Construction has begun on a nearly $14 million new development in downtown Omaha at 15th and Jackson Streets that will include four floors of apartments, two floors of parking and one retail bay.
The development, named 1501 Jackson, is expected to be finished by spring or early summer next year, said developer Michael Moylan of Shamrock Development. The project was approved for almost $2 million in tax increment financing, or the use of the initial property taxes generated by the development for related public infrastructure.
The plan is for 75 one-, two- and three-bedroom apartments, some of which will feature dens, that will rent from $1,100 to $1,800 a month; 108 covered, heated parking stalls for residents and residents of neighboring buildings; and a 2,600-square-foot retail space.
Moylan said he has no confirmed retail tenant yet, but he hopes to lure a trainer or exercise facility to the space. With the location and parking, a trainer “would do well and it would be an enhanced amenity for our building,” Moylan said.
The building also will feature a private, interior courtyard with a dog-walking space, Moylan said, along a second-floor exercise room and a clubhouse on the top floor with access to a deck.
Moylan said the project has been in architectural planning stages for the past year. Leo A Daly is the lead architect on the project.
Moylan said building new is much easier than redeveloping old buildings, which he has more experience with. That's because there are fewer regulatory and physical constraints in trying to meet modern codes and provide modern conveniences.
“We feel there's probably a pent-up demand for new construction downtown,” Moylan said. “We're proud and happy to do the restoration of other buildings, but we do feel there are many people who just want to be in a new building.”
The property on the southwest corner of 15th and Jackson was formerly a surface parking lot. Construction crews this week were removing basement walls, floors and foundation left from a building that once stood there.
“Whenever you're doing downtown construction, you never really know what's beneath the surface of a parking lot,” Moylan said. “In our case, it was plenty.”
Shamrock Development has refurbished downtown buildings for multi-unit housing, including the Paxton hotel at 14th and Farnam Streets and the Barker Building at 15th and Farnam. While this is Moylan's first foray into new residential construction, he has completed new construction projects in other areas, including office buildings in Papillion and the Paxton Professional Center downtown.
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