Brandeis Building (210 S 16th St)

jjjjhskr · Post by **jjjjhskr** » Sat Feb 03, 2007 6:02 pm

DTO, do you have any idea how many have been purchased/owner occupied vs rentals?

Ben · Post by **Ben** » Tue Mar 13, 2007 8:01 am

And the Brandeis saga continues:

Looks like the property was scheduled to be auctioned off, but a judge put a temporary hold on it. It'll be interesting to see how this one plays out.

More from the OWH:

http://www.omaha.com/index.php?u_page=1 ... id=2346390

from a related OWH Story about them losing the cookie store:

Douglas County records show 15 of 131 condos have sold.

Uffda · Post by **Uffda** » Fri Mar 16, 2007 12:14 pm

March 16, 2007
Brandeis Lofts files for bankruptcy
BY STACIE HAMEL
WORLD-HERALD STAFF WRITER

A hearing scheduled for Friday afternoon on whether to sell the Brandeis Building at a foreclosure auction was canceled when Brandeis Lofts LLC filed for Chapter 11 bankruptcy.

http://www.omaha.com/index.php?u_page=1 ... id=2348808

Hawkeye · Post by **Hawkeye** » Mon Jul 09, 2007 7:59 am

As some of you know, Ol' Hawkeye works in commercial real estate in the Twin Cities. Anyway, as such I get a ton of e-mail communications about properties for lease, sale, joint venture, etc...

Got this link via Midwest Real Estate News e-blast on Friday and thought it might be of interest to those of you following the Brandeis saga.

http://www.thebrandeis.com/index.php

agibson95 · Post by **agibson95** » Mon Jul 09, 2007 11:37 am

Lets get a collection going. I can put in $100.

nebport5 · Post by **nebport5** » Mon Jul 09, 2007 12:47 pm

how great would a Border's look on the first floor?

the1wags · Post by **the1wags** » Wed Jul 11, 2007 7:10 am

"A Florida company has offered to pay $22 million for the bankrupt Brandeis condominium project..."

"With respect to condo owners, it's good for them," he said. "They won't have to move out. They'll get retail on the first floor. They will get their amenities they were originally promised."

Link to the Omaha W-H article.

http://www.omaha.com/index.php?u_page=1 ... d=10075535

icejammer · Post by **icejammer** » Wed Jul 25, 2007 8:16 am

Brandeis condos' prospects look good

News that the bankrupt Brandeis condominium project could move forward with new owners has sparked interest from more than two dozen people considering condos in the former department store, a broker for the project said.

Monday was the deadline set by the U.S. Bankruptcy Court for objections to a proposed sale to a Florida limited liability company, Brandeis LLC.

One objection was resolved among attorneys, and no others were filed.

A bankruptcy judge must approve the sale for it to move forward. The sale of the building at 16th and Douglas Streets could close in three to four weeks. . .

Post by **Brad** » Fri Jul 27, 2007 7:47 am

Judge approves Brandeis sale

http://www.omaha.com/index.php?u_page=1 ... d=10088559

A U.S. Bankruptcy Court judge Thursday approved the sale of the Brandeis building to a Florida company, moving the unfinished condo project a step closer to new ownership and possible completion.

The order is the last bankruptcy court approval needed for a sale to move forward, said Bob Ginn, lawyer for Brandeis Lofts LLC, the developer that filed for bankruptcy.

"Now it will proceed like any other commercial real estate transaction," Ginn said.

In the order approving sale to Brandeis LLC, a Florida limited liability company, Judge Thomas Saladino stated that "time is of the essence" in closing the transaction and that the project's original developers and the new buyers intend to close the sale as soon as possible.

A project broker has said that a sale of the historic building at 16th and Douglas Streets could close in three to four weeks and that the new developers intend to complete the unfinished condos.

Coyote · Post by **Coyote** » Tue Sep 25, 2007 8:41 pm

Brandeis Building's future still up in air

Omaha World Herald wrote:The future of the financially troubled Brandeis Building is again uncertain after the Florida company planning to buy the unfinished downtown condo project failed to secure financing by a deadline.

Barry Rinaldi, one of the two men who formed the Florida limited liability company, Brandeis LLC, still is pursuing financing, said Larry Sheehan, an Omaha attorney representing Brandeis LLC.

DTO Luv · Post by **DTO Luv** » Tue Sep 25, 2007 10:02 pm

|expletive|. This is just rediculous.

icejammer · Post by **icejammer** » Mon Oct 15, 2007 10:08 am

Brandeis Building auction looms

The financially troubled Brandeis Building is moving toward the auction block — again — in December unless a buyer steps forward.

NAI/NP Dodge, the broker for the downtown building, is advertising that the building is available and that bids should be submitted by Dec. 3 for a Dec. 7 auction. . .

Wheelock decided against pursuing the project when the company couldn't get financing by an Aug. 28 deadline, but Rinaldi would like to submit a sufficient offer that would defer the auction, Sheehan said.

icejammer · Post by **icejammer** » Wed Nov 07, 2007 6:35 pm

Court is asked to auction Brandeis

The attorney representing the developer of downtown Omaha's Brandeis building has asked a bankruptcy court to approve a Dec. 14 auction to sell the unfinished condo project.

The Brandeis appeared to be moving out of U.S. Bankruptcy Court and toward a private sale this summer, but a Florida company planning to buy it failed to secure financing by a deadline.

Bob Ginn, the attorney representing the building's original developer, said in a motion that because the purchase agreement with Brandeis LLC has expired, it is in the best interest of his client, the estate and its creditors to sell substantially all of the Brandeis' assets at auction.

"There are multiple expressions of interest in the building," Ginn said Tuesday. "But we need to set an end date by which any serious potential purchaser will need to actually come forward."

The deadline for bids would be Dec. 10 under Ginn's proposal. A bankruptcy court judge must rule on his request. . . .

Coyote · Post by **Coyote** » Wed Dec 12, 2007 9:50 pm

Potential buyers may put Brandeis auction on hold

Omaha World Herald wrote:Just as the Brandeis building was nearing another tentative auction date, potential buyers of the financially troubled condominium project could be stepping forward, the original developer's attorney said Wednesday. "In the interim, interest in the building has intensified, and we anticipate that we may be receiving one or more solid offers in the near future," he said. "And we would all rather sell the property privately than by auction."

Coyote · Post by **Coyote** » Tue Dec 25, 2007 1:53 am

Brandeis in sights of condo developer

Omaha World Herald wrote:The developer of the planned 32-story condominium project called WallStreet Tower Omaha plans to purchase the nearby Brandeis building, a historic former department store that was being renovated into condos before falling into bankruptcy nine months ago. "It's going to be condominiums, apartments, retail and some commercial space. Right now it's just a purchase agreement, but we're optimistic it will go through." The developer also saw the retail potential for the 10-story building at 16th and Douglas Streets because of its proximity to large employers First National Bank and Union Pacific as well as its connecting tunnel and high visibility on a major downtown street, he said.

DTO Luv · Post by **DTO Luv** » Tue Dec 25, 2007 5:20 pm

I hope it pans out. Townsend actually has a proven track record to get things done. More nice apartments and retail is what we need DT. I actually would like to see more of it go towards retail but we'll have to see what they come up with.

Historic Omaha · Post by **Historic Omaha** » Tue Dec 25, 2007 7:24 pm

I am so glad that I can finally start to talk about this project now the developer has come public!

Post by **Admin** » Tue Dec 25, 2007 10:42 pm

Well - please talk - was are all ears!

StreetsOfOmaha · Post by **StreetsOfOmaha** » Wed Dec 26, 2007 6:03 pm

Excellent news! I'm so glad that they want to do this and that they're going to go mixed use with condos, apartments, commercial, and retail.

I hope it works out, too!

Historic Omaha · Post by **Historic Omaha** » Wed Dec 26, 2007 9:27 pm

What would you like to know?

I met with a employee of Townsend, a consultant hired by Townsend, a representative of the owner, and a representative of Great Western Bank at the building in November (I think?). The previous developers were going to take advantage of the Federal Historic Rehabilitation Tax Credits but decided that the credits wouldn't provide them with enough benefits to outweigh the design restrictions that would be placed on the project. The credit can only be taken on spaces that are "income-producing" (lease-able commercial and residential).

I was told that I would be seeing Townsend's proposal sometime soon.

the1wags · Post by **the1wags** » Wed Dec 26, 2007 9:47 pm

This is great news. I'm confident that Townsend can get this ball rolling. I think them going with some nice apartments is good. That whole first floor should be retail/dining.

icejammer · Post by **icejammer** » Fri Dec 28, 2007 8:32 am

Brandeis sale objections can be made until Jan. 4

A bankruptcy judge has set Jan. 4 as a deadline for objections to the proposed sale of downtown Omaha's Brandeis Building to a Kansas company.

Judge Timothy Mahoney has signed an order granting an attorney's request to shorten the period for objections and resistance to 10 days, which makes it Jan. 4. . . .

A hearing on any objections filed by the deadline is set for 9:30 a.m. Jan. 8 in bankruptcy courtroom No. 8 on the second floor of the Roman L. Hruska U.S. Courthouse, 111 S. 18th Plaza in Omaha.

Parties may participate by telephone. The deadline for affidavit evidence is Jan. 7.

Coyote · Post by **Coyote** » Fri Jan 04, 2008 6:57 pm

Florida real estate firm objecting to proposed sale of Brandeis building

Omaha World Herald wrote:A Florida real estate firm is objecting in bankruptcy court to the proposed sale of the Brandeis building to a Kansas company, claiming that its offer was better than the Kansas company’s. In an objection filed Friday, the attorney for MaxCom Real Estate Services, a Florida limited liability company with member Barry Rinaldi, said that Rinaldi had submitted an offer to buy the building for $16.25 million, or $850,000 more than Townsend’s offer. MaxCom requested in the filing that the court deny the sale to Townsend Investments II, LLC, and approve the sale to MaxCom.

thenewguy · Post by **thenewguy** » Fri Jan 04, 2008 7:49 pm

Coyote wrote:Florida real estate firm objecting to proposed sale of Brandeis building

Omaha World Herald wrote:A Florida real estate firm is objecting in bankruptcy court to the proposed sale of the Brandeis building to a Kansas company, claiming that its offer was better than the Kansas company’s. In an objection filed Friday, the attorney for MaxCom Real Estate Services, a Florida limited liability company with member Barry Rinaldi, said that Rinaldi had submitted an offer to buy the building for $16.25 million, or $850,000 more than Townsend’s offer. MaxCom requested in the filing that the court deny the sale to Townsend Investments II, LLC, and approve the sale to MaxCom.

give me a break.

the1wags · Post by **the1wags** » Fri Jan 04, 2008 11:18 pm

No kidding. They had their chance before and couldn't secure financing. I hope the judge tells em to hang it out their |expletive| on Tuesday and approves the sale to Townsend.

Uffda · Post by **Uffda** » Sat Jan 05, 2008 12:11 am

They had their chance before and couldn't secure financing

Based on this sentence it doesn't look like Townsend has financing totally set up yet either.

MaxCom's offer is not contingent upon financing, whereas Townsend's offer is for less money and is contingent upon financing,

Historic Omaha · Post by **Historic Omaha** » Sat Jan 05, 2008 9:12 am

Uffda,

Townsend's financing is contingent upon receiving an approved amendment to the Brandeis project's already approved Historic Preservation Certification Application - Part 2 (Federal historic rehabilitation tax credits). The previous developer received an approved Part 2 a few years ago but decided to forgo the credits.

The Federal Historic Rehabilitation Tax Credits allow an applicant to take a take credit in the amount of 20% of qualified rehabilitation expenditures - as long as the applicant can meet or exceed the adjusted basis of the property (generally the purchase price of the property minus the value of the land, then factoring in depreciation). The credit can only be used on property that is income-producing (no private residential; only leaseable commercial, residential, etc.)

NDizona · Post by **NDizona** » Mon Jan 07, 2008 12:41 am

Finishing this development right maybe one of the most important factors in future DT condo developments.

The stigma attached to this building will be erased with the right buyer - I don't know much about the developers from Florida - what projects have they done? Why did they pick this one?

joeglow · Post by **joeglow** » Mon Jan 07, 2008 9:29 am

Historic Omaha wrote:Uffda,

Townsend's financing is contingent upon receiving an approved amendment to the Brandeis project's already approved Historic Preservation Certification Application - Part 2 (Federal historic rehabilitation tax credits). The previous developer received an approved Part 2 a few years ago but decided to forgo the credits.

The Federal Historic Rehabilitation Tax Credits allow an applicant to take a take credit in the amount of 20% of qualified rehabilitation expenditures - as long as the applicant can meet or exceed the adjusted basis of the property (generally the purchase price of the property minus the value of the land, then factoring in depreciation). The credit can only be used on property that is income-producing (no private residential; only leaseable commercial, residential, etc.)

How long does that take? We had a client that we helped through the application process and it was un-Godly slow. We almost had to file for 9100 relief (under the tax code).

Historic Omaha · Post by **Historic Omaha** » Mon Jan 07, 2008 12:10 pm

All applications must be processed through the State Historic Preservation Office (SHPO) prior to being forwarded to the National Park Service (NPS). The SHPO and the NPS each have 30 days to review the application - so, a total of 60 days (with the option to extend - although I haven't seen that happen yet). An applicant can begin work while the review process is taking place; however, Townsend's financing is contingent upon being approved - so they will end up waiting 60 days (or less) before the purchase is complete.

I have heard that the process was slow a few years back; however, within the 1.5 years that I have been reviewing applications (and Nebraska has had a new Federal reviewer for about 2 years) the review process has never taken more than 60 days (with a complete application). The process may take longer if applicants have not given enough information, but I am more than willing to help applicants work through the bureaucratic process.

Post by **Brad** » Tue Jan 08, 2008 12:00 pm

Bankruptcy judge approves sale of Brandeis building

http://www.omaha.com/index.php?u_page=1 ... d=10226838

A bankruptcy judge this morning approved a motion to sell the Brandeis building to the Kansas-based developer of another downtown condominium project, the planned 32-story WallStreet Tower Omaha.

In the coming days, attorneys will work to resolve an objection by the Weitz Co., the Brandeis condominium projects contractor, said Bob Ginn, lawyer for the developer that filed for bankruptcy. The objection is not against the sale but the disposition of the sale proceeds.

Following a hearing this morning, Ginn said he anticipates that an order resolving the Weitz objection and incorporating it into a final sale would be presented to the court by next Monday.

DTO Luv · Post by **DTO Luv** » Tue Jan 08, 2008 12:02 pm

Great news! Hopefully things will get going soon. What Townsend has planned for the Brandies would be great for Downtown. I hope it all pans out.

the1wags · Post by **the1wags** » Tue Jan 08, 2008 12:13 pm

What he said.

Coyote · Post by **Coyote** » Tue Jan 08, 2008 12:40 pm

Ditto :)

NDizona · Post by **NDizona** » Tue Jan 08, 2008 12:49 pm

So much hinges one developer - I'm glad its one with a history of success.

Coyote · Post by **Coyote** » Thu Jan 17, 2008 10:24 pm

Brandeis building sale OK'd by bankruptcy judge

Omaha World Herald wrote:The Brandeis building took a major step Thursday toward a private sale when a bankruptcy judge gave final approval of its sale to a Kansas company. Attorneys and a representative of the Kansas company have said the sale would close within 10 days of the judge's approval.

InvestmentBanker · Post by **InvestmentBanker** » Sun Feb 03, 2008 10:27 pm

My sister saw an invitation for a private wine tasting event this Thursday the 7th at The Brandeis, where they are showing the remaining condominiums and entertaining offers. Could be cool if I knew how to get an invite...I think she said it was for "friends of the homeowners" or something like that. Anyone on here live in the building and know anything about this?

Coyote · Post by **Coyote** » Thu Feb 07, 2008 8:57 pm

Owner has mix of uses in store for historic Brandeis building

Omaha World Herald wrote:Developers who bought the historic Brandeis building in downtown Omaha plan to renovate and expand the food court, fill the northeast ground-level corner with a restaurant and build 118 luxury apartments. The main level will house a restaurant, sales office, commercial space and the food court. Floors two through seven will be apartments, with condos on floors eight and nine. The developers have not determined what to do with the 10th floor, formerly the ballroom. Townsend plans to spend $1.5 million to renovate the food court with new tables, chairs and flooring and to expand it by 1,600 to 2,000 square feet — enough for three to five more vendors.

DTO Luv · Post by **DTO Luv** » Thu Feb 07, 2008 9:09 pm

Hats off to Townsend.

thenewguy · Post by **thenewguy** » Thu Feb 07, 2008 9:14 pm

It's cool and all that they are putting in some more eateries, but it'd also be nice to have some more shops downtown. Maybe a florist? A clothing boutique? I know we've been down this road before, but it'd have been nice to just redo the existing food court and rent out space to some more retailers of some sort. That way, when i get done eatin' lunch with my fiance, i could bum around downtown and maybe buy a thing or 2. I love the smell of commerce in the morning.