Brand New Riverfront Area Condos Coming to Omaha
The first construction condominium community in the downtown portion of Omaha in over 10 years is hoping to become a reality. There has been a vacant plot of land near the Omaha riverfront for a significant amount of time and there is now a proposed residential condo project for the area.
Builder Milestone Development has petitioned the city of Omaha to approve $2 million in tax increment financing to help offset expenses associated with certain environmental and other constraints for building the condo building in the area. This new residential condo community will be named River Place and is met with much anticipation as it is the first brand new construction condos to be built downtown in more than a decade.
Alex Jensen who works at Milestone Development has shared that this new residential community in the riverfront area of Omaha will have 17 upscale condos that are estimated to range in price from $650,000-$925,000. The majority of the condo homes will offer two-bedroom floor plans. At a time when most developers are looking to build rental properties Milestone is sticking with their focus on for-sale condos.
The development team is enthusiastic about their decision for this type of housing in downtown Omaha as there is a large overhaul of several different areas and revitalization with great new public amenities and entertainment as well as the plans for a new streetcar route.
Surrounding buildings of this new condominium community at 520 riverfront plaza are already owner-occupied homes that include 2 Riverfront Pl. condo towers and a historic strip of row houses on Riverfront Drive. It makes sense to continue with the type of housing already in this portion of the riverfront. Milestone Development also believes that there is a short supply and high demand for the ability to own homes in downtown Omaha.
The current offerings to purchase real estate in the downtown area of Omaha mainly stand within historic buildings or atop renovated hotels. The only other newer construction condo building in Omaha is the neighbor of this proposed project at Riverfront Place which was built in 2011. Other brand-new construction housing projects for downtown have fizzled in the last few years and then became rental units.
The plans for the condo community layout will include the first story of parking garage space topped with condo homes some of which offer two stories of living space. Condo homes are planned to offer between 1400 ft.² of livable space to 2200 ft.² of livable space which is larger than some single-family homes offer. The condo building also plans to include a rooftop pool over the north end of the parking lot. It will be the only downtown condo building that offers its own private community pool. This new condo community will be finished in late 2024 if all of the development goes as planned.
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