September 7, 2005
Michael T. Moylan of Shamrock Development got his feet wet selling downtown real estate in 1996 when he bought a two-story warehouse at 10th & Dodge. He named his commercial endeavor the 1000 Dodge Building, and over time added a third story and 12 luxury condominiums to the building. From that experience he knew that there was a huge demand fro downtown living. “Baby Boomers and many retirees want low to no upkeep units” he said.
His next business venture, the purchase of The Paxton at 14th and Farnam, was much grander in scale. When he bought it in September 2003, the building had sat vacant for three years. Although the interior wasn’t in the best shape, “the structural integrity was fine,” he said. “The intricate art deco features were damaged but a lot was still there.”
He is still in the process of returning the building to its original grandeur, so that downtown dwellers can experience upscale living at its finest. “From the third floor up, we are gutting it to the bones," he said. "We’re replacing all of the utilities, putting in new plumbing, new electricity.”
When completed, the building will be a mixture of commercial and residential. The first two floors will be office and retail space. The lobby, which is two-stories tall, is being restored and sports marble walls and terrazzo tile floors. The grand ballroom will accommodate 300-plus guests and will be available for rental. “It’s a beautiful space that is ideal for meetings or weddings,” he said.
From the third floor up, there will be 60 residences, ranging in size from 1,100 square feet to 3,400 square feet. (The 10 residential floors have names such as The Castel, The Grand, The Fontenelle, all of which are long-gone Omaha hotels. The Grand Central sat on the same site before it burned in 1878.) Penthouses, which come with 16-foot-high ceilings, range from 2,100 square feet. Prices start in the mid-$200,000s to $1.5 million for a penthouse.
What differentiates his project from the myriad of others in the downtown area is simply quality, he said. “We’re bringing a good, quality product to the market. Our selection of materials is different than apartment buildings. We use Kohler fixtures and Pella windows. The floor plans are fixed, but (the buyer) can select all of the finishes. You can customize your unit. We feel like we’re building homes, so our approach is different.”
The impressive list of amenities will include a 6,000-square-foot private fitness center, state-of-the-art security and video monitoring, basement storage areas; a social room with a wet bar, a 25-seat home theater, rooftop access with panoramic views of the city, a car wash bay in the garage, and fire protection sprinklers throughout. The most important amenity, though, is plenty of parking options. “That’s the top of the list for people: decent parking,” he said. “We (will) have over 200 parking stalls at The Paxton.” Thinking ahead, Moylan procured the former Bergman Jewelers building, an adjacent parking lot, and, more recently, Travelware Luggage so that he could give his tenants a parking garage. “We close on the baggage building September 1,” he said. “Demolition should begin in late September." All of this means future value; that if in five to 10 years down the road, the buyers want to sell, their investment won’t have depreciated in value. "We’re planning for the future—now,“ he added.
Customers are responding to Moylan’s luxury condominiums. In August alone, CBS Home Real Estate sold four units. “It’s going very well,” Moylan said. “We’re almost at 50 percent sold. It’s been very successful. There are a lot of projects downtown and a lot of people are considering (living down here). When people analyze it, they really like our location —we’re in the heart of downtown—and they like what we have to offer.”
When built in 1929, the Paxton Hotel contained 420 rooms, four dining rooms, a barbershop and a ballroom. It even had a rooftop dog kennel with runways. It ceased operations as a hotel in 1966 and became home to the Women’s Job Corps. Five years after that it was a hotel again. But that, too, was short-lived, and in 1975 it was converted into a self-care retirement home known as the Paxton Manor. It was last used as housing for elderly and indigent people with health are needs. The Paxton will be ready for occupancy June 1, 2006.
By Julien R. Fielding
The Daily Record