Capitol District (NWC 10th & Capitol)

MTO · Post by **MTO** » Tue Apr 21, 2015 6:21 pm

ThAnks for the great info.

RNcyanide · Post by **RNcyanide** » Tue Apr 21, 2015 6:36 pm

GetUrban wrote:Talked with someone directly involved again this morning. He said the contract is being finalized/signed and it will start any day now. He also said the hotel still has the original 330-350 rooms but there have been some changes to the exterior materials...nothing specific given as far as exactly what changed. Not to worry. That's all I've got for now.

60-90 days?

Bob from Omaha · Post by **Bob from Omaha** » Tue Apr 21, 2015 7:32 pm

RNcyanide wrote:
GetUrban wrote:Talked with someone directly involved again this morning. He said the contract is being finalized/signed and it will start any day now. He also said the hotel still has the original 330-350 rooms but there have been some changes to the exterior materials...nothing specific given as far as exactly what changed. Not to worry. That's all I've got for now.
60-90 days?

Nope... 2 or three months

MadMartin8 · Post by **MadMartin8** » Tue Apr 21, 2015 7:45 pm

Bob from Omaha wrote:
RNcyanide wrote:
GetUrban wrote:Talked with someone directly involved again this morning. He said the contract is being finalized/signed and it will start any day now. He also said the hotel still has the original 330-350 rooms but there have been some changes to the exterior materials...nothing specific given as far as exactly what changed. Not to worry. That's all I've got for now.
60-90 days?
Nope... 2 or three months

I'm hearing 1440 to 2160 hours.

GetUrban · Post by **GetUrban** » Tue Apr 21, 2015 7:59 pm

Sorry for the good news!

Post by **BRoss** » Tue Apr 21, 2015 8:29 pm

Sounds more like 60-90 hours. That would be great to see this thing finally kick off.

MadMartin8 · Post by **MadMartin8** » Tue Apr 21, 2015 10:33 pm

HR Paperstacks wrote:Sounds more like 60-90 hours. That would be great to see this thing finally kick off.

Are you hearing things as well?

OmahaJaysCU · Post by **OmahaJaysCU** » Tue Apr 21, 2015 11:11 pm

To further my comment the other day, sounds like the reason we haven't seen any progress is closing on the site. Obviously, you need to have financing locked up in order to do so, but once closed expect progress almost immediately.

Let's keep our fingers crossed. We're right there!

Post by **BRoss** » Tue Apr 21, 2015 11:21 pm

MadMartin8 wrote:
HR Paperstacks wrote:Sounds more like 60-90 hours. That would be great to see this thing finally kick off.
Are you hearing things as well?

No, I'm just basing this off of what GetUrban said.

S33 · Post by **S33** » Wed Apr 22, 2015 1:03 am

TIF and their main anchor tenant, the hotel, were supposedly squared away in 2013. Then there was 2.5 years of delay in acquiring financing, and suddenly Shamrock is waiting on a signature.

Right... I'm guessing there are some serious issues with finding someone to bankroll this project, and I wouldn't bet a penny that we see progress before the CWS.

Coyote · Post by **Coyote** » Wed Apr 22, 2015 1:07 am

They have been looking at EB-5 financing since the beginning.

S33 · Post by **S33** » Wed Apr 22, 2015 1:28 am

Coyote wrote:They have been looking at EB-5 financing since the beginning.

So this entire development is being financed by tax-payers and foreign investors? That's not a rhetorical question, I seriously do not know. Haven't been able to really follow this stuff in a long time

OmahaJaysCU · Post by **OmahaJaysCU** » Wed Apr 22, 2015 2:55 am

S33 wrote:
Coyote wrote:They have been looking at EB-5 financing since the beginning.
So this entire development is being financed by tax-payers and foreign investors? That's not a rhetorical question, I seriously do not know. Haven't been able to really follow this stuff in a long time

I think the EB5 went away...could be wrong.

Bobcat · Post by **Bobcat** » Wed Apr 22, 2015 5:56 am

No surprise there hasn't been an update from the developer since the groundbreaking covered by all of the local media outlets 10 months ago.

RNcyanide · Post by **RNcyanide** » Wed Apr 22, 2015 11:37 pm

S33 wrote:
Coyote wrote:They have been looking at EB-5 financing since the beginning.
So this entire development is being financed by tax-payers and foreign investors? That's not a rhetorical question, I seriously do not know. Haven't been able to really follow this stuff in a long time

As long as we don't make out like Cordish and Kansas City, at this point I'm fine with however they finance it.

RebelHeart · Post by **RebelHeart** » Thu Apr 23, 2015 12:07 pm

Hi everyone! Forgive me as I have not had time to read through this entire thread so if the answer to my question is in there I apologize. I am just wondering if the 'Lanoha Tower' highrise is still in the works? I haven't seen any updated press releases or anything current on google, yet I see it mentioned in this thread. Any updates? Will it still be as high as the renderings from early 2014? Thank you.

RNcyanide · Post by **RNcyanide** » Thu Apr 23, 2015 1:15 pm

RebelHeart wrote:Hi everyone! Forgive me as I have not had time to read through this entire thread so if the answer to my question is in there I apologize. I am just wondering if the 'Lanoha Tower' highrise is still in the works? I haven't seen any updated press releases or anything current on google, yet I see it mentioned in this thread. Any updates? Will it still be as high as the renderings from early 2014? Thank you.

Welcome!
Lanoha is more of proposal than anything at the moment. Aside from running the ideas past the city and the paper, nothing more has been put toward it. The Civic redevelopment has more legs than this thing at the moment.

See this thread for more:
http://www.eomahaforums.com/viewtopic.p ... hilit=1416

realestate_zach · Post by **realestate_zach** » Fri Apr 24, 2015 4:59 pm

S33 wrote:
Coyote wrote:They have been looking at EB-5 financing since the beginning.
So this entire development is being financed by tax-payers and foreign investors? That's not a rhetorical question, I seriously do not know. Haven't been able to really follow this stuff in a long time

EB-5 is used to "bridge the gap" between hotel's bank financing of 50%-60% and the principal investor capital contributed. It is pretty difficult to find a single investor (or small group of investors) to bring $30-$40Million to the table for a large scale hotel project like this. The TIF will be a portion of the equity as will the EB-5 money and capital from the developer. The last project of this scale in downtown, the Hilton, from my understanding was financed using public bonds. That hotel went up relatively easily as municipal bonds are readily marketable, the Shamrock Project is a larger scale than the Hilton and have thus had to get a bit more creative with the financing. So as a long answer to your question, the development is not being entirely financed by foreign investors, the EB-5 will only be for the hotel portion of the project. There will be relatively typical bank financing involved in addition to the TIF funds and EB-5 money. In my recent discussions with the developer, this project is moving forward and keeping the Shamrock folks pretty busy.

MTO · Post by **MTO** » Sat Apr 25, 2015 12:07 am

Next week, right guys? I mean they're signing papers now could see something any day now, any day.

RNcyanide · Post by **RNcyanide** » Sat Apr 25, 2015 12:47 am

MTO wrote:Next week, right guys? I mean they're signing papers now could see something any day now, any day.

Patience, padawan.

EastCB · Post by **EastCB** » Sat Apr 25, 2015 12:55 am

So juvenile. MTO, put up the money or keep your mouth shut.

GetUrban · Post by **GetUrban** » Sat Apr 25, 2015 3:39 am

I'm going to stop asking. It will be more fun to just be surprised.

Must be some national register of parking lots group fighting it tooth and nail behind the scenes.

MadMartin8 · Post by **MadMartin8** » Sat Apr 25, 2015 1:07 pm

I wonder, looking back in the depths of this thread how many times we have heard it's going to happen "soon"? Perhaps that explains the cynic attitude.

Also, MTO should shut up or put up the money? That's pretty juvenile as well...

RNcyanide · Post by **RNcyanide** » Sat Apr 25, 2015 1:14 pm

MadMartin8 wrote:I wonder, looking back in the depths of this thread how many times we have heard it's going to happen "soon"? Perhaps that explains the cynic attitude.

Also, MTO should shut up or put up the money? That's pretty juvenile as well...

Maybe it would be better for the developers to keep a tighter lip and not give any confirmations about progress until all I's have been dotted and T's have been crossed. It might be torture for people like us, but it would be better for their image overall.

MadMartin8 · Post by **MadMartin8** » Sat Apr 25, 2015 1:29 pm

RNcyanide wrote:
MadMartin8 wrote:I wonder, looking back in the depths of this thread how many times we have heard it's going to happen "soon"? Perhaps that explains the cynic attitude.

Also, MTO should shut up or put up the money? That's pretty juvenile as well...
Maybe it would be better for the developers to keep a tighter lip and not give any confirmations about progress until all I's have been dotted and T's have been crossed. It might be torture for people like us, but it would be better for their image overall.

Their biggest mistep was the "groundbreaking" without breaking any ground. All of the other stuff is just us being overactive in our "hearing" things.

All I know is that until I see construction equipment, this project is just a hope and a dream... A Wall Street tower. No sense in sweating about it or hand wringing.

RNcyanide · Post by **RNcyanide** » Sat Apr 25, 2015 1:30 pm

Even WallStreet at least got a hole in the ground before they called it quitsies.

GetUrban · Post by **GetUrban** » Sat Apr 25, 2015 4:32 pm

The Wallstreet hole was only there because the old UP building was demo'd, which the city paid for.

Even after all contracts are signed, it comes down to exactly when the general contractor and subs want to schedule and mobilize crews.

RNcyanide · Post by **RNcyanide** » Sat Apr 25, 2015 4:45 pm

GetUrban wrote:The Wallstreet hole was only there because the old UP building was demo'd, which the city paid for.

Even after all contracts are signed, it comes down to exactly when the general contractor and subs want to schedule and mobilize crews.

So assuming all is getting the green light, they probably won't start until the weather is a little better.

GetUrban · Post by **GetUrban** » Sat Apr 25, 2015 5:48 pm

The weather could be a minor factor, but it's probably more a factor of pulling workers off of other work they already have going on, or finishing that work first, since in this region, I doubt many crews are sitting around waiting for something to do.

S33 · Post by **S33** » Sat Apr 25, 2015 6:42 pm

realestate_zach wrote:
EB-5 is used to "bridge the gap" between hotel's bank financing of 50%-60% and the principal investor capital contributed. It is pretty difficult to find a single investor (or small group of investors) to bring $30-$40Million to the table for a large scale hotel project like this. The TIF will be a portion of the equity as will the EB-5 money and capital from the developer. The last project of this scale in downtown, the Hilton, from my understanding was financed using public bonds. That hotel went up relatively easily as municipal bonds are readily marketable, the Shamrock Project is a larger scale than the Hilton and have thus had to get a bit more creative with the financing. So as a long answer to your question, the development is not being entirely financed by foreign investors, the EB-5 will only be for the hotel portion of the project. There will be relatively typical bank financing involved in addition to the TIF funds and EB-5 money. In my recent discussions with the developer, this project is moving forward and keeping the Shamrock folks pretty busy.

Thanks for the info.

I actually love the idea of EB5. The general premise of it, is what built this country, and it attracts the best and brightest minds from around the world, or at least people who are wanting to live here bad enough to invest large sums of cash -- instead of illegally jumping a fence and becoming a financial liability the moment they gain entry.

My concern is whether or not the city knew EB5 would be an integral part of this plan. If they didn't know, to me, that shows incompetence. If they did know, did they take a moment to consult with an immigration attorney to discuss the complications and extended timeline for such a method?

Also: isn't it a concern that a developer with zero experience of projects on this magnitude, would assume that foreign investors would buy-in?

Hope it all works out, but it almost feels like everyone is "learning as they go" on this endeavor - but what the heck do I know, really...

S33 · Post by **S33** » Sat Apr 25, 2015 6:44 pm

GetUrban wrote:The weather could be a minor factor, but it's probably more a factor of pulling workers off of other work they already have going on, or finishing that work first, since in this region, I doubt many crews are sitting around waiting for something to do.

There is almost ZERO skilled labor available in this area. We are looking at hiring guys for 27/hr just to pull low-voltage cable.

MTO · Post by **MTO** » Sun Apr 26, 2015 4:54 pm

So will they need a dig ticket before they start or at this scale do they find utilities and so forth on their own?

S33 · Post by **S33** » Sun Apr 26, 2015 5:54 pm

MTO wrote:So will they need a dig ticket before they start or at this scale do they find utilities and so forth on their own?

I'm sure the little pink flags are more than adequate. Not like they will be drilling and pouring footings, or anything. Lol

GetUrban · Post by **GetUrban** » Mon Apr 27, 2015 1:38 am

MTO wrote:So will they need a dig ticket before they start or at this scale do they find utilities and so forth on their own?

That's a good point...you'll probably see all the utility locate flags and spray paint all over the place before they start digging.

iamjacobm · Post by **iamjacobm** » Mon Apr 27, 2015 1:41 am

It is going to be buried in this thread somewhere, but I remember something about a bunch of old tanks and such from when this land had the plant on it. They will all have to be dugout.

GetUrban · Post by **GetUrban** » Sat May 02, 2015 2:16 am

I wonder if they'll open the parking back up for Berkshire's events...might as well.

...That explains it....just waiting until Berkshire is done. Better get it going before the CWS though. ;-)

S33 · Post by **S33** » Sat May 02, 2015 3:50 pm

GetUrban wrote:I wonder if they'll open the parking back up for Berkshire's events...might as well.

...That explains it....just waiting until Berkshire is done. Better get it going before the CWS though. ;-)

I just now realized that your avatar is a picture of Jobbers Canyon. Is it unrealistic to say that Jobbers had more potential than the Old Market itself?

Linkin5 · Post by **Linkin5** » Sat May 02, 2015 4:27 pm

S33 wrote:
GetUrban wrote:I wonder if they'll open the parking back up for Berkshire's events...might as well.

...That explains it....just waiting until Berkshire is done. Better get it going before the CWS though. ;-)
I just now realized that your avatar is a picture of Jobbers Canyon. Is it unrealistic to say that Jobbers had more potential than the Old Market itself?

The Old Market is part of Jobbers Canyon.

S33 · Post by **S33** » Sat May 02, 2015 5:27 pm

obviously my comment was distinguishing between what is now the old market, and what was once part of jobbers canyon, but has since been demolished

Garrett · Post by **Garrett** » Sat May 02, 2015 6:02 pm

If we still had Jobbers Canyon I doubt there would be a North Downtown.