How far south and west of the OM are you talking about? There are loads of old project housing about 3/4 of a mile west of the OM. In the area immediately adjacent to the OM a local business is working really hard to create a new urban environment, it is dubbed "Market West." Should be ~150 apartments either opened or u/c by the end of 2012 in this area.
Also Omaha is working on those massive 5 lane eyesores. Harney St. is going to lose 2 lanes for a killer bike trail.