By Isaiah Ang & Jeff Beals
Omaha’s office-to-residential conversion pipeline ranks among the top 20 of America’s largest real estate markets, according to apartment research website, RentCafe.
A report on adaptive reuse of office space shows that Omaha’s gross number of office-to-apartment units in the 2025 pipeline ranks 16th at 1,294 units. The pipeline includes projects under construction, planned or prospective.
Omaha’s pipeline is comprised mainly of projects spearheaded by NuStyle Development, which is converting the Central Park Plaza twin towers and the old FNBO main bank building into residential units.
Nationally, the 2025 pipeline will be record-breaking and the highest ever with 70,000 apartment units created out of former office space. The New York metro leads the nation in future office-to-apartment conversions with 8,310 units in its pipeline. It’s followed by last year’s #1, Washington, D.C. (6,533 units), and then Los Angeles in third place (4,388 units).
NuStyle Development is transforming the Central Park Plaza twin towers into The Duo, a $163 million project that will take place in three phases. The Duo will have more than 700 apartments, and final completion is planned for 2027. Sullivan’s Steakhouse will remain in the south tower. The former Park Fair Mall — part of the Central Park Plaza property and located on the west side of the complex along 16th Street — will be torn down and replaced with a city-owned parking garage. Some of the apartments (150 units) will be constructed on top of that new garage.
NuStyle’s conversion of the FNBO Main Bank Building at 1620 Dodge Street has been announced, but construction has not yet started. The 22-story, 54-year-old office building will become 300 market-rate apartment units. At 295 feet, it is the fifth tallest building in Omaha behind the First National Center, WoodmenLife Tower, Elmwood Tower and Union Pacific Center. It will become the sixth tallest when the Mutual of Omaha tower is complete.
Omaha is the second smallest market to make the top 20. Below is the entire list, including the number of converted apartment units in each market’s pipeline:
1. New York (8,310)
2. Washington, D.C. (6,533)
3. Los Angeles (4,388)
4. Chicago (3606)
5. Dallas (2,725)
6. Atlanta (2,239)
7. Minneapolis (1,873)
8. Charlotte (1,787)
9. Cincinnati (1,753)
10. Kansas City (1,676)
11. Phoenix (1,634)
12. Cleveland (1,619)
13. Bridgeport, CT (1,473)
14. Jacksonville (1,418)
15. Denver (1,398)
16. Omaha (1,294)
17. Pittsburgh (1,250)
18. Philadelphia (1,232)
19. Boston (1,167)
20. Detroit (962)
Photo above: Construction on The Duo, formerly known as Central Park Plaza by Brad Williams
