Grow Omaha wrote:
Raymond Partners of Scottsdale, Ariz., plans to break ground in late 2025 or early 2026 on The Residences at Heartwood Preserve, a three-building condominium project surrounding an outdoor courtyard and swimming pool. Each building will be six stories high. The project will be built in three phases with Building 1 slated to open in the fall of 2028.
The site is on the southwest corner of Applied Parkway & Canopy Avenue just south of Valmont Industries’ global headquarters. Immediately to the east of the The Residences, is The Row, a walkable, mixed-use area, which will serve as Heartwood Preserve’s “downtown” area. So far, one building – a 4-story office building for Olsson – is currently under development in The Row.
Condo units in The Residences at Heartwood Preserve range from 1,730 sq. ft. to 3,073 sq. ft. Current offering prices start at $995,900 and go up to nearly $2.8 million per condo unit. The largest units have three bedrooms plus a den. Estimated Home Owners Association dues range from $865 to $1,537 per month.
What services is the HOA doing for me that I'm paying apartment rent prices for? sheesh
I believe this is the first new condo project in Omaha in roughly 10 years.... Great to see this addition to the market. Certainly an ambitious price point for a part of the city that hasn't traditionally had condo units though. Will be interesting to see take rates. Between mortgage and HOA, you're looking at $7-8k/mo of monthly spend at the low end of this development...
The city of Omaha should not approve this apartment project and instead build more affordable housing and apartments in West Omaha. This is just craziness. If I had $2 Million laying around I would just buy a house.
Ben wrote: Wed Aug 20, 2025 6:45 am
I believe this is the first new condo project in Omaha in roughly 10 years.... Great to see this addition to the market. Certainly an ambitious price point for a part of the city that hasn't traditionally had condo units though. Will be interesting to see take rates. Between mortgage and HOA, you're looking at $7-8k/mo of monthly spend at the low end of this development...
Ambitious is an understatement lol nearly need a million or more bucks to just live there.
OmahaFan wrote: Wed Aug 20, 2025 6:54 am
The city of Omaha should not approve this apartment project and instead build more affordable housing and apartments in West Omaha. This is just craziness. If I had $2 Million laying around I would just buy a house.
Just building affordable housing is not as easy as it sounds. The cost of construction and incentives that can realistically be obtained versus income from rent or sales doesn’t pencil too well that often.
Also, not everyone with a million dollar home budget wants a house. Empty-nesters aren’t often thinking that they need to get the biggest house they can.
"Video game violence is not a new problem. Who could forget in the wake of SimCity how children everywhere took up urban planning." - Stephen Colbert
As someone that lives in Piedmont right next door, can someone smarter than me tell me how this bougie |expletive| will impact my property taxes if at all?
I'm already mildly annoyed that they're tied into our grid and where previously we were kind of safe from power outages, now we've experienced more and more with current day weather patterns.
Grow Omaha wrote:
Raymond Partners of Scottsdale, Ariz., plans to break ground in late 2025 or early 2026 on The Residences at Heartwood Preserve, a three-building condominium project surrounding an outdoor courtyard and swimming pool. Each building will be six stories high. The project will be built in three phases with Building 1 slated to open in the fall of 2028.
The site is on the southwest corner of Applied Parkway & Canopy Avenue just south of Valmont Industries’ global headquarters. Immediately to the east of the The Residences, is The Row, a walkable, mixed-use area, which will serve as Heartwood Preserve’s “downtown” area. So far, one building – a 4-story office building for Olsson – is currently under development in The Row.
Condo units in The Residences at Heartwood Preserve range from 1,730 sq. ft. to 3,073 sq. ft. Current offering prices start at $995,900 and go up to nearly $2.8 million per condo unit. The largest units have three bedrooms plus a den. Estimated Home Owners Association dues range from $865 to $1,537 per month.
What services is the HOA doing for me that I'm paying apartment rent prices for? sheesh
Ultimately, to each their own. But if you're spending nearly $3 MILLION dollars on a condo just to live next door, above or below someone else in a glorified apartment building, then you are doing much better than me and have a lot less cares in the world than I do.
Even if you're 65, retired and rich... why would you live in this thing?
Funny thing is, the people that will buy these (if they sell) will be the same ones that get charged $1 for a bag at Aldi for their groceries...
The reason you would live here is that it’s low-maintenance- no yard to take care of, fences to paint, etc. - and there’s likely a few things in walking distance. I frankly don’t understand the argument for needing to have so much space from other people. You don’t often hear them in a condo, the walls are pretty thick.
I’m not suggesting you all need to buy one of these, to each their own, but come on, not everyone wants more space and land than they have the need and capacity to care for.
Last edited by TitosBuritoBarn on Wed Aug 20, 2025 11:57 am, edited 1 time in total.
"Video game violence is not a new problem. Who could forget in the wake of SimCity how children everywhere took up urban planning." - Stephen Colbert
TitosBuritoBarn wrote: Wed Aug 20, 2025 11:05 am
The reason you would live here is that it’s low-maintenance- no yard to take care of, fences to paint, etc. - and there’s likely a few things in walking distance.
Heartwood Preserve has a lot of work to do before this becomes a good 'walking distance' location. There is so little that is actually there and not sitting in a planned stage.
TitosBuritoBarn wrote: Wed Aug 20, 2025 11:05 am
The reason you would live here is that it’s low-maintenance- no yard to take care of, fences to paint, etc. - and there’s likely a few things in walking distance. I frankly don’t understand the argument for needing to have so much space from other people. You don’t often hear them in a condo, the walls are pretty thick.
I’m not suggesting you all need to buy one of these, to each their own, but come on, not everyone wants more space and land than they have the need for and capacity to care for.
Likely because I don't have the money required to invest in one of these, this question will be laughed at... but how does someone get a mortgage on a $3 million condo in Omaha at 144th & Pacific St? I'm guessing the people that buy these simply write a check or only finance a small portion. I don't see how these could be legitimately valued at $3 million. I realize this could be the penthouse and a one-off with the majority of them selling for much less.
But hey, if the guys building this can spend $500k/unit and get $3 million in return, more power to them.
Wonder if the million dollar condos at the top of the hotel on 180th called Aloft ever sold. Those seemed to sit empty for years.
Likely because I don't have the money required to invest in one of these, this question will be laughed at... but how does someone get a mortgage on a $3 million condo in Omaha at 144th & Pacific St? I'm guessing the people that buy these simply write a check or only finance a small portion. I don't see how these could be legitimately valued at $3 million. I realize this could be the penthouse and a one-off with the majority of them selling for much less.
If you've got the money, you'd probably use your current assets (like your investment portfolio) as collateral on a loan. These rates can be really low, like sub 2%. The rich don't buy things outright very often if they can finance it for cheap and keep their liquidity for something else.
TitosBuritoBarn wrote: Wed Aug 20, 2025 11:05 am
The reason you would live here is that it’s low-maintenance- no yard to take care of, fences to paint, etc. - and there’s likely a few things in walking distance.
Heartwood Preserve has a lot of work to do before this becomes a good 'walking distance' location. There is so little that is actually there and not sitting in a planned stage.
There also does seem to be SOME movement on getting the Row developed now though, with multiple different projects starting up. The walkable components of this development are finally on the horizon. If I had $3,000,000 would I buy here? Probably not. But I’m sure it will work for some people.
It’s important to understand that there is a ridiculous number of wealthy people in Omaha that do have this kind of money to spend. Also, wasn’t Heartwood Preserve pitched as an upscale living development? If so, this fits that.
People on this forum: "Why doesn't Omaha build different kinds of housing instead of just large homes and apartments?"
Also people on this forum: "Why on earth would developers build something different in Omaha, are they stupid?"
In all seriousness, I am also not sure how well they will sell, but I would have to imagine that the developers of this multimillion dollar project have probably done more market research than I have. I'm excited to see how this turns out because if sucessful it may prove to other developers that condos can work in Omaha potentially spurring additional projects of that type. (condo towers downtown or midtown anyone?)
And to those saying that Omaha should not approve this development and instead build affordable housing, Im not sure you realize this, but the city doesn't own this land and can't just deny this development approval, seize the land, and build affordable housing. This focus on purely affordable housing is short sighted at the least, and disingenuous at most. All housing built helps keep housing affordable, no matter if they are 3 million dollar condos, starter homes, luxury apartments, or social housing. If someone wants a million dollar condo they will now have that option, opening up their million dollar house for the upwardly mobile family of 5 so that they can leave their middle class home for another middle class family. This continues so on and so forth, taking pressure off the cheaper end of the market giving wealthy buyers other options instead of pricing out those with less means on other properties. This concept seems lost on affordable housing purists.
Anyway, hoping for some more momentum for Heartwood as a whole!
Elkhorn_Urbanist wrote: Wed Aug 20, 2025 8:41 pm
People on this forum: "Why doesn't Omaha build different kinds of housing instead of just large homes and apartments?"
Also people on this forum: "Why on earth would developers build something different in Omaha, are they stupid?"
Literally nobody said that.
I don't mind the prices, but $900 a month for the HOA is laughable.
Elkhorn_Urbanist wrote: Wed Aug 20, 2025 8:41 pm
People on this forum: "Why doesn't Omaha build different kinds of housing instead of just large homes and apartments?"
Also people on this forum: "Why on earth would developers build something different in Omaha, are they stupid?"
Literally nobody said that.
I don't mind the prices, but $900 a month for the HOA is laughable.
That's seriously what they said, or is that a hypothetical?
Must get a doorman, a personal chef and an errand-runner for that amount. Oh, and all laundry cleaned for free.
Seriously though, if you're spending millions on a condo, it's probably not a big deal. At the same time, if you are spending millions on a condo, wth can the HOA fee be covering? My mom pays about $250/month for her condo HOA and I think she gets robbed because they seriously put nothing back into the property.
As a New Yorker, my perception of HOAs must be super skewed because those seem very reasonable to me haha
HOA fees like this are going to doormen (3 separate buildings means presumably 3 separate doormen on any given shift), a maintenance team, and general commons upkeep for things like the pool and whatever other amenities they plan on having, along with general building maintenance.
Garrett wrote: Thu Aug 21, 2025 5:58 pm
As a New Yorker, my perception of HOAs must be super skewed because those seem very reasonable to me haha
HOA fees like this are going to doormen (3 separate buildings means presumably 3 separate doormen on any given shift), a maintenance team, and general commons upkeep for things like the pool and whatever other amenities they plan on having, along with general building maintenance.
I don't think there are going to be doormen at this place, but I could be wrong. I can't think of any doormen at multi-unit complexes here in Omaha.
Additionally, Most HOAs here are for subdivisions and have a bunch of ticky tacky rules set by power hungry people with nothing but time on their hands.
Elkhorn_Urbanist wrote: Wed Aug 20, 2025 8:41 pm
People on this forum: "Why doesn't Omaha build different kinds of housing instead of just large homes and apartments?"
Also people on this forum: "Why on earth would developers build something different in Omaha, are they stupid?"
Literally nobody said that.
I don't mind the prices, but $900 a month for the HOA is laughable.
Over the 15 years that I have been following this forum there have been numerous commenters on numerous threads that have bemoaned the lack of housing options in the metro. They have pointed out that what seems to be built is apartments and larger houses in the suburbs, with a dearth of other forms of housing. Almost like a missing middle if you will. Now a developer has come along wanting to build a form of housing of which little anecdotally exists in our city and all of the comments seem to lean critical if not outright hostile to their idea. Now I'm not saying that I'm not skeptical, and I certainly won't be buying one of these units, but is there not at least some interest in this forum in how this is going to turn out? Is there not some hope that it will be sucessful? Or is it just "luxury bad, only affordable housing good"?
Regardless, It'll be fun to watch buildings go up and see how the whole thing shapes up if they move past the drawing board.
Garrett wrote: Thu Aug 21, 2025 5:58 pm
As a New Yorker, my perception of HOAs must be super skewed because those seem very reasonable to me haha
HOA fees like this are going to doormen (3 separate buildings means presumably 3 separate doormen on any given shift), a maintenance team, and general commons upkeep for things like the pool and whatever other amenities they plan on having, along with general building maintenance.
I don't think there are going to be doormen at this place, but I could be wrong. I can't think of any doormen at multi-unit complexes here in Omaha.
Additionally, Most HOAs here are for subdivisions and have a bunch of ticky tacky rules set by power hungry people with nothing but time on their hands.
From the article
The main lobby will have a staffed front desk, expansive seating, a sports lounge, mail/courier room and exercise facility.
Residents will enjoy below-grade, secure, heated parking.
I'm definitely not going to buy one, but I'm glad that we're getting new housing options that previously were not available in Omaha.
If a few dozen empty nesters move in that's likely a few dozen single family homes available as well
Being a condo owner I can attest that in some cities condos are much much more popular than owning a home, given all of the headaches that come with home ownership. You pay your monthly HOA, plus some or all of your utilities, and get to enjoy a lifestyle that most homeowners cannot afford (24/7 security, elevator access, a swimming pool, gym, on site coffee house/restaurants, rooftop lounging and entertainment area, secure parking, maintenance free landscaping). It varies from property to property, but you get the idea. Many people in our condo development purchase units as investments and rent them out using AirBnB and similar property rental avenues. My complex is not “high end” but owners charge $200-300 dollar equivalent per night in LOW season, and have their units constantly occupied. Omaha doesn’t have a huge inventory of condos at present so this project is in my opinion about 20 years overdue.
OmahaFan wrote: Wed Aug 20, 2025 6:54 am
The city of Omaha should not approve this apartment project and instead build more affordable housing and apartments in West Omaha. This is just craziness. If I had $2 Million laying around I would just buy a house.
If you don't let them live in condos they will all be in single-family houses taking up more space and raising prices for everyone else. Your argument really doesn't add up.
nativeomahan wrote: Thu Aug 21, 2025 11:11 pm
Being a condo owner I can attest that in some cities condos are much much more popular than owning a home, given all of the headaches that come with home ownership. You pay your monthly HOA, plus some or all of your utilities, and get to enjoy a lifestyle that most homeowners cannot afford (24/7 security, elevator access, a swimming pool, gym, on site coffee house/restaurants, rooftop lounging and entertainment area, secure parking, maintenance free landscaping). It varies from property to property, but you get the idea. Many people in our condo development purchase units as investments and rent them out using AirBnB and similar property rental avenues. My complex is not “high end” but owners charge $200-300 dollar equivalent per night in LOW season, and have their units constantly occupied. Omaha doesn’t have a huge inventory of condos at present so this project is in my opinion about 20 years overdue.
Omaha just doesn’t seem to be a condo city. It seems like they take longer to sell than houses. Maybe someday that will change.
OmahaFan wrote: Mon Oct 20, 2025 7:12 am
They had to secure financing to finish the building? Are you kidding me? Sounds like this project was mismanaged from the start. SMH
Not mismanaged, just part of their risk management process. They did overestimate the ability to find a partner, but this or something like it was presumably always part of their plan: initiate the project, guarantee rent from themselves, then sell a portion of the project now that they've created value for it. They never intended to just build and occupy and own the place all by themselves, because that would lock up capital into perpetuity. This is a way of getting money back out from the project. Presumably the project is tied to their insurance portfolio as well (I don't know if you've ever worked insurance, but the premiums that come in are invested in a way that annuitizes money back to pay for claims).
Mutual of Omaha did something similar with Midtown Crossing, though I don't believe they ever took on another equity partner?
It will be 10 years this Saturday on when they broke ground on the project.....
And yes, drove by Applied late last Saturday, and the entire building is still strung with contruction lights inside. The entry it appears is complete.
Reminder, Noddle said this would be a 20 year buildout.
OverlookedFarm wrote: Mon Oct 20, 2025 1:22 pm
Reminder, Noddle said this would be a 20 year buildout.
Wasn't that supposed to be for the entire development though and not just this single building?
Also, they did a kite festival this past weekend that looked to be fun. We skipped this, but did the Fall Festival the previous weekend. It was aimed for little kids and my teenager wasn't that entertained.
OverlookedFarm wrote: Mon Oct 20, 2025 1:22 pm
It will be 10 years this Saturday on when they broke ground on the project.....
And yes, drove by Applied late last Saturday, and the entire building is still strung with contruction lights inside. The entry it appears is complete.
Reminder, Noddle said this would be a 20 year buildout.
I'm not sure where you are getting 10 years for when they broke ground. Looking back at the start of this thread, the first announcement about the development wasn't even until April of 2016, with Applied Underwriters saying they were finalizing a contract to buy the land the following month. And grading didn't even start until around June of 2017 with them saying at that time structures would start rising the following year (2018).
Applied Underwriters didn't actually break ground on their building until 2019. And then a little pandemic happened and shut things down for a few years, during which construction on the AU building completely stopped with them not sure if the building would be needed anymore due to remote work that seemed at the time to be a permanent movement. I agree this building has moved at a snails pace since then though.
I think many have had way too high expectations on the speed of this whole development, especially with how covid slowed things down tremendously. And while many have been disappointed with the strip mall portion across from the post office, there's been some good gets elsewhere. The apartments north of Millard North are massive. I'm glad the portion along Dodge ended up being larger office buildings instead of big box stores that were depicted in early renderings. The Row portion is starting off pretty well too. And I like the park/event space to the east of that.
I've been walking this area since the beginning and it has really come a long way. I remember walking through fields of weeds in the early days and wondering where exactly the trail on the west end was going to go over the past few years as I walked the area every few weeks through the warmer months. Now the trail is fully completed as of this year (including the bridge around the retirement home that they took forever on) and I've been walking it pretty much weekly this whole summer before going east and checking out the status of the buildings under construction. And I'm increasingly impressed with how things are going.
When Noddle originally headed the project, the timeframe was discussed as decades. I will be the first to say, I’ll take a quality development over a longer development period vs a strip mall SFH subdivision.
Speaking of walking through this area, I have many times taken photos of the progress but forgotten to post them when I got home. Here's a couple from about a month ago:
2025-09-28 18.31.50.jpg
2025-09-28 18.22.14.jpg
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Elkhorn_Urbanist wrote: Wed Aug 20, 2025 8:41 pm
People on this forum: "Why doesn't Omaha build different kinds of housing instead of just large homes and apartments?"
Also people on this forum: "Why on earth would developers build something different in Omaha, are they stupid?"
Literally nobody said that.
I don't mind the prices, but $900 a month for the HOA is laughable.
I’ve come to the conclusion that they’re trying to turn everything into a subscription.
- Own your home? Your valuation just went up and you have to pay $900 a month to live under the HOA rules, which can foreclose on your house.
- Can’t afford a home, how does a mortgage payment without any of the ownership benefits sound?
- Cars are becoming so expensive most people can only afford to lease.
- Media/Entertainment, Oh, you want a physical copy? How about you subscribe to our streaming service instead and you’ll never “own” physical media.
- Apps that used to be free or cheap are now a subscription. Don’t want to subscribe? Well, too bad, subscribe or it stops working.
We'll use the ice rink a few times this winter. I wonder how cold it'll need to be out to keep it from turning to slush. They're starting operation on the 1st of Nov and it's forecast to be in the 60s still.
OverlookedFarm wrote: Mon Oct 20, 2025 1:22 pm
It will be 10 years this Saturday on when they broke ground on the project.....
And yes, drove by Applied late last Saturday, and the entire building is still strung with contruction lights inside. The entry it appears is complete.
Reminder, Noddle said this would be a 20 year buildout.
I'm not sure where you are getting 10 years for when they broke ground. Looking back at the start of this thread, the first announcement about the development wasn't even until April of 2016, with Applied Underwriters saying they were finalizing a contract to buy the land the following month. And grading didn't even start until around June of 2017 with them saying at that time structures would start rising the following year (2018).
Applied Underwriters didn't actually break ground on their building until 2019. And then a little pandemic happened and shut things down for a few years, during which construction on the AU building completely stopped with them not sure if the building would be needed anymore due to remote work that seemed at the time to be a permanent movement. I agree this building has moved at a snails pace since then though.
I think many have had way too high expectations on the speed of this whole development, especially with how covid slowed things down tremendously. And while many have been disappointed with the strip mall portion across from the post office, there's been some good gets elsewhere. The apartments north of Millard North are massive. I'm glad the portion along Dodge ended up being larger office buildings instead of big box stores that were depicted in early renderings. The Row portion is starting off pretty well too. And I like the park/event space to the east of that.
I've been walking this area since the beginning and it has really come a long way. I remember walking through fields of weeds in the early days and wondering where exactly the trail on the west end was going to go over the past few years as I walked the area every few weeks through the warmer months. Now the trail is fully completed as of this year (including the bridge around the retirement home that they took forever on) and I've been walking it pretty much weekly this whole summer before going east and checking out the status of the buildings under construction. And I'm increasingly impressed with how things are going.
Brother. I saw it with my own two eyes. It was in my very own backyard. The last crop went off on Oct 18th 2015 (we sure did fill out the grain carts that day!), survey spikes from Lamp Rynearson 10 days later and shortly after (Spring of 16) they started moving dirt.
