Case Study: How We Delivered Certainty, Speed & More Than 200,000 Square Feet of Value for GreenSlate

The Project

GreenSlate Development had a promising start on a build-to-suit development just north of downtown Omaha, NE: a site plan, an architect of record, design drawings and a construction estimate for a 150,000-square-foot industrial building. But when the tenant changed course, GreenSlate needed to pivot fast. They set out to find a builder who could efficiently, affordably and confidently convert their plans into a speculative industrial/flex facility.

Several general contractors priced out GreenSlate’s existing plans, but they were heavy on price and light on optimization. Denny Sciscoe, a broker with Lund Company familiar with our design-build expertise, encouraged GreenSlate to contact us and, shortly thereafter, we were hired to build what became Storz Warehouse, a modern Class A speculative industrial building named after North Omaha's historic Storz Brewery.

The Challenge

Converting a build-to-suit development into a speculative one isn’t as simple as changing the name on the plans. Plan priorities must shift from meeting the operational needs of a single tenant to delivering flexibility, cost control and marketability.

While GreenSlate had a prime 11.5-acre site adjacent to Eppley Airfield with easy access to Interstates 29, 80 and 680, Highway 75 and downtown Omaha, the project presented a number of challenges.

• Schemmer was the architect and structural and mechanical engineer GreenSlate hired to design the original build-to-suit project, and it was important to GreenSlate that they remain involved in the revised project.
• GreenSlate had already paid for a geotechnical site survey, site plan and building design and were understandably hesitant to invest more dollars there.
• Financing and leasing efforts were on hold until costs and timelines could be locked in.
• The proposed site preparation and soil mitigation plans threatened to add months and millions to the schedule and budget.
• The existing design wasn’t optimized for multiple tenants and it lacked the kind of curb appeal and flexibility needed to attract potential users.

In essence, we needed to start from scratch with no additional dollars and deliver a premium speculative development on an expedited timeline with minimal financial risk.

The Solution

Our integrated design-build approach, whereby we simultaneously pursue and manage the design and build phases, allowed us to leverage unique skill sets across disciplines, collaborate seamlessly, move quickly from evaluation to action, make faster decisions for GreenSlate and, ultimately, overcome each and every early challenge.

• Our design-build expertise allowed us to effectively and efficiently collaborate with Schemmer on the new building design, and it enabled us to provide GreenSlate a guaranteed maximum price at a lower cost-per-square-foot than their original estimate. That certainty allowed GreenSlate to secure financing and begin leasing efforts.
• Drawing on our previous experience in the Omaha market, we proposed an alternative to the original geotechnical recommendation. By incorporating wick drains and sourcing lower-cost soil from a nearby highway construction project, we significantly reduced the need for costly, months-long surcharge soils.
• We reimagined the site layout for greater efficiency and appeal. By splitting the stormwater detention basins and eliminating paving inefficiencies, we were able to expand the building by 50,000 square feet, creating a total of 202,000 square feet of leasable space – a 35% increase in value.
• We repositioned the offices to face green space, moved the truck court to the rear so it was adjacent to the neighboring truck court and added clerestory glass for natural light and improved aesthetics. Inside, we coordinated bay widths to optimize the steel framing while still providing two drive-in doors and accommodating up to 27 dock doors.

The Result

GreenSlate’s first industrial and first design-build development exceeded their expectations as we delivered more leasable space and a seven-figure cost reduction on an accelerated schedule. And it was fully leased shortly after completion in July 2024.

“I never could have imagined there was a way to expedite our timeline, add 35% more leasable space, and secure more than a million dollars in savings on this project,” said Matt Dwyer, Principal and Founder of GreenSlate Development. “Opus’ design-build framework delivered for us at every turn. Their expertise, collaboration and professionalism were second to none.”

The success of Storz Warehouse reflects what’s possible when collaboration, creativity and expertise come together – a setback becomes a definitive success.

• More about Storz Warehouse