Previous Market Reports:
April 15, 2021 Weekly Market Report
Restaurant & Retail Updates
Wake for it…Wake for it – “Lula B’s Breakfast, Brunch and Bar Caffeinated by Stories Coffee Co.” is coming to 902 Dodge Street in the former Local space. A part of the Capitol District, Lula B’s will be “downtown’s breakfast, brunch and coffee spot” and will serve brunch and breakfast menu items all day in addition to dinner items. The chef is from Mexico City and will provide some authentic Mexican flair to the menu. The restaurant will offer an array of tap cocktails plus full bar service. Opening is planned for early May.
Hacienda Real is a Lincoln-based full-service Mexican restaurant that plans to open in the former Old Chicago space on the southeast corner of 78th & Cass Street. The Old Chicago closed in early 2020. This wll be Hacienda Real’s third location and first in the Omaha area.
Lansky’s Pizza, Pasta & Philly Steaks is now open in a retail strip southwest of 168th & Highway 370 in Gretna. The longtime local favorite has existing locations at 50th & L Street plus Bellevue and Council Bluffs.
Sports Bar Coming to Southwest O – Ref’s Sports Bar & Grill plans to open a second location this summer near 189th & Harrison Street in a new retail strip in the Sugar Creek area. Ref’s features the classic sports bar menu and decor. The original location is at 9725 Giles Road in La Vista.
Subs on L Street – Pickleman’s Gourmet Cafe has opened another location in the former Smashburger space at L Street Marketplace. Pickleman’s, which serves toasted sandwiches, salads, soups and pizzas, also recently opened a location near 204th & Pacific.
Best Burger has relocated from the Florence area to the 75 North development near 30th & Lake Street. The restaurant describes itself as a “locally owned, fast-casual, takeout burger joint with locally sourced ingredients.”
A free-standing Hy-Vee Fast & Fresh convenience store at gas station is under development on the northeast corner of 192nd & Highway 370 in Gretna. Opening should take place soon.
Huge Opening Day – Chippy’s, Nebraska’s only British bakery and market had 403 people waiting in line when it opened near 123rd & West Center Road on April 3rd and ended up completing 297 sale transactions. Apparently, Omahans love Britain. The store specializes in all things British including food, drinks, gifts and souvenirs.
The Big Story
How Our Area Stacks Up Nationally
Nebraska is the seventh least stressed state in the nation, according to a study by Wallethub, thanks in part to Nebraskans’ sense of financial security. Nebraska has short commutes, high job security and one of the nation’s lowest unemployment rates. Nebraskans have comparatively high credit scores and economic confidence. Almost half of the state’s residents are able to save for their kids’ college educations, and more than 70 percent of adults are paying more than minimum on their credit cards. The state scores high for housing affordability, and overall, less than a third of adults worry about money.
The six states that are even less stressed than Nebraska are (in order) South Dakota, Utah, Minnesota, Iowa, North Dakota and Wisconsin. The top 10 MOST stressed out states are (in order) Nevada, Louisiana, New Mexico, West Virginia, Mississippi, Oklahoma, Tennessee, California, Kentucky, and Texas.
Meanwhile, Forbes has ranked Omaha as number two on its “Best Cities for Renters in 2021” list. Forbes scored the 100 largest cities using criteria such as apartment size, affordable rent, weather and amenities such as parks. Plano, Tex. came in first followed by Omaha; Raleigh; Lincoln, Neb.; and Gilbert Ariz.
Grow Omaha Snippets
Grow Omaha Snippets Sponsored by:
Flanagan Lake Area – Developers are planning a 578-unit, multi-family residential development on 28 acres on the northwest corner of 168th & Fort Street overlooking Flanagan Lake. Buildings would be three and four stories.
Development in Papillion – Two new businesses plan to locate in the Granite Falls mixed-use development near 114th & Highway 370 in Papillion. They include a Kum & Go gas station and convenience store as well as a branch office for Omaha-based CoreBank. Granite Falls is already home to Metro Stars Gymnastics and other small businesses.
Construction has started on the Gretna School District’s second high school located west of 180th Street between Highway 370 and Cornhusker Road. Meanwhile, the Omaha Public School District has announced the names of two new high schools it will officially open in August. The school at 156th & Ida Street will be known as the Westview High School Wolverines, while the one at 60th & L Street will be known as the Buena Vista High School Bison.
A Chase Bank branch is coming to the space formerly occupied by The Afternoon at 3157 Farnam Street in Midtown Crossing. Also in that area, the former CRAVE restaurant has been divided into three bays. Two of those bays will be occupied by Proof Whiskey Bar and Rays Original Buffalo Wings, which are relocating from the north side of the development. Plans call for that north building’s retail space to be converted into The Offices at Turner Park.
Plans call for a 150,000 sq. ft. warehouse to rise in an industrial area near 69th & F Street. The $13.5 million building would sit on a 12-acre site and would feature 32-foot ceiling heights plus outdoor parking for 50 semi-truck trailers. Construction could begin this spring.
An industrial flex building is planned for an empty lot at 2909 North 93rd Street just northwest of 90th & Maple Street. Flex buildings are “half office and half industrial.” This 14,000 sq. ft. building would have four drive doors. Construction should begin in May.
Five Points Bank has started construction of a two-story, 11,000 sq. ft. branch office at 1303 North 205th Street. It is the bank’s 14th branch overall and third in the Omaha metro area.
This section is sponsored by NAI NP Dodge, Omaha’s premier commercial real estate brokerage.
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Local Business News
Local Business News Sponsored by FranNet of The Heartland:
Office space in Omaha is doing better than you might think, according to the NAI NP Dodge 1st Quarter 2021 Real Estate Market Report. Despite the pandemic and so many employees working from home, the office vacancy rate is only 9.1 percent and net absorption is only down 379,000 sq. ft. Rental asking rates are down a little but still a healthy $21.66 per sq. ft. You can see the entire report HERE.
Omaha’s Porsche dealership plans to move from its current location at 66th & L Street to the West Dodge Expressway corridor. Woodhouse plans to build a new Porsche dealership on a vacant piece of ground next to the Pinnacle Bancorp headquarters building at 180th & Dodge.
Rural Economic Health – For the fifth straight month, the Creighton University Rural Mainstreet Index (RMI) climbed above growth neutral. According to the monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy. The overall index for April slipped to a still healthy 69.0 from a record high 71.9 in March. The index ranges between 0 and 100 with a reading of 50.0 representing growth neutral. Approximately, 37.9% of bank CEOs reported that their local economy expanded between March and April. Fully 100% of bank CEOs indicated that export markets were important, or very important, to their local economy.
Owners of the 15-story Blackstone Plaza building at 3555 Farnam Street are requesting $6 million in Tax Increment Financing (TIF) to help with a $38 million renovation of the iconic Blackstone District property. The building was formerly home to Kiewit’s headquarters and currently houses Warren Buffet’s office.
The Council Bluffs Area Chamber of Commerce has honored 16 businesses or organizations that qualified for the new “Unbelievable Workplaces,” a program is designed to track employee satisfaction. The employers included: Advance Southwest Iowa Corporation; Career EdVantage; Council Bluffs Community School District; FAMILY, Inc.; HGM Associates Inc.; Iowa West Foundation; Iowa Western Community College; Lewis Central Community School District; Life Dimensions by Ilona; Omni Dental Centre; Petersen Law PLLC; Pottawattamie County Community Foundation; Promise Partners; The 712 Initiative; TS Banking Group; and Willson & Pechacek, P.L.C.
This section is sponsored by FranNet of The Heartland, the local, trusted franchise experts. They are “in the business of helping you get into business!”
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