Mutual Campus Redevelopment (33rd & Farnam)

[Garrett]

So to pull from the rumors thread on the mutual campus....

I was in a certain office yesterday. I don’t want to say where (don’t want to get someone or myself in trouble), but there was some kind of display board on a stand. Since I was alone at the time, I took a quick look before anyone returned. It looked to me like it was a plan for MofO’s current location. I could be wrong. It had two, square buildings at the back labeled “20 story condo”, two square buildings in the front labeled “10 story condo/retail”. In between the back two buildings, there was a building that was rectangular shaped labeled “6 story civic use”. It appeared to have a round circle drawn on this building (an atrium or dome maybe). In front of that building and in between the two 10 story buildings was an area that was labeled “grand lawn”. There was a dotted square line labeled “parking” that went around all five buildings and the grand lawn. I thought maybe the building labeled “civic use” could be the new library, but since Heritage is talking about a downtown or west of 72nd location, that wouldn’t make sense. Not sure what other kind of civic use would go there. Just like everyone who claimed to have seen Bigfoot, I didn’t have my phone with me to snap a quick picture. I’m just reporting what I saw. This may not even be a plan for MofO’s location. It may be a plan for somewhere else, maybe not even in Omaha. It’s just that the office that I seen this in leads me to believe that it was for the MofO current location.

I can confirm that what you saw WAS in fact a plan for Mutual’s present location. That plan has been modified several times. Currently, what is being discussed is 2) 25 floor residential towers on the south part of the property. On the northeast part of the property there could be a hotel in the 15-20 floor range. On the northwest portion there could be a 6-8 floor civic purpose building. There will be a good amount of green space and multiple levels of underground parking. Nothing is a done deal and there are lots of negotiations going on with multiple parties.

[Linkin5]

Those plans included a civic building, I wonder if they’re considering putting the new library here?

[PotatoeEatsFish]

I can confirm that what you saw WAS in fact a plan for Mutual’s present location. That plan has been modified several times. Currently, what is being discussed is 2) 25 floor residential towers on the south part of the property. On the northeast part of the property there could be a hotel in the 15-20 floor range. On the northwest portion there could be a 6-8 floor civic purpose building. There will be a good amount of green space and multiple levels of underground parking. Nothing is a done deal and there are lots of negotiations going on with multiple parties.

At one point I recall someone posting renderings of a “scrapped headquarters” that was very similar to this.

[Brad]

Mutual will be redeveloping the current campus.

[Athomsfere]

CEO said they will likely "Sell off all of their land in Midtown for other developers".

I think he meant for their current HQ only? Not MTC and Turner Park and the other lots there?

[TitosBuritoBarn]

CEO said they will likely "Sell off all of their land in Midtown for other developers".

I think he meant for their current HQ only? Not MTC and Turner Park and the other lots there?

Someone just asked him to clarify and he said everything will be sold. Some of MTC including the hotel has already been sold.

[Athomsfere]

CEO said they will likely "Sell off all of their land in Midtown for other developers".

I think he meant for their current HQ only? Not MTC and Turner Park and the other lots there?

Someone just asked him to clarify and he said everything will be sold. Some of MTC including the hotel has already been sold.

I just caught that too!

Wowza. Wowza.

The questions at the end here are even more interesting than the announcement.

[Louie]

CEO said they will likely "Sell off all of their land in Midtown for other developers".

I think he meant for their current HQ only? Not MTC and Turner Park and the other lots there?

Someone just asked him to clarify and he said everything will be sold. Some of MTC including the hotel has already been sold.

I just caught that too!

Wowza. Wowza.

The questions at the end here are even more interesting than the announcement.

Sounds like they're getting out of the real estate management business (or at least partially) with this move. That, or they are going to focus investing downtown instead of midtown.

[Garrett]

CEO said they will likely "Sell off all of their land in Midtown for other developers".

I think he meant for their current HQ only? Not MTC and Turner Park and the other lots there?

Someone just asked him to clarify and he said everything will be sold. Some of MTC including the hotel has already been sold.

I just caught that too!

Wowza. Wowza.

The questions at the end here are even more interesting than the announcement.

Sounds like they're getting out of the real estate management business (or at least partially) with this move. That, or they are going to focus investing downtown instead of midtown.

That makes sense to me. A lot of companies are getting out of real estate ownership and shifting to renting post covid

[Mapguy]

There goes the (midtown) neighborhood

[Louie]

There goes the (midtown) neighborhood

Midtown/Blackstone has so much organic development momentum going on that it will capitalize on this as an opportunity, not a loss.

[Athomsfere]

There goes the (midtown) neighborhood

Midtown/Blackstone has so much organic development momentum going on that it will capitalize on this as an opportunity, not a loss.

Agreed. So much opportunity for redevelopment or rehabbing as allowed.

[Busguy2010]

There goes the (midtown) neighborhood

I do have a genuine concern that this development, along with the streetcar, will totally change the dynamic of the entirety of Midtown. I have to say I like the Midtown of about 10-15 years ago, before the hipsters and yuppies discovered it. This positions Midtown to completely morph into something akin to Seattle, Portland, etc. I'm scared

[GetUrban]

There goes the (midtown) neighborhood

Midtown/Blackstone has so much organic development momentum going on that it will capitalize on this as an opportunity, not a loss.

Just relax people! All kinds of great opportunities are opening up for Midtown now.

[Omaha Cowboy]

There goes the (midtown) neighborhood

Midtown/Blackstone has so much organic development momentum going on that it will capitalize on this as an opportunity, not a loss.

Just relax people! All kinds of great opportunities are opening up for Midtown now.

Thank you…

Ciao..LiO…Peace

[Garrett]

There goes the (midtown) neighborhood

Midtown/Blackstone has so much organic development momentum going on that it will capitalize on this as an opportunity, not a loss.

Just relax people! All kinds of great opportunities are opening up for Midtown now.

Honestly I feel like Blackstone happened almost completely independently of the presence of Mutual and MTC. And which one is more successful? Blackstone. This can only help imo.

[Busguy2010]

CEO said they will likely "Sell off all of their land in Midtown for other developers".
I think he meant for their current HQ only? Not MTC and Turner Park and the other lots there?

Someone just asked him to clarify and he said everything will be sold. Some of MTC including the hotel has already been sold.

So is that essentially an admission of it being a bit of a bust? Sell and wipe the board clean? Not saying it can't become more successful under different management, but MTC never really did gain the vibe it was intended to.

[ita]

CEO said they will likely "Sell off all of their land in Midtown for other developers".

I think he meant for their current HQ only? Not MTC and Turner Park and the other lots there?

Someone just asked him to clarify and he said everything will be sold. Some of MTC including the hotel has already been sold.

I just caught that too!

Wowza. Wowza.

The questions at the end here are even more interesting than the announcement.

Sounds like they're getting out of the real estate management business (or at least partially) with this move. That, or they are going to focus investing downtown instead of midtown.

I think they are selling all of it, and likely make a little cash while doing so. Developers can capitalize on MoO HQ/MC/Turner Park East location of being sandwiched between downtown and UNMC with both ORBT and Streetcar service adjacent to the properties. MoO already has consolidated ownership of much of Turner Park East, so they have a lot of shovel ready sites and in fairly large swaths. That area is about to transform again, but I am a little worried about the Old HQ being demolished. It's been a staple to the Omaha skyline from certain angles. I would hate to lose the main building. I am sure Nustyle could do something with it. They haven't had a big, transformative project in a while. Maybe they are saving their pennies for this project. Haha.

[TitosBuritoBarn]

CEO said they will likely "Sell off all of their land in Midtown for other developers".
I think he meant for their current HQ only? Not MTC and Turner Park and the other lots there?

Someone just asked him to clarify and he said everything will be sold. Some of MTC including the hotel has already been sold.

So is that essentially an admission of it being a bit of a bust? Sell and wipe the board clean? Not saying it can't become more successful under different management, but MTC never really did gain the vibe it was intended to.

No, selling real estate assets doesn't necessarily mean the real estate project was a bust. It often means they want to recapitalize. Developing property and being a landlord over it require two different loan structures, the former of which is typically more lucrative.

[Busguy2010]

No, selling real estate assets doesn't necessarily mean the real estate project was a bust. It often means they want to recapitalize. Developing property and being a landlord over it require two different loan structures, the former of which is typically more lucrative.

I don't mean "bust" really... Just, I know I've done plenty of things with certain intentions and end goals, and I've sold out or scrapped on certain things I've done that have fallen short of my expectations, as I'm sure we all have. I don't mean MTC is/was unsuccessful, just that it did struggle a bit. Maybe wasn't quite as successful as they might have intended?... Either way, I think it is a good decision for them to get out of the real estate business.

[Vitruvius]

If Minneapolis can do this... Midtown Exchange... with a former Sears & Roebuck distribution building, and this... The Dayton's Project... with the former Department Store building, then Omaha can successfully repurpose the original landmark Mutual of Omaha buildings into something incredibly unique.

[guy4omaha]

To my untrained eye, if the floor plates of the St. Joe Hospital can be repurposed residential, then a willing party should be able to make MOO floor plates work.

[Linkin5]

To my untrained eye, if the floor plates of the St. Joe Hospital can be repurposed residential, then a willing party should be able to make MOO floor plates work.

I wonder if this is a project that Nustyle would take on? Seems somewhat comparable to the Creighton hospital residential conversion.

[Garrett]

To my untrained eye, if the floor plates of the St. Joe Hospital can be repurposed residential, then a willing party should be able to make MOO floor plates work.

St Joe's had the advantage of having inner air wells that Mutual does not.

[guy4omaha]

To my untrained eye, if the floor plates of the St. Joe Hospital can be repurposed residential, then a willing party should be able to make MOO floor plates work.

St Joe's had the advantage of having inner air wells that Mutual does not.

A little detail my untrained eye would never know. haha

[S.O.Boy]

I would want the iconic building to stay.

[Louie]

I would want the iconic building to stay.

It all depends on what company would be able to buy it and what financing they have to make something out of it.

[S.O.Boy]

I would want the iconic building to stay.

It all depends on what company would be able to buy it and what financing they have to make something out of it.

Say that, because MoO hates old buildings.

So its toast.

[GetUrban]

To my untrained eye, if the floor plates of the St. Joe Hospital can be repurposed residential, then a willing party should be able to make MOO floor plates work.

St Joe's had the advantage of having inner air wells that Mutual does not.

Light wells can be cut through multiple floors in several places. This was done in the BeeBee Runyun building at 9th and Douglas, on a much smaller scale.

[GetUrban]

Here’s the floor plate sizes of the original MoO HQ building, which they’ve occupied since 1940. Not sure you can say they haven’t liked old buildings. To me it would seem advantageous for a new developer to capitalize on the rich history of the site by trying to repurpose the most iconic pieces.

[iamjacobm]

I may be not remembering correctly, a lot happening today, but I thought Mutual's CEO made kind of a throwaway comment that they just leased out some office space on their campus during the press conference. Did anyone else remember hearing that?

[ita]

I may be not remembering correctly, a lot happening today, but I thought Mutual's CEO made kind of a throwaway comment that they just leased out some office space on their campus during the press conference. Did anyone else remember hearing that?

I heard that as well.

[PotatoeEatsFish]

Here’s the floor plate sizes of the original MoO HQ building, which they’ve occupied since 1940. Not sure you can say they haven’t liked old buildings. To me it would seem advantageous for a new developer to capitalize on the rich history of the site by trying to repurpose the most iconic pieces.

I would love for a developer to build a tower around the existing black centerpiece

[S.O.Boy]

Could MoO be planning on keeping parking there, and that is why they need streetcar to new building?

[skinzfan23]

Could MoO be planning on keeping parking there, and that is why they need streetcar to new building?

That was my initial thought, maybe they plan to still use some of the current parking and have workers use the streetcar to shuttle them to the new office downtown.

[Louie]

Could MoO be planning on keeping parking there, and that is why they need streetcar to new building?

That was my initial thought, maybe they plan to still use some of the current parking and have workers use the streetcar to shuttle them to the new office downtown.

That would certainly play into the two projects relying on each other. With the streetcar, MoO can utilize current parking and with MoO the streetcar can guarantee heavy ridership.

[iamjacobm]

I don’t see that as a realistic thing to suggest employees do. Maybe for the grand opening and if they do some company wide meetings, but that’s a tough sell for a daily thing.

[Garrett]

I don’t see that as a realistic thing to suggest employees do. Maybe for the grand opening and if they do some company wide meetings, but that’s a tough sell for a daily thing.

At peak they estimated around 2/3 of their Omaha workforce would be in the office, so that would be something like 2700 people on those peak days.

[S.O.Boy]

I don’t see that as a realistic thing to suggest employees do. Maybe for the grand opening and if they do some company wide meetings, but that’s a tough sell for a daily thing.

That would be unpopular.

[Mapguy]

I dont know if a park and ride would be a hard sell. The ride is free, parking would be free. If the line only has 6 total stops (one every half mile) that would probably be just as fast as driving the whole way.

If they have a lot of midtown workers I could see them driving 5 minutes to a park and ride and a 10 train ride to the front door of their office. No hastles with traffic or 1 way streets downtown, no being stuck in a massive 2000 lot parking garage that takes 10 minutes to exit at 5pm.