The Landmarks Heritage Preservation Commission in Omaha has a current case of recision of a Landmark status for apartment building.
The Clarinda and Page were built in 1905 and 1909. They were granted local landmark status in the 1980's. The buildings been have recommended to the NRHP, but as of this date not been nominated. The buildings are adjacent to a large mutli use redevelopment project.
In 2006, a developer purchased the apartment buildings with the intent of establishing a condo regime and selling units. The developer only renovated one building ( Clarinda) and sold some units prior to the development failing. The ensuing financial crisis of 2008-2010 has not helped matters.
The current owners have seen a considerable drop in their investment, with no ability to have the adjacent-connected building renovated. there is no off street parking available to these properties.
A developer has asked for the landmark status to be revoked. The cost of the debt to the bank of the original developer, the condo owners, and failed TIF renders the property to expensive to be viably renovated.
( acquisition costs are about $ 90,000 a door for the 21 units)
The intention is to demolish the buildings, and with adjacent property acquired erect an office and retail building with a parking garage.
Here is the question- are there any ideas about financing/ removing debt or alternate financing?
Anyone ever deal with a developer gone broke on a historic property and get the pieces to go back together again?
Thanks!
-------------------------------------------
Joseph Saniuk AIA
The Architectural Offices
Omaha NE
-------------------------------------------