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Lofty Living
Story by JUDY HORAN
Photos by WENDY BARNES
One Magazine
February 2005
“Condo Fever” caught on in downtown Omaha early last year with more condominiums on the drawing board and under construction than ever in the city’s downtown history.
When the Riverfront Place condominium and townhome complex opens in 2006 on the banks of the Missouri River, Scott and Diane Stormberg of Omaha will be among its first tenants.
For the Stormbergs, making the decision to trade their long-time west Omaha home on 132nd and Blondo for downtown living quarters overlooking the river was easy one.
The couple wanted to be near the activities they enjoy in the Old Market, such as arts, restaurants and music. They like traveling, so proximity to the airport was also a plus.
Diane also likes the quick trip to her job as a pediatric nurse at Creighton University Medical Center, four minutes down Cuming Street. Scott is a dentist in Benson.
They also like the idea of leaving home without worrying about mowing the lawn or shoveling snow. Both jobs will be done for them as part of their homeowner association dues.
And their west Omaha home could never offer the view of the river that they’ll have from the wall of glass on the east side of their condo. Nearby on the riverfront will sit a public plaza, restaurant and a pedestrian bridge across the Missouri River.
“We felt we were getting the best of both worlds with downtown activities and arts,” Diane says. “Yet we have a lot of green space and trails.”
Condo developers are finding a lot of Omaha buyers who feel the same way and are building at an unprecedented pace to meet the demand. This last year or so, more than 500 condo units were added to the downtown market, says Vince Leisey whose company, Prudential Ambassador Real Estate, is the sales and marketing arm for more than 300 of those units.
In previous years, most downtown condos were small projects.
“Maybe one or two above an Old Market restaurant,” says Leisey. “There were under 60 units for sale in the whole downtown market.”
Who is buying all these new urban condos? Empty nesters, he says.
“The Old Market condos such as our Beebe Runyan have been running from $200,000 up to $1 million. Empty nesters can afford these types of projects.”
The Stormbergs will be close to earning empty nester status by the time they move into their three-level townhome in the summer of 2006. Their 15-year-old son, Kevin, will be a high school senior and their 18- year-old daughter, Sarah, will be a college sophomore.
Leisey sees the trend in urban areas across America.
“As baby boomers get closer to retirement age, they want to continue to be close to activities, and those urban areas give them the ability to continue to be active.
”We’re hearing some people say it’s a misconception that they just want to retire and have vacation homes,” he says.
Many empty nesters want to downsize from their large homes.
“Few of the urban condos are over 2,000 square feet anywhere, unless it’s a penthouse.”
Riverfront Place developer Ross Robb says while the all-new Riverfront Place tower homes are being bought primarily by empty nesters, the townhome buyers are a mix of empty nesters and young professionals.
“It’s a demographic thing, the aging of baby boomers not necessarily wanting to live in a big house in the suburbs and take care of a lawn and maintain a house,” he says. “For young professionals, it’s a lifestyle choice.
“When I was a young professional, I couldn’t wait to live in the suburbs with a pool and lawn. Now they don’t want those responsibilities. They want a worry-free lifestyle. It’s a more 21st century lifestyle.”
“Condo fever” is demonstrated by the fact that, within two months after sales began, half of the condos in Phase I of Riverfront Place were sold. The 56 units, 38 in the tower and 18 townhomes, will be ready for occupancy in the summer of 2006. Townhome prices start in the mid $300,000s and tower home prices start in the mid $200,000s. One penthouse will be offered in the $1 million price area.
A sales office with a virtual video tour and design center is open to the public in front of the Marriott Courtyard Hotel at 10th and Douglas Streets. Sales will start later this year for the 48 units in Phase II.
The new generation of condos has a more open floor plan, higher ceilings and more modern kitchens and baths, Robb says.
“It’s a more exciting lifestyle because of more floor plans now that mirror single family floor plans.” Baby boomers are getting more than a maintenance-free lifestyle.
They’re getting a fitness facility, meeting room, concierge and 24-hour, live-in caretaker - amenities not generally available 20 years ago.
Robb lives in Tempe, Arizona, and for the past 20 years his developments have taken place in Arizona. But his two partners, Kim McGuire and John Kinnear, talked him into taking a look at the Omaha market.
His first reaction? “Omaha? Why would I want to go there. I had never been to Omaha in my 49 years of life. But after my first visit, I knew it was a smart thing to do.”
He saw Omaha as a city with a stable, well-grounded economy, great employment and job growth and positive civic attitudes about development.
“We’ve very satisfied with the response from the City Council, City staff, the public, civic organizations and the media,” says Robb.
Riverfront Partners LLC was selected by the City of Omaha in 2003 to develop riverfront property south of the Gallup campus, the only riverfront property in the area available for residential development. The partners have rented an apartment in downtown Omaha to be close to their project.
Leisey also is positive about Omaha’s downtown condo craze.
“We’re in the infant stages of what I believe will be a very active market for the next five to 10 years,” he says. Among the developments his company, Prudential Ambassador Real Estate, represents are:
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Beebe and Runyan, a former furniture warehouse, at 9th and Douglas Streets with 80 upscale condos. The Renaissance Revival-style brick building was built in 1913. Prices range from $197,000 up to a $1 million customized penthouse. Fitness center, atrium, concierge and heated underground parking. Move-in begins in early 2006. |
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Brandeis Lofts at 16th and Douglas Streets with 140 lofts and retail space in the former Brandeis Department Store building built in 1906. Prices start at $149,000 with a $1 million 10th floor penthouse. Parking for residents is in the basement. The sales office will open in early April and models will open in June. |
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The Hills Condos, at 26th and Douglas Streets, will offer 26 units in four separate buildings with about six units in each. Outdoor, but not covered, parking is adjacent. Prices range from $70,000 to $190,000. The first two phases will be completed this spring. |
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Park Plaza at 31st and Dodge Streets will have 60 units ready by June. Prices range from $60,000 to $210,000. Every unit will have an underground parking space included. The Hills and Park Plaza are on the outskirts of downtown, where square footage costs are less, so condo prices are lower. |
“This is more appealing to the younger generation,” Leisey says. “The closer you get to the Old Market, the more it costs to buy ground and buildings.”
Compare the $85-$105 per square foot price for The Hills with the $200- $300 square foot price for downtown condos.
Parking is one of the most important issues he deals with, adds Leisey.
“It’s very important to everybody that there is adequate parking for guests and for their own cars.”
Also underway in downtown Omaha are 60 condos plus office and retail space in The Paxton at 14th and Farnam Streets. The11-story, Art Deco former hotel was built in 1928.
The Rows at SoMa, a rowhouse development with 83 condos, is under construction at 12th and Leavenworth Streets.
Twelve upscale condos are planned in the 1000 Dodge development.
Leisey says new condos bring attention to the downtown area.
“I think over the next five to 10 years, there’s going to be a niche market down there. As you see more people move down there, you’ll see more retail stores, more restaurants.”
Robb says urban condo development is a national trend.
“Inner cities are looking to residential as the missing link to make downtown a 24-hour vibrant area. I’ve been in dozens of cities bigger than Omaha where this is happening.”
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