- Associated Press - Saturday, October 31, 2015

OMAHA, Neb. (AP) - A real estate development firm is looking to build a four-story apartment building with street-level retail stores in the heart of Omaha’s historic Dundee neighborhood.

Sage Capital, of Omaha, has bought the corner property at 49th and Dodge streets - which had been the site of a transmission shop - as well as neighboring property to the east, the Omaha World-Herald reported (https://bit.ly/1N28bRN ) Saturday.

The proposed project would be at least an $8 million investment with 3,000 square feet of retail space with apartments on the top three levels, Sage president Aaron Moser said.

“Our vision is to transform that corner,” Moser said. “We feel it is the gateway to Dundee.”

The project could expand beyond the current half-acre site and proposed 50 market-rate apartments to 150 apartments if the firm is successful in buying more land, Moser said.

Moser sees unmet demand for rental housing in the Dundee community, especially with a rising population prompted by professional jobs at the growing nearby University of Nebraska Medical Center campus.

The long-established Dundee neighborhood is heavy on rehabilitated older apartment buildings, but short on newly constructed units, he said.

“We’d like to clean up (that entryway) and offer new product to that marketplace,” Moser said.

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Information from: Omaha World-Herald, https://www.omaha.com

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