310
The Lund Company
450 Regency Parkway, Suite 200, Omaha, Nebraska 68114
www.lundco.com
Facebook, LinkedIn, Instagram
Jason Fisher
CEO
jfisher@lunco.com
+1 (402) 598-5276
Yes
The Lund Company (Lund) is an alliance member of the Cushman & Wakefield platform. Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. It has been providing the Omaha market with a full suite of services including brokerage, property management, project and development services, asset management and more since 1981. It also has presence in Des Moines, Kansas City, Northwest Arkansas and St. Louis. Lund is a major Omaha employer, supporting 420 residents with sustainable jobs. The Lund Company has a well established leadership team with a combined 100+ years of working together supporting Omaha. Lund’s leadership team is: John Lund, Chairman: As founder of The Lund Company in 1981, John Lund has over 40 years of comprehensive commercial real estate experience, ranging from general brokerage and asset management to development and consulting services. John has focused his energies and developed the Company into one of the leading full service commercial and investment real estate firms that markets and manages over eight million square feet of properties in a five-state region, valued at over $1 billion. John is involved in the acquisition, disposition and exchange of commercial real estate investment properties. He is responsible for the overall asset management of a portfolio currently comprising 30 partnerships that are valued at $400 million. Tanya Shapiro, President: Tanya joined Cushman & Wakefield/The Lund Company in 2012 and has more than 20 years of leadership and commercial real estate experience with both local and national private property management organizations. As President of Cushman & Wakefield/The Lund Company, Tanya oversees the physical, operational, and financial aspects of the Company’s portfolio of multi-family communities and commercial properties. Tanya’s primary responsibilities are managing client accounts and assisting in the growth and development of staff, as well as the overall firm. Her role involves expanding and securing new business, managing project portfolio that meets or exceeds projections, motivating staff to provide outstanding client service, and participating in the internal management of the company. Jason Fisher, CEO: Jason serves as Chief Executive Officer of Cushman & Wakefield/The Lund Company, which has been among the top commercial real estate brokerage firms in the Omaha and Eastern Nebraska region for over 40 years. Jason leads over 350 professionals offering a full range of services, including brokerage, valuation and consulting, client representation, property/facility management, along with project management and development. Starting with The Lund Company in 2004, Jason became president in 2010 and assumed the role as CEO in 2022. With Jason’s innovation and commitment to customer service, the Company has seen remarkable growth with annual revenues increasing from $4 million, in 2004, to over $21 million currently. In addition to providing strategic leadership, establishing long-range goals, strategies, plans and policies for the Cushman & Wakefield/The Lund Company, Jason has played a critical role in many of Omaha’s significant real estate projects, several of which have won prestigious, local Development Project and/or Deal of the Year awards. Ryan Hill, Chief Financial Officer: Ryan is responsible for overseeing all company accounting practices, including departmental and property level, and ensures compliance with accounting standards imposed by all Federal and State agencies. Ryan oversees the financial reporting and strategic planning of related party real estate portfolios, including industrial, office, retail, land and multi-family. He assists with financial analysis of all contemplated real estate acquisitions, dispositions, developments, and refinancing activities. Ryan has provided financial planning, budgeting, forecasting, reporting and the coordination of financing on a
Its leadership team also includes the Chief Information Officer (Tony Young) and the Executive Director of Capital Markets (Dwayne Sieck). Project Team: This grant proposal is to support the “Cottage Grove Townhomes” project at 3012 Cottage Grove Avenue, Omaha, Nebraska 68131, located in the qualified census tract #51, zoned R7. The project team is comprised of: Jason Fisher, CEO, The Lund Company - Project Lead, 40 years Tim Mettenbrink, Senior Strategic Advisor, The Lund Company, 40+ years Carisa Ames, Senior Project Manager, The Lund Company, 18+ years Tanya Shapiro, President, The Lund Company, 20+ years Alley Poyner Macchietto, Architecture Consultants Lund has 3 primary divisions: Project Management and Development Services Property Management Brokerage Services This grant proposal will be managed by the Development Services team with Jason Fisher, CEO serving as the key employee leading the project.
Lund has a rich history of adding to the Omaha commercial scene over its 40 years of achieving its mission, To be a catalyst that maximizes the value of real estate to building owners, occupants, the community and the environment. Its noteworthy accomplishments include: Initial development of Omaha’s Blackstone District. Developed an overall vision for this once thriving commercial corridor and led a group of investors that assembled six properties in an effort to change what had become a blighted area. Between 2007 – 2010, spearheaded efforts with community leaders to create a Business Improvement District (BID), change traffic patterns to two-way, improve street-scaping and a pedestrian experience and realize his vision for the area. Redevelopment of 450 Regency Parkway. Led a group of investors to purchase and rehabilitate this dilapidated building that had sat vacant for three years. The group took a challenging floor plan with a 4-story atrium and creatively found a way to turn it into a Class A, multi-tenant office building. The first redevelopment of its kind in the area, several properties have been modified utilizing some of the design characteristics in this project. In essence, the building is brand new. A new entry façade and a completely renovated interior, which added windows wherever possible, created a very modern and transparent aesthetic. PayPal / Ebay Operation Centers. Phase I consisted of A 115,000 SF build-to-suit project; phase II was a 127,000 SF facility that completed PayPal’s operational campus and housed 1400+ employees. Securities of America Headquarters. Development and capital formation for a 90,000 SF building and phase II a 68,000 SF, $21 million project. 15950 West Dodge Road. Speculatively developed a 92,000 SF, $18M, 4-story Class A office building. 450 Regency. Redevelopment of a vacant, Class B office building into one of Omaha’s most unique and prestigious Class A buildings in the area. Project cost $19M. Received CRE Summit Development of the Year award in 2012. Landmark Building. Redeveloped the existing 275,000 SF, 15-story office building and added a Marriott Autograph hotel, The Farnam, to the space. Project cost $65M. Received CRE Summit Development of the Year award in 2022.
Omaha Tower Project
46500000.0
16500000.0
Combination of capital project and service/program
This grant proposal is to support the “Omaha Tower” project, converting the office space to a 55+ active adult community located in the qualified census tract #68.06, zoned R7; creating 120 units (majority 2-bedroom) providing built-in broadband access (1 Gig) and a coffee shop to bring in retail traffic. The tower is at 2120 South 72nd Street, Omaha, Nebraska 68124, purchased by Lund in 2017 for $20,000,000. This grant request is comprised of 2 parts further explained in the narrative. Lund is requesting $16,500,000 via this ARPA grant and is committed to investing $30,000,000 bringing the total project total $46,500,0000.
Lund has completed conceptual design and forecasted budget. Upon approval of this grant proposal, Lund will engage Alley Poyner Macchietto to complete design and set schedule where the grant is fully funded by July 2026 as required..
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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)
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.) Sustainable Community (i.e., create or enhance housing, services, education, civic uses, recreation, etc.)
a)Proposal Description and Needs Alignment This grant proposal is to support the “Omaha Tower” project, converting the office space to a 55+ active adult community located in the qualified census tract #68.06, zoned R7; creating 120 units (majority 2-bedroom) providing built-in broadband access (1 Gig) and a coffee shop to bring in retail traffic. The tower is at 2120 South 72nd Street, Omaha, Nebraska 68124, purchased by Lund in 2017 for $20,000,000 This grant request is comprised of 2 parts: 1) The iconic Omaha Tower was originally constructed in 1976. Standing 15 stories tall, this office tower has been a significant part of Omaha’s architecture and is the tallest building outside of downtown. The property is located on a major intersection at 72nd & Mercy Road. The property consists of the 182,770 SF office tower and a 565-stall attached parking garage and sits on 5.29 acres of land. Once a very prominent and successful part of the Omaha office market, it has been declining for several years. Major shifts in the office market and new development and continued migration of office west on Dodge has accelerated dramatically since the West Dodge Expressway completion in 2006. Aksarben Village developed almost 2 million square feet over the last 12 years. Current vacancy in the Tower is 45% and will jump to 70% next year when the major tenant in the building moves. Market shifts have been a big part of the Tower’s decline. The age and design of the building have been a contributing factor. Despite continued investments to update the overall interior appearance, the property has relatively small floor plates, making it difficult for most office users who have migrated away from private offices and emphasized more open planning. In addition, a major design preference in office architecture is for open ceilings with floor to ceiling heights that are significantly higher than what can be accommodated at the Tower. Add the damaging impact of Covid-19 on the office demand and this once prominent property is at a pivotal moment in its existence. It is clear that without a major shift it likely is functionally obsolete within the next 10-years. Our team has been exploring alternative uses for the Tower. We feel strongly that the best future use is to convert this office building into a 55+ residential property supporting an active lifestyle. ($15 million of grant funds will support this endeavor) 2)The existing coffee shop space on the first floor will be renovated to provide a place for individuals with developmental disabilities to learn a viable trade, obtain workplace training and peer-to-peer mentorship from community volunteers and perhaps, tenants. This concept is being modeled after the successful Bitty and Beau’s coffee shop in Wilmington, North Carolina (franchises available). Over 43% of adults with developmental disabilities remain unemployed, and of the 57% in employment, many are paid below minimum wage in programs that teach work skills; and that underpayment means less choice for these adults who also are living well beyond the average age of 63. These statistics support the creation of jobs to teach critical learning skills (soft skills, work skills and social skills) at an earlier juncture than post high school graduation. With the proposed Coffee Shop location inside the Omaha Tower, there is a viable opportunity to include those who need a different type of supervised workforce engagement, where security, innovative supervision and networking in a service learning environment can meet the needs of the developmentally disabled. The 55+ community, work environment coaching, Ipads, easy ordering menus, visual and auditory recipes, and even collegiate students in Special Education, Physical and Recreational Therapy, teaching, sociology and social work, can all come together to form a community of people that transcends the common coffee retailers to provide more than a cup of java on ice. ($1.5 million)
The South Omaha vision workshop’s key takeaways identified the following topics which will be addressed by the “Omaha Tower Project” proposal: Culture cultivates local reinvestment Strong small business community Opportunity to leverage community reinvestment area Build upon existing vibrancy and demand Diversity of culture and talent can be leveraged The Omaha Tower located at 72nd and Mercy corridor is in a community reinvestment area. This proposal will allow the building to be financially feasible to convert from office space to a 55+ active adult residential living. The 55+ active adult community could provide spacious 1 and 2 bedroom apartment homes for rent with features such as washer and dryer, an elevator, pet friendly units and extra storage. Tower residents are also seeking zero home maintenance responsibilities and freedom from homeowner costs and property taxes. Tower residents would be surrounded by others in the same age range and at a similar stage in life who share similar hobbies, life goals and interests. Omaha Tower apartments are designed for the active adult. The Keystone Bike Trail is nearby and pickleball courts have become quite desirable among this population. Note: Omaha is ranked the 18th highest city with pickleball courts per capita. Abundant assembly space will be included in the design for family reunions and community meetings. The creative integration of a coffee shop which will provide jobs for people with developmental disabilities is a unique way of building a strong community and supporting a unique small business model built upon diversity and inclusivity; thru generational integration.
This project aligns with the Nebraska Legislative LB1024 strategic priorities of being located in the Qualified Census Tract 68.06, is properly zoned (R7), by fostering a desirable residential transformation and will improve the residential and workforce lives of those in the South Omaha community. This project meets the following ARPA-eligible uses of funds and aligns with the United States’ Department of Treasury areas: Community and Small Business Recovery, Community Well-Being, and Community Assistance Programming. Responding to COVID-19 public health emergency or its negative impact Invest in broadband infrastructure (hardware and software public access) Community & Small Business Recovery Bolster capacity in workforce The Lund Company will build in a 1 Gigabit broadband and public internet access to residents to be included in the rent, supporting access to technology. Beautifying the property will have a positive impact on the neighborhood as it will increase visibility of the existing neighborhood. This 55+ active adult community project will increase job workforce positions to about 100 construction employees for the duration of the project implementation. Additionally, Lund will assume management of the property creating 8-10 new jobs paying an average of $44,000 annually (minimum total payroll $352,000).
First preference for sub award consideration will be given to contractors, vendors and suppliers located in the North or South Omaha economic recovery census tracts. This proposal will create 8-10 new permanent jobs for Lund to manage and care for the property at an average annual payroll of $44,000/each (minimum total $352,000/yr). It will also create 6 new permanent jobs (2 fulltime, 4 part-time) at an average annual payroll of $150,000. Per a construction superintendent employed with an Omaha developer, it is estimated that this building renovation project will create a minimum 100 construction-related jobs paying an average of $23 per hour.
14 minimum
100
$16.50+
First preference for sub award consideration will be given to contractors, vendors and suppliers located in the North or South Omaha economic recovery census tracts.
This project will make a significant transformational impact on the 72nd and Mercy Street corridor as per the Omaha Economic Recovery Act Coordination Plan. The Omaha metropolitan area is expected to surpass one million residents in the next three years. The 2020 census data released this week shows the eight-county metro Omaha population grew nearly 12% over the last decade to 967,604. At the current pace of growth, the one-million mark is expected in 2024. Omaha, NE Demographic Statistics indicate that those between 55 and 64 years of age comprise 7.8% of the population (nearly 30,500 individuals). What is even more notable is the portion of the population that will need 55+ housing within the next two decades. Those between 35 and 54 years of age comprise 28.1% of the population (nearly 110,500 individuals).
The 55+ Omaha Tower community at 2120 South 72nd Street, in the Cornish Heights corridor, is within close proximity to amenities desired by active adults who are 55 and older. The commute is 15 minutes to downtown Omaha. A few nearby public transportation options exist as well as some bike infrastructure. In fact, active adults will enjoy biking on the nearby Keystone Trail. 2120 South 72nd Street has a Walk Score of 56 out of 100. Thus, this location is Somewhat Walkable so some errands can be accomplished on foot. Two major bus lines are 0.1 mile away and run along 72nd Street and Mercy Road. It is conveniently located near the interstate, BAXTER arena, and Aksarben shopping, dining, and entertainment. The nearest hospital is only three blocks away - CHI Health Creighton University Medical Center - Bergan Mercy at 7500 Mercy Rd. Additionally, Methodist Physicians, Methodist Hospital and Children’s Hospital all are within a short five minute drive. The Cornish Heights neighborhood is close to nearby parks including Ak-Sar-Ben Field and Pipal Park. Within a one mile radius, there are 56 eateries, eight coffee spots, two grocery stories and two farmer markets, 26 retail stores, and nine entertainment venues. Omaha Tower 55+ will benefit from the near-by, highly anticipated Crossroads Mall re-development project. Crossroads is being designed as a legacy quality, mixed use development that is planned to contain at least 1.5 million square feet of newly built environment for the people of Omaha to connect by residing, working, shopping, dining and playing. When complete, it will contain a vibrant mix of uses that include retail, restaurant, entertainment, office, hospitality, high-density multifamily and senior living. Across the street will be the new City of Omaha Library which will provide myriad reading resources, education offerings and technology access.
Converting existing space into usable residential housing that is in demand by the increasing number of 55+ individuals in Omaha now and are estimated to be “aging in place” in the future. Preventing an iconic historical building from being torn down Implementing a unique coffee shop model, training and putting to work developmentally disabled citizens to provide for quality of life, income and socialization Welcoming the 55+ tenants to be patrons or mentors of the coffee shop to provide peer-to-peer and generational involvement. Partner with area schools such as College of St. Mary to offer practicum real working classroom space for education degree seeking students to work with coffee shop employees which will in turn, bring a youthful vibe to the active community.
Other than the stated direct impact of construction and operational job creation plus the housing component filling a demand area, no other developer measured metrics are anticipated.
Facility Manager will collect for: Payroll reports, zip codes of new hires in alignment with census tracts, occupancy rates,
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This grant proposal is to support the “Omaha Tower” project, converting the office space to a 55+ active adult community located in the qualified census tract #68.06, zoned R7; creating 120 units (majority 2-bedroom) providing built-in broadband access (1 Gig) and a coffee shop to bring in retail traffic. The tower is at 2120 South 72nd Street, Omaha, Nebraska 68124, purchased by Lund in 2017 for $20,000,000.
Within one or more QCTs
No
Yes
Yes
Yes
No
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No, Cost estimates have been derived from our development teams’ experience and pre-construction numbers from general contractors. Lund has completed conceptual design and forecasted budget. Upon approval of this grant proposal, Lund will engage Alley Poyner Macchietto to complete design and set schedule where the grant is fully funded by July 2026 as required..
No
Cost estimates have been derived from Lund’s development teams’ experience and pre-construction numbers from general contractors.
Grant funds will be used to convert commercial office space into a 55+ active adult community due to shortage of supply for this population seeking to “age in place” and renovate the existing coffee shop space into one where individuals with developmental disabilities can learn a trade and workplace skills leading to gainful employment. Omaha statistics show the 55+ age group is increasing in size and will continue to in the immediate future creating a housing shortage. The next closest facility serving this demographic with sought after lifestyle amenities is 2.7 miles away. Internet broadband will be incorporated to facilitate ease of access and a coffee shop will be on the first floor creating jobs and bringing in area traffic. Funds will be used to prepare the site, construction and renovation needs of the building and support new job creation and the launch of the coffee shop to sustainment for the 3 years of the grant period.
Yes
This proposal will provide residential housing where there is a known market shortage (120 units, average 2 bedrooms) where the tenant rents will sustain the project at a 90% occupancy rate. Rents are anticipated to be $2,700/month (with Internet broadband access) on average per unit. If this grant is not received to augment conversion and construction costs; the building is at risk for becoming obsolete and Omaha would possibly lose an iconic building. Lund has dedicated personnel starting with a Chief Financial Officer and a Property Manager (with team) that will insure the property’s fiscal well-being and future stability to be a place called “home” for many residents looking to “age in place” in a venue supportive of sought after amenities to support independence and provide for socialization, creating a vibrant community.
It is not anticipated that Lund will seek other incentives.
Lund has identified the minimum amount needed of $16,500,000 to make the conversion to residential property feasible for redevelopment to serve the growing size of population for the 55+ active adult community and implement the innovative coffee shop for the community. Without these funds, the project is not feasible which will cause the building to become obsolete, perhaps facing loss of the iconic building.
No. We will utilize our design team to finalize the design that maximized the existing site. Based upon preliminary site plans the conversion will create 120 units (2 bedroom on the average) which will be completed in phases, still allowing for the commercial tenants to stay as desired. The project is not scalable beyond the project being completed. However, we do believe this will spur similar construction projects in the area and enabling surrounding businesses to flourish.
The Lund Company commits to invest $30,000,000 to the “Omaha Tower Project”, directly impacting the qualified South Omaha census tract #68.06.
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Additional Location Documents (see application for list) 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