128
Armor Storages
2711 Martha Street Omaha, NE 68105
10404 Essex Court, Suite 101 Omaha, NE 68114
www.armorstorages.com
Andrea Macias
Development Coordinator
amacias@whitelotusgroup.com
+1 (402) 346-5550
Yes
Arun Agarwal (CEO), Drew Sova (EVP/General Counsel), Eric Wolfe (Architect/Construction Manager), Andrea Macias (Dev Coordiator), Darienne Pokorny (Controller/Auditor/CPA), Crystal Cantrell (REgional Prop Mgr), Shawn Johnson (SVP - Ops)
see attached
Recently completed an environmentally challenged site at 60th and Sorensen and turned into a $40MM development including 120 units of senior affordable housing, retail and corresponding businesses. This included managing 50k tons of buried debris that needed to be managed. White Lotus Group, headquartered in Omaha, with offices in QCT, has been actively developing projects in North and South Omaha throughout our history. Projects that may be of note include, but limited to: 30 Metro Place, Prairie Springs, Turner Court Apartments, 1401 Jones (new public library), RTG Medical (NMTC - corp HQ in Fremont), Hotel Deco, Ames Plaza, Ames Innovation, Ames Rows, Learning Community of South Omaha, Blackstone, Baxter Auto, Nebraska Realty. Recent Awards: State of Nebraska DHHS, DMV and Veterans Campus in GI. Accomplishments include approximately $100MM of investments in north omaha with no philanthropy awards. Over 500 units of affordable housing totaling housing for nearly 2000 people. We have aided in over 1,000 jobs created or positions earned since inception within Omaha alone.
2711 Martha
8279000.0
2279000.0
Capital project
TC Accommodator 160, LLC, is owned by White Lotus Group ("WLG), located off I-480's Martha Street Exit, 2711 Martha Street ("Project"). The Project includes a mixed use facility including storage and main level retail presence. The Project has been designed, and will bring a unique entry to a hopeful revival of the Sheelytown district that recently lost its funding. Additional challenges related to the brownfield nature of site, will allow that entry to Sheelytown to be introduced with a new presence. The Project has already been engineered, including efforts to work with the Environmental Protection Agency (EPA) for remediation and monitoring of vapor intrusion. Housing is not recommended at the site, and the Project represents the highest and best for the site given covenant restrictions and environmental concerns. Integrating industrial uses above grade with a retail main level will introduce an achievable project and solve as a pathway for increased investment to the neighborhood. Construction would begin in 2023 and conclude in 2024 with a high degree of confidence.
Resubmit to EPA in 1Q23 Submit for Permitting in 1Q23 Construction Commencement 2Q23 to 2Q24 Lease up and Occupancy in 2024
1.0
Fundamental Change (i.e., a proposal that will continue to elevate North or South Omaha's presence and perception within the region, significantly improving the lives of area residents through physical development)
Other Other Infrastructure (i.e., develop or improve broadband, business districts, roadways, sewer, etc.) Quality of Life (i.e., create or enhance natural spaces, mixed uses, parks, safety, etc.)
The site marks an entry to the redevelopment of the Sheelytown area and given the environmental challenges with this site and its preclusions; any development and solution will improve investment and safety to the area.
The need for environmentally safe developments and improvement of the investment and livability horizon of the area is incrementally solved with the inclusion of this project. It will provide services to the area residents and improve the perception and investment feasibility in that neighborhood.
Creation of Jobs Investment activity in QCTs Improve the Infrastructure Encourages additional investment in area
17
13
30
$13 to $30
Project will include a set aside of 5% for minority and disadvantaged businesses
The project will improve the community by redeveloping an environmentally challenged site. Addressing brownfield sites improves the livability and safety of area residents while improving feasibility for expanding and enhancing the local neighborhood. There has been a challenged redevelopment opportunity in Sheelytown; and hopefully activity improves activity.
The sustainability of the neighborhood and quality of life enhances by introducing services to this neighborhood. Occupying dormant, brownfield land will connect neighborhoods and walkability in a safe manner.
The project will showcase an enhanced design for its mixed use purpose, including utilizing renewables for sustainability. The intent is not only to address the environmental dangers, but also to improve sustainability of project.
Two Outcomes should be measured: 1). Did any additional investment in the surrounding 1mile occur after this project 2). is the environmental challenges addressed in the redevelopment.
Affirmation by EPA and property tax increases in the neighborhood as measured by city economic development or county treasurer
yes, the entryway to the neighborhood comes through this site. Both environmental design and aesthetic design will be vital for encouraging additional investment.
No
No
2711 Martha Street, Omaha, NE 68105 Directly off I-480 - Martha Street Exit
Within one or more QCTs
see attached - including EPA and associated environmental docs. (NOTE: Several docs were too large and could not be separated as limited to 10 attachments)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
The site has environmental challenges as well as deed restrictions. With its high visibility location, investment into the site will serve as a catalyst to additional investment in the neighborhood. There are no known sources of incentive dollars to address the environmental and site challenges while building something that would augment investment.
Grant funds will specifically be used to address environmental challenges, create a renewable energy system and upgrade the exterior facade to meet the objectives of the project.
Yes
Our firm has a CPA/Controller that works with our engineering and construction management staff. Upon updating engineering with city of omaha public works approvals and bonding, a general construction contract alongside engineering and marketing fees defined, we would see to submit payment applications with associated lien waivers (approved by 3rd party engineer) for payment or reimbursement. That would continue until final pay application and payment.
Traditional Debt and Equity plus ARPA are the only funds anticipated.
Upon an ARPA award, all other sources would close.
yes.
no
See Sources and Uses of Funds. Organization will commit $1MM of equity plus guaranty $5MM of Debt.
1.0
1.0
1.0
1.0
Documentation of site control (proof of ownership, option, purchase contract, or long-term lease agreement) Environmental assessment of subject site. Is the property a brownfield site? Organizational Chart Plans and detailed descriptions, including pictures and a map of the site location/surrounding area Pro Forma Proposal Budget/Sources and Uses Request Rationale Documentation