R&R Realty completed construction last year on one of the largest speculative office developments ever built in the Omaha, Nebraska, market. In recognition, the project earned a 2023 CoStar Impact Award for commercial development of the year in Omaha, as judged by real estate professionals familiar with the market.
The 180,000-square-foot Waterford Building marks the first development in the Fountain Ridge Office Park in Omaha's suburban West Dodge submarket.
Located at 18881 W. Dodge Road, the complex includes two 80,000-square-foot office buildings connected by a 20,000-square-foot collaborative area called the Waterford Commons. The Waterford Commons includes an open and light-filled lobby, a large training center and an executive conference room.
Other building amenities include a grab-and-go market and a self-serve Starbucks, a rooftop terrace with lounge furniture, worktables and fire pits, and a fitness center with Peloton bikes, locker rooms and showers. The building has attracted several tenants and is about 86% leased despite the uncertain office environment, according to CoStar data.
R&R Realty plans to continue to grow the Fountain Ridge Office Park, which is anchored by a 34-foot wide, 16-foot-tall fountain that lights up at night and contains more than 7,500 gallons of water.
About the project: R&R Realty bought 60 acres along West Dodge Road in 2013, marking the Iowa-based developer's entry into the Omaha market. Work began on the Waterford Building in late 2019 and was quickly impacted by the COVID-19 pandemic. The development team pivoted plans and made sure to include touchless sensors and a higher-grade air filtration system designed to reduce the spread of viruses, bacteria, and germs. Their efforts earned a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
What the judges said: "This development was impactful because it is a pinnacle in Omaha's stark push west in recent years. The Waterford building provides a true Class A west Omaha product which will prove very attractive to skilled office employees whose homes lie in west Omaha and would rather work close to home than commuting to another part of the city," said Samuel Rolfe with The Lerner Co.
They made it happen: Mike Homa, Cooper Wilson, Chris Richardson and Kim Dust with R&R Realty.