of years ago (posted some where on this forum) ... is now listed at $350,000. Perhaps it will draw a little more interest this weekend.

http://www.cbshome.com/Listing/ListingD ... g=32150067



View from the '2,000 sq ft' balcony