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Vinson Ventures LLC
1916 Binney Street Omaha Nebraska 68110
Willie Stennis
Owner
willie.p.paul@gmail.com
+1 (402) 309-5097
Yes
Willie Stennis is the owner and developer of the project. He is has owned and managed property for over 10 years and is a recent graduate of SPARK Developers Academy. Davielle Phillips is an architect at Holland Basham and serves on the Executive Board of the Urban League of Nebraska Young Professionals as Co-Chair of the Community Service Committee. Brian Akert- a registered professional architect for Holland Basham Architects. Joe Zadina - Civil Engineer at Lamp Rynearson. Maranda Adams - Vice President Blair Freeman assisted with gathering general estimating numbers. Tyrin Ferguson - Real estate broker and Partner at Embassy Point Capital. Mark John Malousek - Business and real estate attorney.
Vinson Ventures LLC is organized as a limited liability company with Willie Stennis as the sole member and owner.
I purchased my first income property at 20 years old and completed the processes related to remodeling and bringing to market, and maintaining a rental property. Vinson Ventures LLC’s property development and management arm aims to revitalize communities both aesthetically and economically with sustainable growth in mind by developing quality residential and commercial retail spaces that are affordable. This proposal supports our organizational goals by assisting us in revitalizing a block of land in the historic North 24th street corridor with the new construction of a mixed used building containing residential units, as well as office retail space for emerging entrepreneurs and established businesses. Further, if awarded the grant, potential debt incurred would be alleviated which allows for earnings to be sooner and reinvested into future development projects providing additional opportunities for affordable housing, commerce, and increased tax base from the area.
The Honeycomb Initiative: A transformed community through an increase in complimentary business and mixed income housing to ensure generational sustainability.
8975350.0
8975350.0
Combination of capital project and service/program
The Honeycomb is a mixed-use development project that contains the energy needed to transform the North Omaha community and ensure generational sustainability. The project is positioned on North 24th street between Willis Ave and Grant Street and is within a qualified census tract. The development of this site will allow for the continued revitalization of the North 24th and Lake Street corridor and provide needed energy to restore this street back to the economic presence it had in its heyday. This development project intends to bolster North Omaha’s economy by creating a destination place to live, learn, work, and play. The development will include commercial retail and office space, and mixed income housing. Office space in this development will be available to a non-profit offering service to youth and young adults, as well as established and emerging businesses looking for an energetic place to conduct business. Commercial retail tenants include businesses that provide complementary goods and services to the area which encourages the cycling of dollars back into the local economy. This proposal presents a scalable concept as well as the fully scaled version. Both options are scheduled to be completed by February 2025.
The timeline assumes a conservative development process and is scheduled to conclude by February 2025 which is 17 months before July 2025. Significant milestones start and completion dates are as follows: Funding sources determination Start: 9/23/22 Days to complete: 100 Architectural Design Start: 1 / 2/ 2023 Complete: 7/1/2023 Construction Bid Start: 7/15/2023 Complete: 7/29/2023 Construction Start: 7/30/2023 | Days to complete: 540 Occupy building: 2/2/2025
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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.) 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.)
The Honeycomb initiative aims to do its part in ensuring the North Omaha community is sustainable by creating a combination of market-rate and affordable apartment units of good quality to address the shortage of available housing options in the area. It also plans to partner with The Honeycomb Foundation, a non-profit, whose mission is to positively impact society by increasing the number of sustainable communities, healthy families, and opportunities for economic assess and mobility, by giving the non-profit the master leasing agreement at a discounted rate that still allows the applicant to be profitable. This agreement will allow the non-profit to generate revenue to offset the expenses associated with programming involving educational, social, and STEM centered workforce development, geared to at-risk youth and young adults. The mixed-use development provides a unique opportunity for individuals to live, work, and play. Additionally, the retail and office space created enhances the quality of life for members of the community by offering them the ability to receive services, enjoy eateries, and safe entertainment in close proximity to their homes. The development also plans to enhance natural spaces by incorporating green spaces that encourages gathering and/or resting.
The Honeycomb Initiative project meticulously identified a mixed-use design and complementary businesses to be housed in it that will enhance the opportunities and provide a solution to the needs identified in the findings of the Visioning Workshop Summary. The proposal directly aligns and addresses the three reoccurring themes identified in the Visioning Workshop Summary: insufficient infrastructure, a need for development that fits within the cultural context, and a need for access and tools to leverage community resources. The development aims to address infrastructure needs by increasing walkability safety and the quality of that experience. This will be done by widening the sidewalks abutting the development as they currently don’t allow for two people to walk side by side down the street, paving the abutting alley, and providing lighting and resting spots onsite and offsite. In anticipation of increased traffic do to current and planned developments in the area, onsite covered parking will be available to residents and patrons. The development plans to embrace the community needs for a development that fits within the cultural context by constructing two new buildings in the historic North 24th street corridor between Willis Ave and Grant Street. This development increases the building density of the area by improving three vacant and undeveloped lots. This project features 18 market rate and affordable housing units targeted to young professionals and small families. Additionally, a two-story commercial building containing a total of approximately 4050 sq ft of office space and 4050 sq ft of retail space will be constructed to meet the communities desire for commercial space with the potential to house cultural and arts businesses as well as entertainment venues and restaurants. The project is committed to embracing the growing interest in urban living as indicated in the visioning workshop summary by incorporating design features and amenities found in modern urban mixed-use buildings such as rooftops, a small workout facility, and balconies. The honeycomb initiative essentially presents a cohesive block development where residents are able to live learn work and play. The honeycomb initiative also provides a solution to address the need for access and tools to leverage community resources. The visioning workshop summary demographics workforce and housing SWOT analysis indicated that there was a lack of connected businesses both spatially and economically in north Omaha. Specifically, along the north 24th ST corridor there are pockets of commercial buildings separated by gaps of vacant land. This proposal essentially considers the development project itself, as a tool that can fill the space of vacant land creating a cohesive stretch of businesses that attracts customers and businesses to the area. The SWOT analysis also indicated that there was a high rate of self-employment or an entrepreneurial spirit in the area. The commercial building that is constructed will provide a place in which the high rate of self-employed people can have a place to house their business. As more businesses occupy the commercial spaces along 24th St there's opportunity for businesses to complement and support each other. For this reason, The Honeycomb Initiative has been intentional about the types of businesses that would be housed in the development to provide services that not only complement the businesses within the development but the businesses along N 24th St. For instance, the development plans to house an assortment of unique businesses consisting of a Bistro, Bar, and Lounge featuring modern and fine dining; a restaurant featuring African cuisine; a technology hub providing services including software and website design, technology repair and sales, and photography and videography media services; paint and sip; event space, and space for offices and education services. The collective network of the businesses with
Subsection 2 of Section 4 of LB1024 prioritizes the use of grants toward the economic recovery of those communities and neighborhoods within qualified census tracts located within the boundaries of a city of the metropolitan class that were disproportionately impacted by the COVID-19 public health emergency and related challenges, with an emphasis on housing needs, assistance for small businesses, job training, and business development within such communities and neighborhoods. This proposal is in alignment with LB1024’s strategic priorities because a request is being made to utilize funds for entrepreneurship, assistance for small businesses, and the construction of affordable housing. The development will provide opportunity for businesses affected by COVID- 19 to be housed in a structure that is more conducive to their business operations. The businesses housed in this development will provide jobs in walking distance to residents in the area who may be unemployed or underemployed due to a reduction in wages as a result of COVId-19. The housing structure within the development proposal will provide mixed income units to increase the number affordable housing options for low- and moderate-income residents in the area. Additionally, the proposed project site is located in census tract 55 – 001200 which is a qualified census tract prioritized by LB1024.
Permanent Jobs (FTE) to be CREATED by development 3 Permanent Jobs (FTE) to be Retained by development 0 Total 3 Anticipated Annual Payroll 134,481 Estimated Permanent Jobs (FTE) to be created by businesses housed in development 25 Estimated number of construction jobs created as a result of this project (Temporary) 40 Property Manager - $45K - 60k plus no vacancy bonus plan Property Manager Assistant (Part Time) $18 – 21/ hour Lead Building Engineer $40K – 60k plus no vacancy bonus plan Building Engineer (Part Time) $18 – 21 /hour How many permanent jobs will be created?62 How many temporary or construction jobs will be created? 40
Scalable Development 25
40
Property Manager - $45K - 60k plus no vacancy bonus plan Property Manager Assistant (Part Time) $18 – 21/ hour Lead Building Engineer $40K – 60k plus no vacancy bonus plan Building Engineer (Part Time) $18 – 21 /hour
Contractors within the qualified census tract will receive immediate business through the construction of the project. They will have ongoing opportunity for business by providing maintenance and repair services. Businesses providing professional services such as advertising and marketing, legal, and insurance will benefit immediately prior to construction and remain ongoing as services will remain needed for business to operate effectively. When the development becomes occupied opportunities for businesses to support each other will be present. Contractors within the qualified census tract will receive immediate business through the construction of the project. They will have ongoing opportunity for business by providing maintenance and repair services. Businesses providing professional services such as advertising and marketing, legal, and insurance will benefit immediately prior to construction and remain ongoing as services will remain needed for business to operate effectively. When the development becomes occupied opportunities for businesses to support each other will be present. As more businesses fill the space and commercial spaces along 24th St there's opportunity for businesses to complement and support each other. For this reason, The Honeycomb Initiative has been intentional about the types of businesses that would be housed in the development to provide services that not only complement the businesses within the development but the businesses along N 24th St. For instance, the development plans to house assortment of unique businesses consisting of a Bistro, Bar, and Lounge featuring modern and fine dining; a restaurant featuring African cuisine; a technology and media hub providing services including software and website design, technology repair technology sales, and photography and videography media services; a paint and sip business, and spaces for events, offices and education services. The collective network of these businesses as well as the businesses that are currently established along 24th St and or are planning to be established will make N 24th St a destination place within North Omaha. Furthermore, we will begin to see black dollars being cycled in the north Omaha community that currently does not occur as indicated in the visioning workshop summary. Patrons of the union for contemporary art after enjoying themselves at the art gallery can then patronize the fine dining establishment inside of the development; the technology hub can provide services and technology to the businesses as well as residents in North Omaha and the greater Omaha Metro area.
The new construction created in this proposal will provide a greater property tax contribution to the area. A portion of Omaha’s property taxes are allocated to the educational service unit, the learning community, metro area transit, metro community college, and Omaha Public Schools. The proposed site location will also be assessed an additional special tax that is allocated to the North 24th Business Improvement District. The community will benefit from the taxes assessed on this development as the taxes are used to increase the vitality of neighborhoods through beautification projects and improve the quality of education for area residents. Specifically, revenue generated from the special tax associated with the North 24th Business Improvement District will be used assist businesses with commercial rehab and façade improvements, improving the streetscape, and safety and security which enhances livability and quality experiences had in this area. Additionally, the businesses this proposal aims to include will diversify the economy by providing an assortment of services ranging from technology, bars and eateries, and an entertainment venue that will allow dollars to cycle among complementary businesses in the area. There will also be an increase in livability in the community as the estimated 64 jobs created through the businesses located in the development site and the construction of the housing unit create a destination where residents are happy to live, work, and play.
The proposal aims to construct a 18-unit apartment building on site with a combination of market-rate and affordable apartment units of good quality to address the shortage of available housing options in the area. The proposal also plans to address the health concerns indicated in the Vision Workshop by including amenities such as a workout room facility and rooftop with designated areas to grow fresh produce into the apartment design. The management team of the apartment will also be tasked with partnering with health professionals to host health and wellness workshops and incentive-based health challenges for residents and the surrounding community. In addition to the housing unit on site, the mixed-use development provides a unique opportunity for individuals to live, work, and play. The retail and office space created enhances the quality of life for members of the community by offering them ability to receive services and be employed, as well as enjoy eateries, and safe entertainment in close proximity to their homes. The development also plans to enhance natural spaces by incorporating green spaces that encourages gathering and/or resting in areas accessible to the public on site. In addition to these improvements, the development will consider partnering with Metro Area Transit to provide a sheltered bust stop within the mixed-used development to keep residents and visitors to the area safe in harsh weather conditions. The North 24th & Lake Street corridor has the opportunity to reach a level of economic vitality it has not seen in generations. Dollars will be cycled several times within the community before leaving as a result of this development, established developments including the Fair Deal Village; The Union; Great Plains History Muesum; the Bryant Center; the Revive Center; the Fabric Lab; Unique Cuts Barbershop, and emerging developments including Northend Teleservices mixed-use multi story business headquarters, the North Omaha Music Academy, and the Shirley Tyree Theater.
The outcome of this proposal is an urban designed mixed-use development, a development style proven to rejuvenate communities and create spaces that enable the community to work, live, play, and shop. This model has been proven in areas of Downtown Omaha, Midtown, and Blackstone District.
Other outcomes this proposal might measure includes: Jobs created and retained Business turnover rate Building Vacancy Percent Taxes generated Internships created and secured Targeted partnerships secured and sustained Reduction in crime Average income levels Graduation rates
The outcomes mentioned can be measured by reports generated by the City of Omaha, Douglas County Assessor Office, and also by personally measuring the results against preestablished goals
Yes, the proposal being submitted is scalable. I initially sought after my dream development but realized after completing the por forma it would cost roughly 37 million dollars (See mass 4 of accompanying documents). I decided utilize the same design but shrink it to a more affordable size.
Yes
Spark is a partner by providing ongoing real estate and community development technical assistance, helping make referrals to other development professional, facilitating engagement and support with project neighbors, assisting with interactions and processes with City Planning for things like pre-application meetings, Zoning and Planning Board, and City Council approval (as needed), and we can be a potential source of funding or financing for projects. Additionally, we are partners in advocacy, in that we develop and promote polices and incentives that support emerging developers and enhance the viability of real estate development projects.
No
Our site is along North 24th Street between Willis Avenue and Grant Street. Also, the site is in the North 24th Street Business Improvement District, along the projected new ORBT Transit Line and the new North Omaha Trail. Additionally, the site is zoned Neighborhood Business District and, in an area designated as Community Redevelopment Area (CRA) and Extremely Blighted Area (EBA) – which will allow for TIF to become one of our funding sources. Our development entity owns three of the six properties, and we are in conversations with the other Owners to create a cohesive block development with them as partners. Nearby, there are (10) schools varying from elementary to high school education levels, numerous businesses and non-profit organizations, (3) Neighborhood Alliances, and (3) Neighborhood Associations. Additionally, there are projects currently in planning and construction, such as the new Shirley Tyree Theater, Northend Teleservices, North Omaha Music Academy, and The Great Plains Black History Museum. The building fronting North 24th Street will be mixed-used with commercial and retail space on the ground level with office space on the second level. The building directly behind it will be 3-stories of multi-family above a podium parking deck. We will have 5165 square feet of retail / commercial space, 4,541 square feet of office space,4,541 square feet of rooftop, and 13623 square feet of multi-family. Amenities include a covered rooftop patio, a weight, and cardio room, an 18,930 square foot heated parking garage with 28 stalls, and ground-level leasing/coffee gathering space. If the cost of a heated parking garage becomes a burden to the project, we have zoning of a Neighborhood Business District. This zoning supports 4-story buildings and allows us to create our own parking ratios; we would need to acquire special permits for our planned parking garage and surface parking lots and plan to work with the City of Omaha to help fund our desired parking scenario. Our design aesthetic is Classic Contemporary to pay homage to the historical nature of the project context of legacy and historic buildings while bridging the gap to more modern and contemporary architecture.
Within one or more QCTs
Yes
No
Yes
No
No
The construction cost was determined with the assistance of Blair Freman, a class A contractor in Omaha, NE. High-level numbers relative to the current trend in the market based on Costs/SF for retail and residential construction was used to estimate construction cost. Consultants from the National Development Council were also used to obtain a closer construction cost estimate.
No
The applicant's rationale for requesting the total budget amount it's because the uncertainty receiving additional funding from sources such as tax increment financing, the new market tax credit through nifa, low-income housing credit community development block grant, from porch, spark, and traditional financing through banks. The applicant like many others who are likely applying for this grant aren't independently wealthy and do not come from rich families or are connected like others in the community to foundations who can assist with funding projects. ALso, The por forma generated for the development plan had the maximum the loan bank would give for the project at 2,292,806 which would require me to seek assistance from other funds or investors. If the investor route is taken control of the development could go to someone out of the community.
LB1024 grant funds will be used for infrastructure cost, onsite and offsite improvements, fees, and new construction cost.
Yes
Other funding is contingent on the amount allocated by this grant with a willingness by applicant to pursue other aforementioned funding opportunities to supplement the capital gap.
We will be pursing the following funds: TIF New Market Tax Credit – NIFA Nebraska Affordable Housing Tax Credit LIHTC CDBG Grant Front Porch Spark CDI
Yes
The owner of Vinson Ventures LLC currently owns two adjacent properties outright. The owner is willing to seek the maximum amount of financing their credit will allow and include a residential property owned outright as collateral.
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Additional Location Documents (see application for list) Data table of uses (breakdown of how the requested funds will be used for your proposal) 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 Schedule