1200 Landmark Center Turning to Condos

[skip]

Hello, fellow forumers. Heard from a reliable source that the landmark building is looking to remove the current tenants, except Farnam Hotel, and build condos on the remaining floors.

I believe Farnam Hotel occupies around 5-6 floors, but I could be wrong. And the remaining 10 or so will be converted into luxury condos.

If this is true and the First National Center converting to condos is true, we could have a lot more condos being built in the urban core! Exciting stuff.

[NEDodger]

Hello, fellow forumers. Heard from a reliable source that the landmark building is looking to remove the current tenants, except Farnam Hotel, and build condos on the remaining floors.

I believe Farnam Hotel occupies around 5-6 floors, but I could be wrong. And the remaining 10 or so will be converted into luxury condos.

If this is true and the First National Center converting to condos is true, we could have a lot more condos being built in the urban core! Exciting stuff.

Who is currently in the non-hotel floors now?

[Garrett]

Hello, fellow forumers. Heard from a reliable source that the landmark building is looking to remove the current tenants, except Farnam Hotel, and build condos on the remaining floors.

I believe Farnam Hotel occupies around 5-6 floors, but I could be wrong. And the remaining 10 or so will be converted into luxury condos.

If this is true and the First National Center converting to condos is true, we could have a lot more condos being built in the urban core! Exciting stuff.

Specifically condos and not apartments?

[Garrett]

Hello, fellow forumers. Heard from a reliable source that the landmark building is looking to remove the current tenants, except Farnam Hotel, and build condos on the remaining floors.

I believe Farnam Hotel occupies around 5-6 floors, but I could be wrong. And the remaining 10 or so will be converted into luxury condos.

If this is true and the First National Center converting to condos is true, we could have a lot more condos being built in the urban core! Exciting stuff.

Who is currently in the non-hotel floors now?

Looked through the Landmark thread in the urban section and it looks like Unison, maybe Mutual of Omaha Bank, and a few other midsized tenants.

[skip]

Hello, fellow forumers. Heard from a reliable source that the landmark building is looking to remove the current tenants, except Farnam Hotel, and build condos on the remaining floors.

I believe Farnam Hotel occupies around 5-6 floors, but I could be wrong. And the remaining 10 or so will be converted into luxury condos.

If this is true and the First National Center converting to condos is true, we could have a lot more condos being built in the urban core! Exciting stuff.

Specifically condos and not apartments?

That's what was told to me

[CBJason]

First national was going to be apartments, correct?

[jomaha9]

First national was going to be apartments, correct?

First National was going to be residential of some kind. It is not yet clear if it will be apartments or condos.

[Athomsfere]

First national was going to be apartments, correct?

That's what was said like a month ago.

[GenX]

Maybe they can tear down the eastern data center portion and reopen 12th? A man can dream…

[Louie]

Maybe they can tear down the eastern data center portion and reopen 12th? A man can dream…

Or convert the first floor to retail.

[CBJason]

First national was going to be apartments, correct?

That's what was said like a month ago.

Exactly! It’s why I asked the question because skip was saying they were going to be condos. Plus, the guy above me basically said it hasn’t been determined yet!

[jomaha9]

First national was going to be apartments, correct?

That's what was said like a month ago.

Exactly, smartass! It’s why I asked the question because skip was saying they were going to be condos. Plus, the guy above me basically said it hasn’t been determined yet!

I was the source of the First National rumor. The conversation turned toward the condo market, but this is not confirmed.

[CBJason]

First national was going to be apartments, correct?

That's what was said like a month ago.

Exactly, smartass! It’s why I asked the question because skip was saying they were going to be condos. Plus, the guy above me basically said it hasn’t been determined yet!

I was the source of the First National rumor. The conversation turned toward the condo market, but this is not confirmed.

Right

[Athomsfere]

First national was going to be apartments, correct?

That's what was said like a month ago.

Exactly, smartass! It’s why I asked the question because skip was saying they were going to be condos. Plus, the guy above me basically said it hasn’t been determined yet!

I was the source of the First National rumor. The conversation turned toward the condo market, but this is not confirmed.

That would be phenomenal. Any idea the count? ~100 or so? Size speculations?

A handful of 3 bed, 2 bath and ~2000 square feet under $800k would be amazing!

[Garrett]

First national was going to be apartments, correct?

That's what was said like a month ago.

Exactly, smartass! It’s why I asked the question because skip was saying they were going to be condos. Plus, the guy above me basically said it hasn’t been determined yet!

I was the source of the First National rumor. The conversation turned toward the condo market, but this is not confirmed.

That would be phenomenal. Any idea the count? ~100 or so? Size speculations?

A handful of 3 bed, 2 bath and ~2000 square feet under $800k would be amazing!

They could probably get 150+ 2,000 sqft condos out the 375k sqft in First National but now we’re mixing rumors haha

[Athomsfere]

First national was going to be apartments, correct?

That's what was said like a month ago.

Exactly, smartass! It’s why I asked the question because skip was saying they were going to be condos. Plus, the guy above me basically said it hasn’t been determined yet!

I was the source of the First National rumor. The conversation turned toward the condo market, but this is not confirmed.

That would be phenomenal. Any idea the count? ~100 or so? Size speculations?

A handful of 3 bed, 2 bath and ~2000 square feet under $800k would be amazing!

They could probably get 150+ 2,000 sqft condos out the 375k sqft in First National but now we’re mixing rumors haha

Is that minus the hotel? I was expecting less with the tenants we'd expect to stay...

[Garrett]

First national was going to be apartments, correct?

That's what was said like a month ago.

Exactly, smartass! It’s why I asked the question because skip was saying they were going to be condos. Plus, the guy above me basically said it hasn’t been determined yet!

I was the source of the First National rumor. The conversation turned toward the condo market, but this is not confirmed.

That would be phenomenal. Any idea the count? ~100 or so? Size speculations?

A handful of 3 bed, 2 bath and ~2000 square feet under $800k would be amazing!

They could probably get 150+ 2,000 sqft condos out the 375k sqft in First National but now we’re mixing rumors haha

Is that minus the hotel? I was expecting less with the tenants we'd expect to stay...

Oh we’re back to Landmark. In that case, it’s around 300k sqft and the hotel takes up about 100,000, so probably around 100 if the average condo is indeed about 2,000 sqft.

[skip]

Now we just need this one to come to fruition

[Garrett]

I was wondering if you were about to break another story!

[skip]

I spoke to my intel guy. The owner of the hotel owns the building and is looking into converting the open floors to condos. The other option is to expand the hotel into a few more floors since they only occupy 4 of the floors. Or do a combination of both condos and additional hotel floors.

Sounds like the owner wants to get these floors filled up sooner rather than later. Should have a decision soon and will pass along.

[Garrett]

Once something like this is done, how many underused office buildings are left downtown?

[skip]

Once something like this is done, how many underused office buildings are left downtown?

First building that comes to mind is the AIM building, then the building off 20 and Dodge that Scoular used to be at. Neither of those buildings have as much square footage as the recently announced office conversions though.

[iamjacobm]

Once something like this is done, how many underused office buildings are left downtown?

First building that comes to mind is the AIM building, then the building off 20 and Dodge that Scoular used to be at. Neither of those buildings have as much square footage as the recently announced office conversions though.

There are some decent sized chunks of space of the UP and Woodmen buildings available and I think a lot of the new office at 15th and Fahey is still vacant yet. I assume there is vacancy in the OWH building, but don't see any space marketed with a quick search. I would assume a few smaller suites in random buildings too.

Definitely a lot of office product being pulled off the market though.

[ita]

Once something like this is done, how many underused office buildings are left downtown?

First building that comes to mind is the AIM building, then the building off 20 and Dodge that Scoular used to be at. Neither of those buildings have as much square footage as the recently announced office conversions though.

There are some decent sized chunks of space of the UP and Woodmen buildings available and I think a lot of the new office at 15th and Fahey is still vacant yet. I assume there is vacancy in the OWH building, but don't see any space marketed with a quick search. I would assume a few smaller suites in random buildings too.

Definitely a lot of office product being pulled off the market though.

Just to throw in a couple others, depending on how we are defining downtown. Gallup has/will have leaseable space since Gallup downsized and did a leaseback sale. I think the Ashton still has a lot of space.

[Garrett]

Bringing it a bit more specific, there aren't a lot of office buildings that could be converted to residential though?

[iamjacobm]

Bringing it a bit more specific, there aren't a lot of office buildings that could be converted to residential though?

Ahh I didn't track the first time. The ones that come to mind:

1. Woodmen, if they ever left that seems like a natural one. Thought this was a rumor years ago, but could be wrong.
2. OWH building, not sure if the footprint works, but if they made The Wire work I'd assume that could as well.
3. OPPD, the scale seems right, not sure about the asbestos and other issues brought up here.
4. AIM building, I think its doing ok, but a lot of small suite offices could probably be pretty easy to convert
5. Don't see these happening for a number of reasons from market conditions to infrastructure hurdles and beyond, but based on the size of the buildings I don't see why the Keeline, Omaha National Bank, data center portion of Landmark, Burlington Capital, Zorinzisky, AT&T, and heck even the FNBO tower couldn't physically be converted to residential.

The ones I really don't see a path for at all are UP, the former Gavilon HQ, and State office building. UP bc the side of the footprint and Gavilon /SOB b/c of the footprint and small scale.

[nebport5]

I have noticed since Parliament’s closure there has not been any commercial space available signage in the windows. Would that tie into the rumors for Landmark? If I understand right the condo rumors were for the tower portion but could something else be up here too or are they trying to convert former restaurant/retail to a work space?

[skip]

Same owner of the Farnam is putting in a cocktail lounge in the old Parliament space.

[nebport5]

Same owner of the Farnam is putting in a cocktail lounge in the old Parliament space.

Having it rented would make sense too. Sounds like a nice upgrade from the former.