jLofts (13th & Jackson)

adam186 · Post by **adam186** » Thu Oct 05, 2006 4:30 pm

Sweet, I didn't even know we applied for one.

rvrfrntstyl · Post by **rvrfrntstyl** » Fri Oct 06, 2006 4:04 am

Congrats on your TIF guys. Looking forward to watching the demo.

StreetsOfOmaha · Post by **StreetsOfOmaha** » Fri Oct 06, 2006 4:45 am

Awww. I want a TIF. Can I have a TIF?

JK.

Exciting stuff, guys. Keep us updated.

OmahaChef · Post by **OmahaChef** » Mon Nov 13, 2006 3:19 am

As I was leaving Cubby's from one of my frequent visits there, I noticed a banner on the old Heartland Building that said "Space Available" and a phone number. Is this for the retail, or is the building for rent? The phone number didn't seem to match the jLofts number, and the banner was very generic looking. Anyone know what is going on with this one?

adam186 · Post by **adam186** » Mon Nov 13, 2006 5:01 am

OmahaChef wrote:As I was leaving Cubby's from one of my frequent visits there, I noticed a banner on the old Heartland Building that said "Space Available" and a phone number. Is this for the retail, or is the building for rent? The phone number didn't seem to match the jLofts number, and the banner was very generic looking. Anyone know what is going on with this one?

You are correct Chef. The sign is for the retail space. Lund is handling the retail portion of the project.

OmahaChef · Post by **OmahaChef** » Thu Nov 16, 2006 3:03 am

Thanks Adam! I was a bit concerned because I didn't see Lund's name on it and was worried the project wasn't moving forward and was going to be leased as warehouse space.

redfield · Post by **redfield** » Tue Nov 21, 2006 5:38 pm

I was a bit concerned because I didn't see Lund's name on it and was worried the project wasn't moving forward and was going to be leased as warehouse space.

The sign is for the 8,500sf or so of retail that will be on the along the Jackson Street side of the building. The project is still moving forward. In fact, we've passed our pre-sale requirement to begin construction, and are working out all the details to begin demo on the existing building and start construction.

We're pretty pumped right now about the streetcar proposal, if it happens as shown in the map that was in the paper, it will run right by our building, and the retail mentioned above

Bobcat · Post by **Bobcat** » Wed Dec 27, 2006 6:38 pm

adam 186 or redfield: any new news on the project? Has demolition started? earlier this year adam 186 stated that "Demolition will begin this summer and construction will start in late summer or early fall, with completion in 2007."

I take it that the timeline has changed, can anyone provide an update?

Post by **Brad** » Wed Dec 27, 2006 6:44 pm

Building was still standing last night.

adam186 · Post by **adam186** » Wed Dec 27, 2006 9:28 pm

Demolition is expected in begin in January. I think we were waiting to reserve a couple of the penthouses.

Bobcat · Post by **Bobcat** » Thu Dec 28, 2006 12:53 am

If I understand correctly, slower than expected sales of the penthouses caused delays both in the demolition of the existing building and the start of construction on the new building.

adam186 · Post by **adam186** » Thu Dec 28, 2006 2:21 am

Penthouse sales are typically slower to sell than the less expensive ones. Penthouse buyers are investing a very large sum of money and everything has to be absolutely perfect and rightfully so. Also, I wouldn't say delayed, I would say waited for the correct time.

OmahaChef · Post by **OmahaChef** » Thu Dec 28, 2006 3:04 am

I remember reading recently that there is a 36-48 month supply of high end "penthouse" type units. If the demand isn't there, why do developers keep designing them as part of a project? Doesn't it doom the project to never get built? Didn't Riverfront Place's experience with Tower One, cause them to re-think Tower Two and re-design it with smaller units that were more marketable at a price point more affordable? Just how many people are there in West O with million dollar homes who secretly wish they lived in a condo downtown a quarter of the size of their current estate? If there is truly a 36-48 month supply of high end penthouse types units, projects like jLofts could be waiting a looooong time to break ground.

redfield · Post by **redfield** » Thu Dec 28, 2006 7:02 pm

If there is truly a 36-48 month supply of high end penthouse types units, projects like jLofts could be waiting a looooong time to break ground.

#1 - There is not a 36-48 month supply of high end condos in our market. The analysis that came up with that number is based on closed sales. Since most of the projects on the market are not done, and therefor not ready to close on any units, even if every unit on the market was under contract, essentially leaving no available units in our market, the analysis that was printed in the paper that we have a 36-48 month supply of condos, would still be saying we have a 36-48 month supply.

The traditional method of determining absorption is great when you have a significant resale market. It is useful when looking at our single family housing market. But, using that same methodology to study an emerging condo market in a city that had virtually no existing condos is very deceptive, and flawed. We had less than 200 condos in our downtown market a couple years ago. If you look at projects that people can actually move into within the next 30-60 days, our condo supply is actually VERY limited.

#2 - We passed our presale requirement at jLofts this fall. We will not be waiting long to break ground.

redfield · Post by **redfield** » Thu Dec 28, 2006 7:12 pm

I take it that the timeline has changed, can anyone provide an update?

We are about 3 months behind the original time-table. We are VERY close to setting a date for demo to begin. It is supposed to take 10-14 months for demo and construction. Its still possible for completion in late 2007.

OmahaChef · Post by **OmahaChef** » Fri Dec 29, 2006 1:30 am

Thanks for the clarification, Redfield! It seems every print or TV article on the downtown condo market has a different twist and spin. It sometimes makes me wonder if the writers actually talked to a human being before dashing off a few sentences.

Thanks also for the update on the timeline. I'm looking forward to watching this one go up.

Bobcat · Post by **Bobcat** » Sat Dec 30, 2006 6:56 am

Thanks again for the update Redfield. I too am excited about the project, yet am not too clear on the reasons for the delay. Especially since the first announcement was missed; I can't be too sure if your second dates will actually hit... especially if it hinges on the penthouse buyers. Plus I'm a bit concerned about an all concrete building. Forming concrete for a building shell can present challenges, delaying the project even further.

Big E · Post by **Big E** » Sat Jan 06, 2007 8:10 pm

redfield wrote:#1 - There is not a 36-48 month supply of high end condos in our market. The analysis that came up with that number is based on closed sales. Since most of the projects on the market are not done, and therefor not ready to close on any units, even if every unit on the market was under contract, essentially leaving no available units in our market, the analysis that was printed in the paper that we have a 36-48 month supply of condos, would still be saying we have a 36-48 month supply.

So how does the recent Brandeis announcement affect statistics? I have to assume that every other condo downtown just went up exponentially in value. Right? ;) Right? :)

-Big E

redfield · Post by **redfield** » Sun Jan 07, 2007 5:49 pm

Well, it takes 144 condos out of the supply, at least for the time being.

It will hurt everybody though, because some people will confuse a poorly managed project as a sign that our market is struggling.

Big E · Post by **Big E** » Thu Feb 01, 2007 3:31 pm

If I'm remembering the "rumor" properly, demo will begin in two weeks. "Rumored" delivery date is May 2008.

I'll let people closer to the rumor sort out the details for you.

-Big E

redfield · Post by **redfield** » Wed Feb 07, 2007 2:55 am

I can neither confirm nor deny this rumor :)

Coyote · Post by **Coyote** » Sat Feb 10, 2007 2:29 am

Work starts Monday at jLofts condo site

Omaha World Herald wrote:Construction fences and signs are scheduled to go up Monday at 13th and Jackson Streets as demolition begins to make way for the jLofts condominiums. The downtown Omaha project cleared its pre-construction sales goal in December, with 50 percent of the condo space reserved, spokeswoman Deborah Trivitt said. Developer Michael Brannan also has "handshake deals" on all the first-floor retail space, she said. The condos are on the path of a proposed streetcar system, and the indoor heated garage will be equipped with bike racks for people who want to take advantage of riverfront trails and the Missouri River pedestrian bridge that's under construction.

StreetsOfOmaha · Post by **StreetsOfOmaha** » Sat Feb 10, 2007 3:47 pm

Omaha World Herald wrote:The condos are on the path of a proposed streetcar system, and the indoor heated garage will be equipped with bike racks for people who want to take advantage of riverfront trails and the Missouri River pedestrian bridge that's under construction.

AWESOME!!!!! This is so great for downtown and the Market. YAY!

And I wonder what retailers have "handshake" deals for the ground floor....??????????

omahastylee459 · Post by **omahastylee459** » Sun Feb 11, 2007 6:22 pm

Drove by last night and they are definitely getting ready for demo, Jackson was completely blocked off in front of the existing buildings

Stargazer · Post by **Stargazer** » Sun Feb 11, 2007 6:37 pm

Fantastic. Does anyone know the status of our next Old Market hotel ?

OmahaChef · Post by **OmahaChef** » Tue Feb 13, 2007 1:46 am

I'm with Streets! I want to know who the ground floor tenants will be. Hopefully handshake deals turn into leases and they can make some announcements. Personally, I am hoping for something other than more restaurants.

By the way, that block of Jackson has been a mess for about two weeks now. A big water main break occurred there.

redfield · Post by **redfield** » Wed Feb 14, 2007 2:58 am

By the way, that block of Jackson has been a mess for about two weeks now. A big water main break occurred there.

Yep, it flooded the macaroni apartments building's basement across the street from the jLofts site. Left a mess in the parking garage.

Prep work did begin at the old heartland building yesterday though, and it should come down in a few weeks. Once they gut the building, it will come down quick.

OmahaChef · Post by **OmahaChef** » Thu Mar 01, 2007 1:10 am

I was by here tonight, and there are now barricades up on 14th and on Jackson. Two projects downtown start construction in the same week. Sweet!

StreetsOfOmaha · Post by **StreetsOfOmaha** » Sat Mar 03, 2007 3:30 am

What's the other one?

adam186 · Post by **adam186** » Sat Mar 03, 2007 3:41 am

I think he was referring to Wallstreet Tower.

StreetsOfOmaha · Post by **StreetsOfOmaha** » Sat Mar 03, 2007 5:08 am

That's what I figured, but I surely don't consider removing asbestos from a building which still needs to be demolished, which will take months upon months upon months, before construction can even start, to be "beginning construction."

the1wags · Post by **the1wags** » Mon Mar 05, 2007 2:42 am

Quick shot of the barricades up prepping for demo. Good to see this project moving forward as well.

adam186 · Post by **adam186** » Mon Mar 05, 2007 7:15 pm

Thanks wags. They've been cleaning out the inside and removing some asbestos for a while now. The building should be gone soon. I think they are almost done prepping the building.

the1wags · Post by **the1wags** » Mon Mar 05, 2007 9:02 pm

Yeah I stopped by the model and talked to Chris. He said they had been working on it about a week but that the snow probably delayed it a week or so. I guessed right at about 2 weeks for the wrecking ball. Can't wait to see this one go up. This and the new Residence Inn by Marriott on 12th and Jackson will add nicely to the area. Good stuff.

Ben · Post by **Ben** » Fri Mar 16, 2007 10:06 pm

I just drove by and heavy demolition equipment is arriving on-site this afternoon. We should see it start to come down here very quickly. Its not a huge structure, and from seeing how fast demo moved at Mutual, I wouldn't be surprised if we see significant progress by the end of next week....

adam186 · Post by **adam186** » Sat Mar 17, 2007 5:16 pm

Demolition work will begin on Monday and the building should be down in the same day. Then it will take 2 weeks to clean it up.

RFO · Post by **RFO** » Sat Mar 17, 2007 7:47 pm

Actually the building is going down as we speak, I mean "as I write". :)

adam186 · Post by **adam186** » Sat Mar 17, 2007 8:19 pm

I was told Monday, but this is better. The building should be gone by Sunday then with clean up beginning Monday. This is way cool.

adam186 · Post by **adam186** » Sat Mar 17, 2007 8:42 pm

Oh, and welcome to the forum RFO.

Coyote · Post by **Coyote** » Sat Mar 17, 2007 8:56 pm

Excellent! Thanks for the tip RFO.