Moxy Hotel to replace OM Diner

[DTO Luv]

I was in the Old Market Saturday and noticed the lot that the Diner is on (12th and Harney) is for sale. The sign said it was zoned for CBD so I'm guessing whoever buys it would buy with the intent of building a new building.

[Big E]

I called on the lot the other day. List price is something like $2.1 million. Don't hold your breath on that one.

-Big E

[MTO]

Dude! I told you this a long time ago! The owner of Cool Stuff told me. And you didn't believe me. HAHAHAAA
Next time just "listen to me now and believe me later".

[the1wags]

Well if anything, at that price point someone prolly isn't going to buy it to sell sandwiches. I'd think it would be more likely for new construction. Think JLofts north.

[It's omahachef]

T make this even stickier, I was chatting with the oriental woman who owns the place, and she owns the building, but not the land. She plans to close and retire in about 4 years, and has a lease until that time. If you bought the property, I'd suspect you would have to either honor the lease, buy out the lease, or pay to move the business. $2.1 million for about a 16th of the block?

[DTO Luv]

I don't know if $2M is too expensive. It's a signifigant spot in the Old Market. I'm interested to see what happens with it. I would like to see other small lots with other buildings around them be built in through out DT. The new hotel on Jackson could open some people's eyes to similiar projects.

[MTO]

And if it doesn't go then what happens to it?

[Big E]

You basically have two options if you want to buy the land:

1) Buy the property and honor the lease
2) Buy the property and try to renegotiate the lease

I imagine I would let the lease run its course while I was figuring out what to do with the land. It's making someone money as it is right now. At $2+ million, though, you're not going to have a parking lot and breakfast joint for long, though.

Does anyone else just shake their head at all these empty corner lots being built and developed just a few decades after being torn down? WTH were people thinking?

-Big E

[Guest]

If memory serves me, I belive the owner of Michaels in the Market owns this lot.

[Coyote]

You are correct Guest. Michael Henery - owner of Michael's Restaurant and Lion Place Condominiums also owns this property.

[Coyote]

Land sale eventually could force the Diner out of the Old Market after its lease expires

The central business district zoning on the land allows a building with a height of up to 75 feet, Henery said. Henery purchased the land planning to build a six-story building containing commercial condos with a restaurant on the first floor and underground parking, he said. However, the Diner's lease doesn't expire for three more years, and Henery decided that he did not want to buy it out, he said. Instead, Henery is selling the property. The sale of the land may jeopardize the future of the Diner, which has been open at its current location for 20 years. The owner of the Diner was out of the country and unavailable for comment last week.

[DTO Luv]

Well that sucks thay we'll have to wait 3 years for anything to happen. I still see that for sale sign on the lot so I've wondered how things were going.

[DTO Luv]

A new 6 story building would look nice here.

[Guest]

D T O Luv here. I over heard Val (the OM sketch guy) talking about the guy who owns the dinner being offered to be bought out by a couple of people but that he wouldn't sell. Like I said that's unfortunate that we have to wait 3 years to get anything done there.

[Guest]

Although I am all for the added density it would add to the Market, there are far more important surface lots that need buildings on them. Specifically the ones on 11th St. Besides that, I like the diner and the atmosphere it adds.

[OmahaChef]

Val is apparently a crazy old man like he tends to act, since there is no "he". Mr. C died several years ago. The funeral attracted literally 100's and 100's and almost turned into a spectacle. Mrs. C owns the Diner and the building and leases the property. She has been adamant that she will retire when the lease on the land runs out, so unless someone buys the property and keeps the Diner there, it will be gone after 3 years in any case. Given the asking price of the land, there is no way the existing Diner could ever do enough business to pay on that mortgage. It's my days off breakfast spot and I intend to enjoy it until the day it closes.

[DTO Luv]

It might not be that bad food wise but it's hard for most people to enjoy it when they close so early. By the time the evening crowds roll around the Diner is pretty much a surface parking lot.

[Coyote]

I am wondering if there is any interest on this yet, I am surprised it is zoned for only 75 ft though..

[Midwestern]

This is listed for sale again. Price moved up to $2,395,000. Would be nice if this could finally be developed by the end of this decade...

[daveoma]

This is listed for sale again. Price moved up to $2,395,000. Would be nice if this could finally be developed by the end of this decade...

Agreed, I think this corner has TONS of potential. Same with the parking lot north of Harney street between 10th and 11th.

[Coyote]

That building across the street to the west could use some new life...

[Louie]

That building across the street to the west could use some new life...

The building with the Dubliner in the basement? What are the above floors used for?

[daveoma]

That building across the street to the west could use some new life...

The building with the Dubliner in the basement? What are the above floors used for?

I think it's commercial space but there have been long periods of vacancy.

[skinzfan23]

Yeah, they have had for lease signs in the windows for at least 3 years.

Seems like it would be a good space for a coffee place or another restaurant considering they have the patio area on 12th St.

[Louie]

Bet they could put some insane lofts on the upper floors, too.

[iamjacobm]

This is listed for sale again. Price moved up to $2,395,000. Would be nice if this could finally be developed by the end of this decade...

Damn...

Hope someone can make that work, with height restrictions for any new construction that may be a hard figure to recoup. Maybe some really high end condos could work.

[Midwestern]

Doubt we'll see any more JLofts type buildings any time soon. What % of JLofts is even sold/occupied?

[iamjacobm]

Doubt we'll see any more JLofts type buildings any time soon. What % of JLofts is even sold/occupied?

Last update was about half full. That was a while ago when an out of state investor bought all the empty condos.

Even this lot is so much smaller than where jlofts is. This building could be about 6 floors max. That might be a $10 million building at least on a $2 million lot with not a ton of space for units. I think anythig that goes in here will have to be premium priced.

[MTO]

Well the skinny building thing is in at least for our major cities. It would be nice to see a six story there. How about some micro flats or are those not that profitable. If this stay vacant however imminent domain is a must.

[iamjacobm]

Well the skinny building thing is in at least for our major cities. It would be nice to see a six story there. How about some micro flats or are those not that profitable. If this stay vacant however imminent domain is a must.

I just said 6 stories because the height limit is 75 feet. Maybe I don't know what I am talking about, but that asking price doesn't give me a lot of hope for a sale. The DCA has the lot valued $2 million less than the asking price. The tax value doesn't always mean thats what it will sell for, but dang.

[Midwestern]

There is no chance it is selling for that price. Isn't there a way the city could make surface parking cost-prohibitive? Do other cities ever do that? I really think 10th to 16th, Douglas to Jones, should be off-limits to surface parking. Or at the very least, 10th to 13th.

[GetUrban]

Actually, it's encouraging to see prices for land that high in the OM. It will force denser development to realize a return on investment. You'd really have to build something substantial to make the numbers work. If there is a demand, it could happen. That's a big if. I agree the price will have to come down. The lot is 66 ft x 132... Same as the Plank restuarant building where Little King used to be at the SW corner of 12th & Howard. Not really a terribly skinny lot by downtown standards...historically speaking.

I suppose the Diner building itself has some value, if it can be moved..maybe $150k?

[Coyote]

You are correct Guest. Michael Henery - owner of Michael's Restaurant and Lion Place Condominiums also owns this property.

I just spoke with Mr Henery and asked this property and he said he was glad he didn't build here 10 years ago because of the recession. He bought out the diner a while back and now leases the property to the present Diner people, but now has no plans on doing anything here.

[iamjacobm]

Back on the market. Listed for $1,595,000 on Loopnet.

[Coyote]

Site Plan Review was submitted to the Planning Commission.

[Brad]

Site Plan Review was submitted to the Planning Commission.

And you might know the guy that drafted that site plan...

[Garrett]

Site Plan Review was submitted to the Planning Commission.

And you might know the guy that drafted that site plan...

And what does this site plan call for?

[Brad]

And what does this site plan call for?

I wish I could say, but I'm sure when the plans are made public, people are going to be really impressed and excited.

[Guest]

Site Plan Review was submitted to the Planning Commission.

And you might know the guy that drafted that site plan...

Steve Minard?

[Bob from Omaha]

Site Plan Review was submitted to the Planning Commission.

And you might know the guy that drafted that site plan...

Steve Minard?

European Village