A key player in the push to revitalize Midtown Omaha is outlining plans – and earning high praise – for its latest redevelopment project. Omaha-based Urban Village Development has purchased eight distressed buildings along Park Avenue (from Mason Street to St. Marys Avenue) with the aim of giving them second life as upscale apartment houses.
The Park Avenue project will eventually yield 137 market rate apartments. Semrad, who runs the company with partner Jerry Reimer, expects the first buildings to be tenant-ready in December with the entire build out completed between early to mid-2013.
To date, Urban Village has renovated 15 buildings and completed 210 apartment units in Midtown Omaha, all within a half-mile radius of the new Midtown Crossing development. Just last year, Urban Village received one of Destination Midtown’s “Best of Midtown” awards for its revitalization efforts.
In addition to its impact on the neighborhood, the Park Avenue project will have a significant impact on the local economy. Semrad estimates construction will entail more than 125,000 labor hours. With all of its projects, Urban Village handles the development, the general contracting and all of the property management.
To view Urban Village’s portfolio of properties, visitwww.uvomaha.com/.