Family-owned and West Des Moines-based, R&R Realty Group has looked for several years to expand outside the local market. It found that opportunity in Omaha.
The company has teamed up with an Omaha businessman to develop Fountain West Office Park on a 40-acre parcel on the city's booming west side.
Once Omaha city officials approve plans for the project, R&R will complete the purchase of the land with an eye to beginning construction next spring, initially on an 75,000-square-foot Class A office building, said R&R President Mark Rupprecht.
In all, Fountain West Office Park will have up to eight multistory buildings totaling about 540,000 square feet. Total project cost is estimated at $75 million to $100 million.
Designs have not been completed, but Rupprecht said his company tends to favor lots of glass and brick, similar to its office parks in Greater Des Moines.
"We think our product with parks and shared amenities and providing companies with expansion capabilities and putting in fiber rings would do well in Omaha," Rupprecht said.
This is the first time R&R has ventured outside Greater Des Moines for a development project. Omaha is a natural fit because of its similarities to home turf, Rupprecht said.
"The economy is very stable, the highs don't get too high and the lows don't get too low," he said. "It has great companies and employers. I think it was just a good fit overall from our standpoint."
R&R is working with Howard Hawks, chairman of Tenaska Energy Inc.
Hawks was one of several people R&R met with while scouting land and development opportunities, Rupprecht said.