162
30th & Sorensen, LLC - a project entity of Noddle Companies
2285 S 67th St, Ste 250
https://noddlecompanies.com/our-team/
Jewel Rodgers
Development Manager
jewel@noddlecompanies.com
+1 (402) 926-6948
Yes
• President - Jay Noddle has been a business and civic leader in the Omaha community since the late 1980s. Jay will act as both an advisor and principal over the project. He has served in similar capacities in the Omaha Riverfront Redevelopment, First National Bank Tower, and Aksarben Village projects amongst many others spanning mixed-use commercial, retail, industrial, and housing. • Vice President and Secretary - Paul Dietsch leads the management of legal affairs of the company, including the negation of loan arrangements, real estate purchase/sale agreements, and construction contracts. He is currently serving in this capacity for 30th & Sorensen, LLC. He also oversees operations including the management of insurance benefits and HR functions. Paul has over 30 years of experience serving in this capacity. • Vice President - Ted Zetzman began his tenure at Noddle providing project management development services for corporate clients, including planning, zoning, and entitlements. Today, he oversees the managing of Noddle's special projects, including the Builder's District development, overseeing conception, design, and construction, financial analytics, site assemblage, due diligence, and municipal incentives. He will serve in a similar capacity for this project. • Treasurer - Michael Surls maximizes the return on assets by establishing financial policies, procedures, and reporting systems and safeguards assets through establishing, monitoring, and enforcing a system of internal controls. Michael ensures legal and regulatory compliance for all finance and financial reporting functions. He will serve in a similar capacity for this project, with over 25 years of experience. • Development Manager - Jewel Rodgers has over five years of experience in tenant organizing, non-profit community building, and grassroots community engagement. Most recently, she helped inform the master planning effort of Near South and Everett neighborhoods in Lincoln, Nebraska. Jewel is a North Omaha native with two years of direct commercial real estate experience. She will lead under the advisory of executive leadership, overseeing due diligence, entitlements, community engagement, and partnership development, as well as design and construction oversight. • Vice President of Property Management – Mark Ringsdorf has been involved in commercial real estate for nearly 30 years, receiving his Real Property Administration (RPA) and Facilities Management Administrator (FMA) designations from BOMA in 2000. He is primarily responsible for overseeing the day-to-day operations of approximately 50 properties across the country, including Residential, Retail, Industrial, Class A Office, Land, Mixed Use, and Government Occupied Properties. Mark will serve in a similar capacity for the 30th and Sorensen site, managing the current structures and the future new-build development.
Noddle Companies maintains the project entity, 30th & Sorensen LLC. The president is Jay Noddle who oversees Paul Dietsch (Vice President and Secretary), Ted Zetzman (Vice President), and Micheal Surls (Treasurer). Those three key individuals further oversee Mark Ringsdorf (Vice President of Property Management) and Jewel Rodgers (Development Manager).
As one of the largest developers of mixed-use office and retail redevelopments, community shopping centers, and office buildings in the Midwest, reaching more than 20 states in total, Noddle is now steadily growing its multi-family portfolio with two successful townhome developments recently completed and another under construction. With the understanding that diversity is vital to an enriched community, Noddle is turning their interests toward mixed-income housing. Over the past several years, Noddle has attempted to enter the mixed-income housing market through responses to City RFPs and private ground-up development. Significant development projects completed by Noddle Companies include: • 1200 Landmark Center • Aksarben Village Neighborhood • Kiewit Headquarters and Builders District in North Downtown Omaha • River’s Edge • Dewey Row Townhomes Noddle Companies is not new to Omaha, but they are new to mixed-income housing. This proposal helps achieve Noddle's mission to build better communities by providing the opportunity to create a diverse housing development on an irregular lot at the entrance of North Omaha’s 30th Street corridor from the North Freeway and Arthur C Storz Expressway. This development would bookend an essential portion of the corridor, acting as a catalyst for inward development between the 30th and Sorensen site and the Highlander development. Likewise, as a private developer in a historically divested community, we can set an example of how to create new development mindfully by working robust community engagement, tenant support, non-profit partnership into our development plan.
30th & Sorensen
8671649.0
2000000.0
Capital project
This project bookends a significant section of the 30th Street Corridor and has the potential to spur further development along the corridor. Our goal is to become an example of equitable development in a historically disenfranchised community by setting an example of new development, by a private developer, that develops with people and place in mind. We estimate the acquisition to commence in November 2022, while the pre-development phase of this project is estimated to be complete no later than October 2024, when construction is scheduled to begin. This project consists of a two-year hold period. During this period, we will conduct community engagement and hire an accessibility consultant to ensure we are designing with the community in mind. Most importantly, existing tenants impacted by the development will be completely supported financially via covered moving costs, relocation assistance, and ample notice – this will substantially reduce the likelihood of tenant instability due to displacement. Existing tenants may also have the opportunity to be rehoused in the new mixed-income development. The end goal of the project is a small-scale, mixed-income, mixed-use building on the corner of 30th & Sorensen designed and developed with community enrichment in mind. We aim to create a development that mirrors the values of the Highlander, another vital development that bookends this significant section of the 30th Street Corridor. The 30th and Sorensen development works well with the Highlander development by encouraging growing economic vitality on 30th between Sorensen and Parker Streets.
Acquisition: Sept 2022 - Nov 2022 Rezoning: Nov 2022 - May 2023 Public Outreach: Jan 2022 - Aug 2026 Planning Board: May 2023 TIF Application/Award: Feb 2024 Refinancing. Take-out, TIF, Construction Financing: Feb 2024 - Oct 2024 Residential Tenant Relocation: Sept 2024 Permit Submission: Sept 2024 Demo/Construction: Oct 2024 - Feb 2026 Lease up: Feb 2026 - Aug 2026 Refinance: Aug 2026
0.5
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) Long-Lasting Economic Growth (i.e., a proposal that will foster gainful employment opportunities and financial investment in the area, leading to the creation of generational wealth and widespread economic vitality in North and South Omaha) Transformational (i.e., a proposal that will help energize, recharge, or spur significant and favorable advancements in North or South Omaha's function or appearance)
Quality of Life (i.e., create or enhance natural spaces, mixed uses, parks, safety, etc.) Sustainable Community (i.e., create or enhance housing, services, education, civic uses, recreation, etc.)
We are proposing a mixed-income, mixed-use development on the corner of 30th and Sorensen, a corner of 30th Street that has significant potential to spur adjacent healthy development. The corner serves as an entry point into the neighborhood off the North Freeway and the Arthur C Storz Expressway. The parcel is also directly across the street from the Metro Community College Fort Omaha Campus and ALDI grocery store. Other amenities include the proximity to transit, a nearby transit center, the North Omaha Trail, Adams Park redevelopment, commercial activity on Ames and specifically the 30th and Ames node, nearby schools, restaurants, the post office, and is also a recent benefactor of the Street Preservation Fund Project. The area is a high value, high potential area. High-density development along the corridor is going to strengthen economic vitality along the corridor and that is what we aim to provide. Below are other specific benefits of the project: Transformational: This project addresses transformational, fundamental, and long-lasting economic growth. The project helps encourage a sustainable community and a higher quality of life by providing high density, mixed-income housing and commercial space along a highly active corridor further activated by public transit. Transformational: In addition to seeking to provide ground-level commercial activity, the end goal of this project is to provide mixed-income, high-density multi-family housing along the strengthening 30th St Corridor near neighborhood amenities. Among many things, the funding sought for the development of 30th and Sorensen will offset the cost of constructing a mixed-income development of this size, as generally a development requires 100 units or more to achieve rental profitability in today’s climate. A development of that size, on this site, is out of context and would require mass displacement via the purchase of several off-market homes to the West. This proposal allows us to create, on a site that is for sale by the owner, a smaller rental building that is high density and context-appropriate along the corridor. Fundamental: This project has the capacity to return land and a cash flowing asset back to the community, restoring community ownership and combating an identified threat uncovered during the Olsson study – which is remote ownership. Long-Lasting Change: The disposition strategy for the 30th and Sorensen project centers around selling the cash flowing asset back to a Community Investment Trust, as there are several organizations who are exploring this effort. Long-Lasting Change & Sustainable Community: The project aims to provide mixed-income housing using a capital stack that is less conventional for “affordable housing” projects, which can help reduce restrictions on tenants who start off low-income, but may overtime improve their lot in life. A mixed-income building makes it possible not to centralize poverty and a flexible capital stack encourages people to improve their financial placement without fear of displacement. High-density development along the corridor further supports businesses and transit-use in the area. Quality of Life: This will be a high-quality, mixed-income housing development in a growing commercial and retail district near educational, recreational, and transit amenities.
The 30th and Sorensen development directly aligns with the need for “development that fits within the cultural context” identified in the workshop findings. Small-scale, new-build developments are extremely difficult to create because more units are what creates the benefit of economies of scale. Currently, more conventional market-rate developments are 100-250 units specifically because that level of density is needed to make a project viable given today’s market conditions. By using ARPA funds and other financing tools, we are attempting a small-scale multi-family building that can accommodate the need for context-specific development. The site is constricted by Sorensen and Larimore streets, reducing the potential for a large development without attempting to purchase existing homes to the West. We do not feel that approach would be perceived as mindful or conducive to the priorities expressed in the Visioning Workshop. Our approach seeks to provide new development on the small, on-sale site while treating people equitably through transparent communication, total tenant support, community engagement, and accessibility consultancy. This creates a development that fits within the physical cultural context and socio-cultural context as well. The socio-economic context of the community also calls for mixed-income housing. This development provides housing for a range of income levels, encouraging equity and decentralizing poverty. Additionally, the project addresses several Visioning Workshop Findings from the SWOT analysis outcomes: o Threat - external/remote land ownership: The land is currently owned by an out-of-state party. By acquiring the property, we will localize land ownership in the short-term, with a plan to turn ownership back to the North Omaha community in the long-term. o Weakness – economic investment does not recycle within the community: This development includes ground level commercial space to help build the local business ecosystem, keeping the dollar in the community. It also increases resident density near many neighborhood amenities, incentivizing residents to keep the dollar local. o Strengths - Culture and character: We plan to contract local talent for public art to create an asset that honors the growing culture and character of the area. o Weakness – private funding rarely takes community ownership and input into account: This funding request includes line items for community engagement funds, tenant relocation assistance, and an accessibility design consultant – centering community input. We also plan to sell the asset back to a local community investment trust, centering community ownership of a stabilized asset in the long-term. o Weakness – Connectivity; Public transit only goes so far: The development is strategically placed along the 30th St corridor which has ample access to public transit and is near a transit center. A bike lane from the transit center to the downtown area also exists. o Opportunities – Equitable investment: we are addressing community needs through minimizing disparities while fostering a healthy and vibrant community through our planned approach toward tenant relocation, community engagement, and mixed income housing development. o Opportunities - public-private partnerships creating community investment momentum and support: Our effort to sell the asset back to a Community Investment Trust solidifies this approach. o Weaknesses / Threat – lack of multifamily residential development: We are directly addressing this threat with the development of this project.
This project is addressing LB1024’s emphasis on housing and business development by providing a mixed-use, mixed-income development which includes units between 40-90% AMI and ground-level commercial space.
see below
not sure
50-60
Estimated $2.75 million in total wages
Strategically aligning with minority owned businesses when possible for contracting and subcontracting.
Funding for this project will: o Increase residential density along the corridor which directly impacts nearby businesses by providing more business patronage o Improves the local neighborhood by providing commercial ground-level activity and high-quality housing for a mix of income types o Encourage livability and walkability by providing more residential units alongside the 30th St corridor which includes access to nearby transit, bike lanes, and trails
This proposal contributes to sustainability in several ways: 1. An unconventional, diversified capital stack allows a mix of incomes that can support tenants through the growth of their own financial acumen and freedom 2. The nature of a mixed-income building enables the decentralization of poverty and creates stronger financial stability of the asset without ongoing subsidies 3. Adding residential density along the corridor creates the opportunity for more residents to patron businesses, supporting long-term economic vitality of nearby businesses
This project will incorporate best practices and innovation through: • Tenant support during acquisition and pre-development • Rich community engagement • Supporting local contractors during the project development (accessibility consultant, public art) • Providing high-density housing along the corridor • Community Investment Trust – the asset is planned to be sold back to the community through partnership
See below
Aside from the amount of mixed-income units and residents we will bring to the area, other outcomes to be measured by us or our funders include: • Community Engagement – number of residents and organizations reached / number of responses to outreach/demographics of residents reached/responded • Relocation: tenants successfully relocated/rehoused • Relocation: documentation of consistent and transparent communication • Demographics: information gathered from residents (race/ethnicity, household makeup (head of household), disabilities, etc.) to confirm we are serving people of the area in addition to potential non-North Omaha natives • Housing Accessibility: Number of residents using housing vouchers • Partners: formal agreement with committed partner(s) to identify success in innovative partnerships (i.e. selling the property to a Community Investment Trust)
Yes, we plan to sell the stabilized asset to a Community Investment Trust.
Yes
Currently, in this phase of the project, we have no committed partners. However, a few we are considering are: • Metro- Community College – for the prefab construction of some of the components of the construction process with a local construction company (to also help expand access to opportunities of the students/apprentices at Metro) • Omaha Economic Development Corporation – equity partnership in the development and expertise in the North Omaha Climate • Spark CDI – Funding partnership via loans and community engagement partnership alongside Spark's Fabric Lab
While these are our aspirational partnerships, we are in the acquisition phase of the development. There are currently no formal commitments with these groups. We are committed to developing in historically disenfranchised/redlined communities of color exclusively through partnership and will work to achieve that amongst and outside of the list provided above.
Yes
To increase residential density along the corridor, two single family houses and one commercial space may need to be vacated for the 28-unit mixed-use development. These parcels are being sold as a package by the out-of-state owner on the open market. They have been on the market for over 300 days. However, to ensure the equitable treatment of these tenants, we are planning for a two-year hold and pre-development period to enable tenants ample time to adjust. Tenants will have the opportunity to exercise the full term of their lease. Thereafter, we plan to assist them in finding new housing and covering associated costs.
• Corner of 30th and Sorensen – Package of properties we are purchasing (3014 Larimore Ave, 4806 & 4804 N 30th St) • 30th and Sorensen sits along the entrance to what has been described as the Metro North area. Infrastructure and road quality is currently weak. However, a significant portion of the grid of the neighborhood in which the property sits will be improved via the Street Preservation Fund Project, including Larimore Ave, a street that borders the development. • The 30th St corridor itself, while exemplifying a high opportunity for economic prosperity, still suffers from low residential density, which makes it hard to sustain new/larger businesses in the area. The nearest comparable high-density development is 30 Metro apartments. Alternatively, South of Sorensen, the Highlander development prioritizes density along the corridor. The development site is directly adjacent to the Aldi, and Metro Community College Campus. • Given the lack of housing density along the corridor South of Sorensen up to the Highlander development, it is clear that high-density housing will increase the number of residents that support businesses and encourage more use of public transit along the corridor. The end result of this project will also increase the taxes that the parcel generates.
Within one or more QCTs
The property is not a brownfield site.
Yes
Yes
No
Yes
No
Construction pricing is based on construction numbers from similar multifamily projects on a $/unit basis. A preliminary site study has been completed. A complete design, engineering, and/or construction bid package has not been developed. Cost estimates have not yet been fully determined. We are in the acquisition phase of the project.
No
This specific dollar amount enables us to reach 1.15 debt service coverage ratio in year 3 of stabilization on all loans, the general requirement upheld by a lender to approve a loan on a project.
The grant will subsidize a portion of construction costs. Construction costs are listed in the project budget and total $217,000/unit (a high estimate given the current construction climate).
Yes
A proforma is attached which outlines the fiscal operations of the development following the initial build.
• American National Bank – Construction – Perm loan • Tax-Increment Financing (TIF) • Front Porch Loan – Subordinate Loan
• American National Bank – Construction – Perm loan • $4,235,600, will seek closer to construction, Sept/Oct 2024 • Tax-Increment Financing (TIF) • $945,000, will seek closer to TIF committee date, Feb 2024 • Front Porch Loan – Subordinate Loan • $786,049, will seek closer to construction, Sept/Oct 2024
• This project cannot continue without some form of affordable housing grant to fill the construction gap. However, this is the only form of financing that the project is contingent upon, as the grant provides long-term sustainability for the completed project.
No.
The total equity investment by the development company is $705,000.
1.0
1.0
1.0
1.0
Additional Location Documents (see application for list) Data table of uses (breakdown of how the requested funds will be used for your proposal) 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 Schedule