Dive Brief:
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A $1.2 billion mixed-use scheme in Omaha, NE, is moving closer to reality after the city’s planning board last week gave it a preliminary green light, according to the Omaha World-Herald. The project is being billed as a "gateway" to the western portion of the city.
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Led by Jasper Stone Development, Avenue One is expected to include 2,000 units of housing and 1.3 million square feet of office and commercial space on more than 180 acres.
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Construction is expected to begin later this year with the first phase completed by late 2018. The entire project could take up to 15 years to finish once it is approved in full.
Dive Insight:
Jasper Stone’s project comes as Omaha experiences steady population growth, driven by a robust job market, that's turning out increased demand for homes.
Zillow projected Omaha to be one of the most active housing markets in 2016, highlighting the city’s low unemployment rate. The online real estate website also reports that the median home price there has risen 6.4% over the past year to $149,700 and expects it to increase 3.1% in 2017.
Omaha is just one market seeing a surge in interest as businesses and individuals look toward areas of the country such as the Midwest that offer a low cost of living and solid employment growth.
These markets are especially attractive to younger, first-time buyers. Millennials, in particular, account for 42% of homebuyers in the Midwest compared to 38% nationwide, according to Realtor.com. Active markets for this generational group include Omaha, Madison, WI, Columbus, OH, Des Moines, IA, and Minneapolis.
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