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Union Omaha Announces Developer & Design Team for Planned Stadium
Alliance Sports, owner of the Union Omaha soccer team, announced its selection of a development manager and design firm team for the mixed-use development that includes a state-of-the-art soccer stadium for Union Omaha and a future professional women’s soccer club. “It’s extremely impactful for us to add two world-class firms to this very important project for downtown Omaha,” said Gary Green, co-founder of Alliance Sports. “Their expertise, as well as their commitment to excellence, will be invaluable as we move forward and work together to make a significant impact on our community.” Hines, a global real estate investment manager, has been selected as the development manager for the 18-acre mixed-use project along Abbott Drive. Global architecture and design firm, Perkins&Will, in partnership with Omaha’s RDG Planning & Design, will be the lead architects for the project. Hines is also developing The Mercantile in downtown Omaha on the northern portion of the ConAgra...
City Proposes Bonds for Major Capital Improvements
A series of bond issues will be on the November general election ballot if approved by the Omaha City Council at its meeting July 30th. The general obligation bonds will not raise the city’s property tax levy, according to a press release from the mayor’s office. The bonds will pay for projects listed in the Capital Improvement Plan (CIP) in six categories: public safety; public facilities; transportation; street preservation; parks and recreation; and sewer. Transportation bonds will total $80.9 million and include large road projects that are paid with federal funds but require a local match. The city uses bonds to pay the match. Examples of transportation projects to be paid with future bonds include: Fort Street improvements west of 120th Street; L Street viaduct at 38th Street; Saddle Creek & Dodge Street bridge replacement; Enterprise Park Roadway near 11th & Locust; and 180th Street widening between Harney and Arbor streets. Public facilities bonds will total $146...
Three Metro Area Development Projects Receive Additional Funding
Three Omaha metro area projects are receiving additional funding through the State of Nebraska’s “Shovel-Ready” program. During the pandemic, many projects throughout the state were delayed. In response, the Unicameral passed the Shovel-Ready Capital Recovery and Investment Act to assist nonprofit organizations with capital projects affected by the pandemic. The grant money totaled $115 million with $100 million coming from ARPA funds. This week, Governor Pillen announced that Omaha Performing Arts, Joslyn Art Museum and the Elkhorn Athletic Association will each received around $2 million to help complete projects. Omaha Performing Arts will use the funds on the downtown Tenaska Center for Arts Engagement, currently under construction on the east side of the Hollard Performing Arts Center. The $108 million, 3-story building will offer additional rehearsal, workshop and classroom spaces to accommodate expanding education and community engagement programs, which already serve more...
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Second Quarter Commercial Real Estate Market News
NAI NP Dodge produces a report on Omaha’s commercial real estate market each quarter. Below are some highlights for Q2 of 2024. Omaha’s office, retail and industrial markets remain impressively strong. Office Market The 48.6 million sq. ft. Omaha office market ended the 2nd quarter of 2024 with a vacancy rate of 7.0 percent, which was up a tad from last quarter. Absorption over the past 12 months was 176,000 sq. ft. Rental rates were up to $25.30. Approximately 1.3 million sq. ft. of office space is under construction at this time, about the same as last quarter. Retail Market More than 66 million sq. ft. of retail space was considered for this report, which is based on CoStar data. At this time, 434,000 sq. ft. of retail space is under construction, which is up from last quarter. Vacancy was 4.4 percent, down. Rental rates were $17.43 per square foot. The 12-month net absorption was 334,000 sq. ft. at the end of the quarter, down substantially from the previous period. Industrial...
Nearly a Dozen More Downtown Development Projects Planned for 2024
During a press conference called last week to provide streetcar updates, Omaha Mayor Jean Stothert shared some interesting information that so far hasn’t garnered much attention. Eleven significant, but yet-to-be-announced, real estate projects totaling $400 million are now in the active planning stages in the urban core. We expect many, or possibly all, of these projects to be announced by the end of the year. These mystery projects – known to city officials and the respective developers but not the general public – are part of $1.3 billion in real estate development identified so far that will help pay for the future streetcar system that will connect downtown Omaha to the University of Nebraska Medical Center. The streetcar is expected to open in 2028. If a development within a few blocks of the future streetcar line receives Tax Increment Financing from the city, part of that money will be used to pay for the streetcar. Therefore, in order for the mystery projects to be included,...
City Releases New Cost Estimate for Downtown Streetcar Project
Omaha’s modern streetcar project is generating new development at a rapid pace. That, in turn, is increasing revenue to pay for the future transportation system. At the same time, the cost of the streetcar is going up. Development in the urban core along the planned streetcar route is now estimated at $1.3 billion by the end of this year, which exceeds estimates. By comparison, Municap, a city-hired consultant, projected $2 billion over 15 years and $608 million in revenue generated by the increase in Tax Increment Financing to be paid by developers. Municap’s projections were made in 2022. A new estimate of real estate development, prepared by the city’s finance department, has nearly doubled to $3.9 billion over the next 15 years, resulting in a minimum of $940 million in revenue generated by TIF proceeds. This windfall substantially exceeds the amount necessary to build the streetcar. The updated estimate is based on 26 development/construction projects underway in the urban core....
Omaha-Based Coffee Chain Opens 800th Location in Kentucky
Omaha-based Scooter’s Coffee has announced its 800th location, which will open in Louisville, Ky. “Today, here at Scooter’s Coffee, we are thrilled to celebrate the opening of our 800th location,” Joe Thornton, CEO of Scooter’s Coffee said. “With a system comprised primarily of franchise owners, it is exciting to see the brand grow and to see franchisees realize their dream of business ownership. As we now operate in 30 states, we look forward to having more people enjoy an amazing coffee experience with us.” The 800th Scooter’s Coffee drive-thru location is locally owned and operated by Jamie Stapleton and Joshua Johnston. Under the company name iHeartCoffee, Stapleton and Johnston now own and operate eight Scooter’s Coffee locations in the Louisville metro area. Founded in 1998 by Don and Linda Eckles in Bellevue, Scooter’s operates stores in 30 states and has aggressive growth plans. Scooter’s ranked #13 on Yelp’s 2023 list of 50 Most Loved Brands in the U.S. and ranked #2 on...
Omaha Fares Well in Latest Fortune 500 & 1000 Lists
The 2024 Fortune 500 and Fortune 1000 lists have been released, and Omaha continues to serve as the home of several of the nation’s biggest countries. The iconic listing of America’s biggest companies is now in its 70th year. The 500 companies are ranked by annual revenue and together represent two-thirds of the U.S. Gross Domestic Product. Together, the companies amassed $18.8 trillion in revenue, $1.7 trillion in profits and $43 trillion in market value. The 500 companies employ 31 million people in total. Like last year, Omaha hosts the headquarters of four companies in the Fortune 500 and an additional four in the Fortune 1000. That means Omaha has more headquarters than many much larger cities including Kansas City, Oklahoma City, San Antonio, Indianapolis, Salt Lake City, Sacramento, Las Vegas, Portland, Nashville and others. Here’s the list of Omaha’s Fortune 500 and 1000 companies with rankings and revenue totals: #5 Berkshire Hathaway - $364 billion + #170 Union Pacific -...
The Annual Omaha Tourism Awards
The public cast a record-breaking 24,576 votes in this year’s Omaha Metropolitan Area Tourism Awards, recognizing the best tourism businesses in Douglas, Sarpy and Pottawattamie counties. Votes determined winners in four categories: Best Hotel, Best Restaurant, Best Attraction and Best Retail Business. The winners and runners-up for 2024 are: Douglas County Best Attraction: Winner: Omaha’s Henry Doorly Zoo & Aquarium Runners-up: Kiewit Luminarium and Boys Town Best Hotel: Winner: The Farnam, Autograph Collection Runners-up: Kimpton Cottonwood Hotel and Moxy Omaha Downtown Best Restaurant: Winner: Greek Islands Restaurant Runners-up: Yoshitomo and V. Mertz Best Retail: Winner: Made in Omaha Runners-up: Prairie in Bloom and Nouvelle Eve Sarpy County Best Attraction: Winner: Schramm State Park Education Center Runners-up: Sarpy County Fair Grounds and Gifford Farms Best Hotel: Winner: Embassy Suites by Hilton La Vista Runners-up: Courtyard by Marriott La Vista and Hampton Inn &...
A Video Tour of Omaha Construction
The latest Grow Omaha Construction Update video, produced by Brad Williams, is now available on our website or by clicking HERE. Our construction videos are sponsored by Lueder Construction and are full of footage and information about local developments. For this week’s Big Story, we’re highlighting just some of the projects you’ll see. Here goes… The Clove Apartments (78th & Dodge Street) – This $34 million project has four stories of apartments above one level of indoor parking. The building will have 175 units. Work is wrapping up soon. St. Patrick Catholic Church (183rd & Big Elk Parkway) – This 56,000 sq. ft. new church building will seat 1,400 people. The parish hall can accommodate 600 people. Costco (180th & West Maple Road) – Omaha’s third Costco is fully enclosed and ready to open later this summer. Bankers Trust Company (192nd & West Dodge Road) – This Iowa-based bank has been in Omaha for more than 15 years but, this will be its first full-service retail...
Project Development Updates
Today we highlight two developments, one in Omaha and one in Council Bluffs, for this week’s Big Story. Children’s Nebraska Elected officials, local dignitaries and representatives from Children’s Nebraska held a topping-out ceremony today at the future Behavioral Health & Wellness Center at Children’s Nebraska. Topping-out occurs when the final steel beam is lifted into place. The $110 million, 4-story building is under construction on a 7-acre site south of 85th & West Dodge Road on the western edge of Children’s Nebraska’s campus. When it opens in early 2026, the 107,250 sq. ft. building will have 38 inpatient beds plus an experiential kitchen for youth and families dealing with eating disorders as well as 14,000 sq. ft. for general outpatient therapy and a crisis screening and stabilization assessment hub. The need for more mental health services for area youth is clear and sobering, according to Children’s Nebraska. Even before the onset of COVID-19, one in five children...