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Sams Goat LLC
1915 S 38th Avenue Omaha NE 68105
Joanne Kim
developer
Kimjoanne3@gmail.com
+1 (402) 953-6827
Yes
Ben Katt, Max Honaker
Ben Katt (owner)- 10 years real estate developing experience. Has 600+ rentals in the Omaha market, and has completed a TIF project with the city of Omaha, has multiple new construction and development projects currently in progress. Max Honaker (owner)- 6 years experience, runs Collective development (our in house management company) 400+ units. Real estate broker, has rehabbed hundreds of homes and apartments. All three are co-developers. Max and Ben are majority owners of Sams goat. Joanne is the primary developer for the site with direction from Max and Ben.
Dahlman Rows- 36 unit Row home new construction redevelopment project with TIF Coventry Rows- 180 row homes for sale in Gretna 7010 Hascall- 108 unit Hotel redevelopment project to apartments Gold Coast Apartments- Papillion Hotel conversion to apartments Developing a single family rental development in Papillion Own 100+ homes in North Omaha that have been updated and rented out We reinvest in Omaha, rehab homes/apartments to make better homes for our tenants. We have been doing this the last 10 years in Omaha. This proposal will help us clean up one of the roughest apartment complexes in Omaha, it will have a huge effect on the neighbors around it, along with helping North Star maintain a safe environment for the students that use their program.
Polaris on Boyd & Sahler
7797000.0
2000000.0
Capital project
4841 Boyd and 4842 Sahler have been some of the roughest apartments in Omaha for quite awhile, all you need to do is google the address and a number of horrific stories will be displayed. This apartment complex has been neglected for decades, passing from one out of state investor to another, over the course of many years. We purchased this property last year, and immediately hired full time armed security, since then we have gotten all of the gang members and drug dealers out of the property. Safety in the neighborhood has improved significantly and it is now safe enough to contemplate a rehabilitation project to provide 74 upgraded units to the area. The location has great access to jobs, and the interstate, and has a world class boys program (North Star) next door across the street. With this grant our goal would be to turn all 74 units in 24 months.
We own the property and have partial construction financing lined up. We need to finalize plans, apply for TIF, and then sign with our contractor. We anticipate this being a 24 month project from start to finish.
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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)
Multimodal Transportation (i.e., enable connectivity through driving, biking, taking transit, walking, and rolling) Other Infrastructure (i.e., develop or improve broadband, business districts, roadways, sewer, etc.) Policy (i.e., develop or improve context-sensitive education, finance, health, training, zoning, etc.) 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.)
Currently under the name of Lindenwood Court apartments, these are two parcels adjacent to one another are being under-utilized in an area that the city has recently invested its time and money into. Surrounding areas include Fontenelle Park and Lagoon, North Star Foundation and Heartland Family Services. Our newly proposed project, Polaris on Boyd and Sahler, will create an additional 37 units to the already existing 37 making it a total of 74 newly renovated 1 and 2 bedroom apartments to provide a higher quality and standard of living while maintaining affordability. We plan on performing major rehab on all 74 units, working on the non operable building first on Boyd street, without having to displace the current tenants on the Sahler street side.
From the Visioning Workshop Summary, our project would increase the inventory for housing, provide affordable/quality of life, and promote a sustainable community in North Omaha. With mixed income housing in mind, we want to attract the market so our immediate two apartment complex neighbors with parcels would also want to re-develop.
LB1024 priority is to serve the underserved and disinvested areas of Omaha. Our two parcels are located in the North Omaha Qualified Census Tract 58. The surrounding areas have already improved the immediate neighborhood of a nearby park with walking trails and picnic tables, after school programs for youth, and community outreach programs. These 3 areas are within walking distance. Providing new housing that is modern, up-to-date and affordably priced will attract the new generation and already existing working force singles and younger couples.
We anticipate creating 20 full time jobs during construction at market rate.
One - property manager
We anticipate an estimated 20 jobs during the construction time frame from 12 to 24 months.
Market rate
Will get bids from contractors in the area, competitively bid process.
Newly remodeled units that are in a safe well maintained apartment complex. Not having drug dealers on the corner, fights in the back alley, will make the entire community safer. North Star has had to deal with drive-by shootings and their glass windows being destroyed from stray bullets, cleaning up this block will be felt by everyone around the site. Not being afraid of walking to an apartment at night is a drastic improvement in livability of the units themselves.
Safe housing, brings more stability to families, close school programs and easy access to jobs, allows for better communities.
Goal is to make a dangerous place safe and somewhere you are proud to live, typically the worst apartments are demolished, we want to save units and rehab them to keep costs low, so we can offer the highest value possible to tenants.
Lower crime rates in the area is the biggest outcome we are aiming for.
Crime statistics, zero shootings, Omaha Police department statistics.
Yes- when you clean up the worst project on the block, more investment will follow, there are many homes/duplexes and apartments near by, all that will be more likely to reinvest in the area as it improves and safety increases.
Yes
Spark , a partner by providing ongoing real estate and community development technical assistance with City of Omaha planning meetings. Omaha Metro , together working on moving the existing bus stop to the corner on 48th and Ames. The new shelter will provide an accessible area of the street.
No
4842 Sahler St Omaha NE 68104 4841 Boyd St Omaha NE 68104
Within one or more QCTs
Yes
Yes
Yes
No
No
Estimations from previously done projects
No
We are committed to investing our own cash in this deal as well. We are the backstop to make sure it has enough cash, with the grant we are able to fully transform the property. Without the grant, we will either do it at a lesser scale or demo the property and sell the land.
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Additional Location Documents (see application for list) Documentation of site control (proof of ownership, option, purchase contract, or long-term lease agreement) Plans and detailed descriptions, including pictures and a map of the site location/surrounding area Pro Forma Proposal Budget/Sources and Uses