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Market-rate town houses planned near downtown Omaha

Market-rate town houses planned near downtown Omaha

The changing face of 16th Street in downtown Omaha

A town house-style complex would be constructed on two lots in a neighborhood southwest of the Old Market, adding more rental housing around the edges of downtown Omaha.

The $2.5 million project at 2014 and 2016 Pierce St. would rise three stories and include nine market-rate residences. Owner Megumi II LLC, managed by Grace Longley, anticipates that rent will be about $1,800 per month.

Longley has asked the city to approve $304,000 in tax-increment financing to defray eligible development expenses. Last week, the Planning Board recommended approval of the request, which now goes on to the City Council.

Under the proposal, a vacant and deteriorating single-family home will be demolished. The adjoining lot was already cleared of a house about five years ago.

Each residence would be about 1,500 square feet and have its own deck and garage with two stalls. The developer is working with rgh Design.

Longley, who has another apartment building in the neighborhood, said she was drawn to the area's proximity to downtown and midtown Omaha. She sees a resurgence in the old residential neighborhood, which also has a mix of industrial and commercial buildings.

The word Megumi translates to blessing in Japanese, and Longley said her goal is to bless the neighborhood with further growth and opportunity.

If all goes as planned, construction would be completed in about 18 months.


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Reporter - Money

Cindy covers housing, commercial real estate development and more for The World-Herald. Follow her on Twitter @cgonzalez_owh. Phone: 402-444-1224.

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