Wall Street Plans Condos

A 32-story condominium will be added to Omaha's downtown skyline in place of the old Union Pacific headquarters. It will be the third tallest building in the city.

Wall Street announced Wednesday its plans to build in Omaha.

The Wall Street Tower is scheduled to be completed in the spring or summer of 2009. Townsend Incorporated of Overland Park is the developer.

"We have some new buildings, some new features -- scenery," said Theresa Freeman, a life-long Omahan. "So it's building up, catching up to some of the bigger cities. So it's a pleasant surprise."

Two hundred eighty-two living units will be priced at $200,000 and up.

"You'll be able to see out of Omaha into Iowa," said Troy Strawhecker of Townsend Incorporated. "The views are great floor to ceiling views."

The $100 million project promises luxury living.

Jason Townsend says there will be a roof-top swimming pool, a gourmet cooking area, business center, work-out area as well as a movie theatre.

The lower-level of the building will also feature retail shopping opportunities that have yet to be named.

"We will make sure that whatever they do, they'll be very good at what they do," said Strawhecker. "They (will) fit in with the high style, contemporary image of Wall Street Tower Omaha."

"When I was a kid, we used to come here and eat and shop, and that's kind of gone," said Freeman. "So it'll be nice to see some retail shops in downtown."

Demolition of the old Union Pacific building is expected to take one year. City officials and developers have no plans to implode the building. They say it will be taken down piece-by-piece instead.

They say it's too early to say how the demolition and then construction will impact downtown traffic.