INDIANAPOLIS (January 6, 2025) – The Annex Group®, a leading impact housing developer that creates affordable, workforce and purpose-built student housing communities, today announces groundbreaking plans for Central at Columbus Park, a new affordable housing community coming to Omaha, Nebraska. Located at 1031 South 21st St., Central at Columbus Park will be on over an acre of property and offer 156 one, two, three and four-bedroom units to households earning a range of income levels starting at 30 percent of the area median income (AMI). A groundbreaking ceremony will mark the official beginning of construction on the nearly $60 million property. Details include:
- Location: Central at Columbus Park | 1031 South 21st St. | Omaha, Nebraska 68108
- When: Thursday, January 15 at 11 a.m. CST
- What: Join The Annex Group, City of Omaha Chief of Staff, Keith Station, the community and partners in a ceremonial groundbreaking for Central at Columbus Park
"We are proud to bring new, affordable living options to Omaha for those seeking a safe, stable place to call home,” said David Wesner, Vice President of Development for The Annex Group. “With its recent growth and city investment, this downtown-adjacent neighborhood is the perfect setting. The Annex Group looks forward to joining the community and becoming a lasting resource for local residents."
A U.S. News & World Report analysis listed Omaha as the nation’s hottest housing market earlier this year. The report noted the city’s low unemployment rate and labor participation rate of nearly 67 percent compared to the national rate of just over 62 percent among the reasons for its top ranking. According to market research The Annex Group had conducted in preparation for this project, more than 61 percent of households are renters in this area.
“Central at Columbus Park will be an eye-catching community that will enhance the neighborhood,” said Rachel Kriech, Director of Development. “The needs of both residents and surrounding neighbors were considered during the planning phases of this project, and we think the community will be truly pleased to welcome Central at Columbus to the neighborhood.”
Central at Columbus Park will feature impressive amenities, including a parking garage, community room, computer room, fitness room, storm shelter and bike storage. There will be grocery shopping, schools, public transportation and recreational amenities a short distance from the community.
The project partners include BVH Architecture, Lange Structural Group, Engineering Technologies Inc., REGA Engineering, Terracon, RMD Group, Wells Fargo, NP Dodge, Nebraska Investment Finance Authority (NIFA), Front Porch Investments, and the City of Omaha.
“Central at Columbus Park brings urgently needed affordable homes to a growing part of Omaha,” said Jody Holston, Front Porch Investments Executive Director. “We’re proud to support this project and grateful for the collaboration that made it possible.”
Financing for Central at Columbus Park project was a collaborative effort, successfully drawing on the support of several key partners. Wells Fargo played a significant role by providing over $24 million in federal equity, while their debt team further contributed by acting as both the construction lender and the senior permanent lender, contributing over $42 million and over $24 million, respectively. The Nebraska Investment Finance Authority (NIFA) augmented this funding by allocating four percent tax credits and issuing $28 million in tax-exempt bonds. Furthermore, the City of Omaha provided vital municipal support through the issuance of the tax-exempt bonds and by awarding a 20-year Tax Increment Financing (TIF) package which is intended to offset property taxes throughout the compliance period. Finally, both Front Porch through its Development and Preservation Fund and the State of Nebraska, Department of Economic Development (NDED) Housing Trust Fund provided soft funding, contributing $3 million and $1.8 million in proceeds, respectively. Each partner provided a key role and vital support that was instrumental in bringing the project to fruition.
This is The Annex Group’s fourth affordable housing community located in Nebraska but its first in Omaha. Union at Middle Creek opened in 2024, Union at Antelope Valley opened earlier this year and Central at South Haymarket is currently under construction.
ABOUT THE ANNEX GROUP®
The Annex Group® is a leading impact housing developer that creates affordable, workforce and purpose-built student housing communities. With a focus on providing innovative, amenitized housing in emerging markets throughout the United States, The Annex Group is headquartered in Fishers, Indiana. To learn more about The Annex Group, visit www.theannexgrp.com or follow them on Facebook and LinkedIn.
