Good news in the Old Market

ItsAllAboutMe · Post by **ItsAllAboutMe** » Wed Oct 26, 2005 12:33 pm

Some progress with the old Howard st Tavern/Godfathers/Garden Cafe building which has sat in ruins. Two days ago a large "Lund Ross" construction sign is now located in the windows and some construction equipment can be seen inside. Lets hope the plant to convert this building is finally taking off.

I checked the http://www.lundross.com site and they do show this as one of their projects

adam186 · Post by **adam186** » Wed Oct 26, 2005 3:38 pm

From the Website:

Renovation of
Omaha's six-story
P.E. Iler Building
into condomiums.
Construction to
include addition of
elevator and lower
level parking.

Progress is going on right now! It's about damn time. Yippy

TitosBuritoBarn · Post by **TitosBuritoBarn** » Wed Oct 26, 2005 3:42 pm

Does anyone happen to know exactly how many condo conversions are going on right now? It seems like every building downtown that isn't already using its upper floors is being converted, which is excellent.

loyalomahan · Post by **loyalomahan** » Wed Oct 26, 2005 3:51 pm

Speaking of old downtown building 'conversions', does anyone know what is up with the building south of Leavenworth which has had a crane cable hovering down into it's roof for what seems like a couple of years now? I can't recall what numbered street it is off of, it's the one which goes under the railroad tracks southeast of the Old Market.

MrWh1t3 · Post by **MrWh1t3** » Wed Oct 26, 2005 5:44 pm

Renovation of Omaha's six-story P.E. Iler Building into condomiums

Any idea on prices?

Finn · Post by **Finn** » Wed Oct 26, 2005 6:43 pm

I believe this is the building that the city has been fighting with the owner for a while. Inspectors threatened to condemn it last year and he has been claiming that he was working toward renovation. The basement flooded and it was in disrepair. I believe that he is the husband of a local political figure. I know we talked about this before and posted some articles. I'll try to search later when I have some time.

redfield · Post by **redfield** » Wed Oct 26, 2005 6:46 pm

Does anyone happen to know exactly how many condo conversions are going on right now?

There are 10 conversion projects currently on the market east of the interstate(which I consider downtown), containing about 730 total units. There have been a few more projects announced, but they aren't on the market yet, like the one this thread is about.

In my opinion, what we need is more new construction, not more conversions. Riverfront Place and Soma are selling much faster than the conversion projects are.

Speaking of old downtown building 'conversions', does anyone know what is up with the building south of Leavenworth which has had a crane cable hovering down into it's roof for what seems like a couple of years now?

Just south of what was to be the Nines project? I think thats where the olde village square project was supposed to be built. Last I heard the developer was still planning on building about 30 new units there, but didn't know when, partly due to the fire at the nines. I don't think it's a conversion, unless the plan is to build on top of the existing structure.

Finn · Post by **Finn** » Wed Oct 26, 2005 6:51 pm

The last time I spoke to the owner of that property (Olde Village Square), it sounded pretty much dead. He is an older gentleman who is concentrating in other areas. The proposed project was more of a "side venture" and the market never came around until about the time of the BNut fire. That probably ended this project. Hopefully, down the road, someone will buy the property from him and begin something new.

redfield · Post by **redfield** » Wed Oct 26, 2005 6:56 pm

That fire really put a hitch in a lot of peoples plans. I would really like to see those lawsuits resolved so we can see what Bluestone has in store for the site.

jjjjhskr · Post by **jjjjhskr** » Wed Oct 26, 2005 8:04 pm

redfield wrote:Does anyone happen to know exactly how many condo conversions are going on right now?

Speaking of old downtown building 'conversions', does anyone know what is up with the building south of Leavenworth which has had a crane cable hovering down into it's roof for what seems like a couple of years now?

Just south of what was to be the Nines project? I think thats where the olde village square project was supposed to be built. Last I heard the developer was still planning on building about 30 new units there, but didn't know when, partly due to the fire at the nines. I don't think it's a conversion, unless the plan is to build on top of the existing structure.

Possibly the question is regarding the building on I think 14th just south of Leavenworth. I've noticed a crane there the last couple of times I've been in Omaha and this last time it looked like they were working on the building (I only saw it from 13th st. so, I'm not sure if they were or not). I think it's a 3 bldg., brick with green trim.

the1wags · Post by **the1wags** » Wed Oct 26, 2005 8:45 pm

I belive this is the building in question. I think it would be a really nice project, that crane has been there for a few years, I hope they don't up and decide to knock it over someday.

icejammer · Post by **icejammer** » Thu Oct 27, 2005 12:29 pm

TitosBuritoBarn wrote:It seems like every building downtown that isn't already using its upper floors is being converted, which is excellent.

Excellent, to a point. I think (jmo) that some of these buildings are being converted only in hopes of reaping a quick windfall for the owner(s), and I can't say everyone is converting to the same 'standard'.

Post by **Omaha Cowboy** » Thu Oct 27, 2005 12:51 pm

Finn wrote:I believe this is the building that the city has been fighting with the owner for a while. Inspectors threatened to condemn it last year and he has been claiming that he was working toward renovation.

I'm pretty sure the property you speak of was the Irwin Hotel..Not this particular building..

..Ciao..LiO....Peace

Big E · Post by **Big E** » Thu Oct 27, 2005 12:54 pm

I'm pretty sure this was going on with this property as well. Not that it wasn't happening with the Irwin, but this was the case with this building.

The wife of the owne is a judge, I believe.

-Big E

Post by **Omaha Cowboy** » Thu Oct 27, 2005 12:57 pm

Could be..I know the owners of the Irwin got pub for that very reason this past summer..

..Ciao..LiO....Peace

StreetsOfOmaha · Post by **StreetsOfOmaha** » Thu Oct 27, 2005 2:28 pm

Man, the PE Iler building will be GORGEOUS when it's done. And it's about damn time. That thing is RIGHT IN The Old Market, and has sat vacant with boards on the windows for years. Imagine new windows emitting soft glows from the beautiful renovated condos at night, where once existed only a "black hole".

DTO Luv · Post by **DTO Luv** » Thu Oct 27, 2005 7:45 pm

I'm glad somethings finally being done about the Iler building. That strip of the OM was always so active when it was in use. To see it now is depressing because people tend to avoid it now since there's nothing there.

the1wags · Post by **the1wags** » Thu Oct 27, 2005 8:08 pm

This is great news for the Old Market and the Iler building. I wonder if it will have some ground level retail in it once again or just condos. All the posts on this thread have me confused, does anybody know anything about the building in the pic I posted? Its not really in the Old Market but pretty close, nice old building that I would hate to see get knocked over.

RevitalizeOmaha · Post by **RevitalizeOmaha** » Thu Oct 27, 2005 8:26 pm

Actually Redfield if you look at the numbers the conversions are actually selling faster. SoMa is doing well but in short time Brandeis has been on the market it has practically surpassed the Riverfront Place.

redfield · Post by **redfield** » Fri Oct 28, 2005 9:32 am

According to the MLS, there are 14 units pending at the Brandeis.

Do you have units under contract that are not showing up in the MLS a pending?

If not, and you consider the date that the first unit went pending as when they went on the market, which was 8/2/05, then thats 14 units in about 3 months. A little behind where RFP was after 3 months in terms of units, and well behind them in terms of % of units since they have less units in phase one than there are on floors 6-9 of Brandeis.

Are my numbers bad?

RevitalizeOmaha · Post by **RevitalizeOmaha** » Fri Oct 28, 2005 12:28 pm

I am not sure where you are getting your Riverfront numbers since they are not even on the MLS. They were only taking reservation agreements for far longer than three months. Reservations do not constitute sales. Brandeis was only one comparison please take a look at the other conversion projects they have far exceeded Riverfront Place. Downtown dwellers tend to appreciate old buildings that have been converted. I know you have to put in your plug for new construction. And by the way, Congrats on your company's new project that is yet to be announced!!

loyalomahan · Post by **loyalomahan** » Fri Oct 28, 2005 12:34 pm

I doubt there is one overriding appeal that downtown projects are serving in terms of their residential decor/atmosphere, any more than there is one in the suburbs. Obviously there are numerous different styles of living available in downtown Omaha and they all appear to be selling well.

redfield · Post by **redfield** » Fri Oct 28, 2005 1:06 pm

I am not sure where you are getting your Riverfront numbers since they are not even on the MLS. They were only taking reservation agreements for far longer than three months.

RFP numbers are from good old fashioned leg work, Ben is willing to share some limited sales info. I compared the numbers based on when they began writing contracts, just as I did for Brandeis. The first Brandeis unit appeared in the MLS on 1/30/05, and then a group of them appeared in June but I consider the beginning of August to be when they went on the market since thats when the first contract appears in the MLS.

I follow the numbers as close as I can on all the projects, and as the price range goes up, the sales in conversions seem to slow a little more than the new stuff. Case and point, the Paxton is the highest priced and slowest selling conversion on the market.

Please don't take me wrong, I'm not implying that the conversions are not selling. Especially at lower price points like the Hill which you guys practically sold out the first phases of overnight. I just think that there is a decent supply of them on the market to meet the demand(which is certainly there), meanwhile the new construction supply is severely lacking. If a person wants to buy a 1-bedroom condo, there is not a single new construction unit available right now. While a lot of people love the historic flavor of conversions(myself included), there's also a lot of demand for new construction as evidenced by the massive numbers of single family homes that have been sold over the last 5 years here in Omaha.

Excitting times for our urban core aren't they?

loyalomahan · Post by **loyalomahan** » Fri Oct 28, 2005 2:03 pm

I would guess if there's a disadvantage it's *among* the conversions. With the 'exposed beam' warehouse designs winning out over the low ceiling, hotel/department store renovations.

OmahaChef · Post by **OmahaChef** » Mon Oct 31, 2005 6:03 pm

The building with the crane beside it...well, the crane was placed there in 2003. Around that time all the flooring was removed from the first floor for refinishing. And that was about all the activity I ever saw there during my time living in the Skinner Macaroni. Looks like there still hasn't been anything else done to it.

I agree, not every person wants a conversion condo. Living in a converted factory building you certainly get historic charm, and brick walls and giant windows, but I am glad I won't have to heat it this winter! I think there are people who want new or newer construction. I'm hoping a lot of that new construction in downtown housing occurs in North Downtown, or in several condo towers downtown proper.

Post by **Brad** » Thu Nov 03, 2005 10:19 pm

It looks like the building you guys are talking about(below)

is a little out of the way from the old market and dosn't have the best neighbors

notice in the second picture the row houses to the right edge of the picture.

Post by **Brad** » Fri Nov 04, 2005 11:23 am

Also, there is no recent sales data on that building.

adam186 · Post by **adam186** » Fri Nov 04, 2005 12:44 pm

I don't think that is the building we are talking about. Look at the first two posts in this thread.

Post by **Brad** » Fri Nov 04, 2005 5:40 pm

I ment the second building that came up. THe second building is a ways from the old market. The second building has bad neighbors, and the second building has no recent sales data.

Sorry for the confusion.

eomaha · Post by **eomaha** » Fri Nov 04, 2005 10:04 pm

Yes, this is another building being talked about. Note, the proposed retail/commercial/loft development proposed directly east across the street.

StreetsOfOmaha · Post by **StreetsOfOmaha** » Sat Nov 05, 2005 3:12 pm

That would be nice.

Zephyr · Post by **Zephyr** » Thu Nov 10, 2005 12:06 pm

Owned by Frank Horejsi. The assessed value is only $184,000! And that includes the empty lot & 1-story structure to the south. Wonder if a person could buy the property, then sell the lot & structure to the south for redevelopment... That would be a cool place to live!

Omaha Forums