120th and Dodge Retail

[NDizona]

http://www.omaha.com/index.php?u_page=1 ... d=10267998

Construction Costs 1.6 Million
Land 1 Million (or about $17/SF)
2.6 Million for 11,000 SF of Retail

= $236/SF!!!!

Does anyone know anything about Preston? I am curious if this is a sign of things to come or just a rogue developer trying to pave a path no one else will follow. Obviously he is experienced enough to know not to build until he has at least half the building rented - thats a very good sign. 3 years ago they would build on spec.

I made this the sale of the month -
http://www.rpapc.com/saleofthemonth.htm

[Brad]

Shopping centers in the works at two west Omaha locations

http://www.omaha.com/index.php?u_page=1 ... d=10267998

Tenants at both sites could include gaming stores, cell phone vendors, national hair salons and fast-food restaurants with drive-throughs, he said.

The partnership bought 1.3 acres between the east and west Costco entrances off the West Dodge frontage road for about $1 million in December.

It plans two, 5,500-square-foot buildings, he said. They would have parking between them and would sit perpendicular to Costco, so they wouldn't block the view of the store.

Costco, an international chain of membership warehouses, opened its first Nebraska store in October 2007. The West Dodge Expressway, completed in mid-2006, runs just south of Costco.

"The thing that attracted me to the site is, first and foremost, Costco," Preston said. "Costco really generates a lot of traffic there."

But the site's high visibility was the clincher, he said.

"When you drive on the Dodge Expressway, when it comes down from the elevated portion, the visibility is just terrific. Our site is right at eye level," he said.

The company is finalizing one lease, and several other potential tenants have signed letters of intent for the site, which sits just west of the Costco gas station, Preston said. He said he hopes to finalize the leases by the end of March.

[NDizona]

http://douglasne.mapping-online.com/Dou ... 0747050012

Sale price reported to be $1,189,188

On Map

http://douglasne.mapping-online.com/Dou ... 0747050012

[nativeomahan]

I think the headline in the World-Herald is misleading. When I think of "shopping centers" I think of Village Point, Shadow Lake, Westroads, Oakview, and Rockbrook. I don't consider an 11,000 sq. ft. project a "shopping center" in a town the size of Omaha. Maybe "shops" or "a small retail development".

[NDizona]

Its the World Herald! I mean you can't expect perfection.

I call it a strip shopping mall.