Omaha, Nebraska – In a bid to offer more affordable housing options in Omaha’s midtown area, final painting touches are being applied to two historic buildings set to be the future residences for many.
The properties in focus are the erstwhile Bristol on Park Avenue, presently named Hanscom Apartments, and the long-vacant Georgia Row Apartments.
The local nonprofit organization, inCOMMON, has committed $17 million to refurbish these buildings. One of the buildings showcases Spanish colonial architectural elements, while the other retains the cherished Victorian style.
By pricing these units below the typical market rates, inCOMMON seeks to assist tenants whose earnings fall below 60% of the area’s median income. For context, this translates to around $60,000 annually for a four-member family or $42,000 for a single person.
inCOMMON’s executive director, Christian Gray, commented, “We just really value all of our neighbors,” emphasizing the aim of fostering a diverse income neighborhood. The organization has truly delivered on its promise of affordability.
The Hanscom Apartments provide studio and one-bedroom units priced between $500 and $700 monthly. Gray elaborated on the mission of inCOMMON, stating, “Our mission at inCOMMON isn’t about to make more money or as much money as possible. It’s really just to see people thrive and flourish here.”
Adjacent to it, the Georgia Row Apartments feature two- and three-bedroom units with monthly rents ranging from $700 to $1,000.
For comparison, data from Rent.com indicates that typical rentals in the midtown vicinity are significantly higher: studios average $950 monthly, one-bedrooms are about $1,100, and two-bedrooms go for roughly $1,600.
Gray further emphasized the nonprofit’s dedication, stating, “For us, it’s a no-brainer. It shows the importance of non-profit development.”
Striving to maintain a competitive edge, inCOMMON made conscious decisions about the apartments’ interiors. Gray noted, “We really wanted to make this indistinguishable from market-rate housing.” Some of these decisions included restoring the hardwood flooring, installing stainless steel appliances, and opting for quartz countertops, ensuring a high-quality finish comparable to market-rate alternatives.
NP Dodge will oversee the property management. Completion timelines are set with the Hanscom Apartments due in the forthcoming two weeks and the Georgia Row expected in less than two months.
