Weekly Market Report – April 28, 2022

Apr 28, 2022 | 0 comments

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A popular BBQ restaurant Lives On! As previously reported, Tired Texan BBQ is closing its restaurant at 108th & Q Street on May 8th. But the restaurant will live on as the “Tired Texan Southern Grill,” operating out of the Papillion American Legion Post 32 at 230 West Lincoln Street. The new Tired Texan will serve southern inspired comfort food with BBQ as a special menu item.

Good Life Sports Bar & Grill is now open for business in a brand-new building at U.S. Highway 6 & Lincoln Road in Gretna. Stories Coffee eventually plans to open in the same building.

A Los Angeles-area restaurant known as TAPS Brewery + Kitchen plans to open in a yet-to-be-announced location in Omaha, according to the restaurant’s website. The restaurant started in Yorba Linda and recently opened a second location in Corona, Calif.

Paradise Bakery & Café plans to close its Regency Court location on May 2nd. The Village Pointe location will remain open.

Papio Nutrition Smoothie & Juice Bar will hold a ribbon cutting May 20th for its store that has been in operation for about a year at 8410 South 73rd Plaza in Papillion. That’s in a retail strip just west of 72nd & Giles Road.

Construction is underway on a convenience store and gas station as part of the Baker’s Supermarket near 132nd & West Maple Road.

REI update – Construction is coming along rapidly on the future Recreational Equipment, Inc. store at Nebraska Crossing. The landlord plans to deliver the 25,000 sq. ft. building to REI in June with hopes that the store will open around Labor Day weekend.

Heartland Paws Natural Pet Food & Supplies will hold a grand opening celebration Saturday May 7th for its new store in Pepperwood Village (next to Baker’s) near 156th & West Dodge Road. The local, family owned store sells foods, treats, supplements and other pet essentials.

Millwork Commons – We sometimes like to list new restaurants and retailers going into certain new real estate developments. Here’s a list of tenants going to Millwork Commons (north of Charles Schwab Field in North Downtown): Archetype Coffee, Coneflower Creamery, Hutch, Sweet Magnolias Bake Shop and Kros Strain Brewing Company.

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The Big Story

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Big Plans in La Vista’s Southport Area

Big changes are coming to La Vista’s Southport area, the large mixed-use development south of Interstate 80 at the 126th & Giles Road exit.

Southport West already has Cabela’s, Embassy Suites, the La Vista Conference Center, Costco and Alamo Draft House. Southport East is home to a major PayPal, Inc. office and many other businesses. More development is on the way.

On the eastern edge of Southport East, grading is well underway on the long-anticipated Nebraska Multisports Complex. This massive project will include 12 soccer fields which could open by the end of this year. Facilities for additional sports are planned in later phases.

The complex is designed to attract thousands of youth athletes and their families each year, a major economic boon to the area. Perhaps that’s why at least two hotels are looking to build in Southport East. These are in addition to the Hampton Inn, Comfort Inn and My Place Hotel that already operate on the east side.

Additional development is coming to the western side of Giles Road. Smash Park, an indoor-outdoor restaurant and entertainment center from West Des Moines, Iowa, plans to build a new location at Giles Road & Southport Parkway in La Vista’s Southport West development. The site is immediately south of the Embassy Suites and east of Cabela’s. The 25,000 sq. ft. building will be constructed on a 3-acre lot.

Smash Park is described as “Your one-stop-shop for food, drinks and fun! Our indoor/outdoor venues combine craft food and drinks with pickleball courts, endless games, live entertainment and outrageous events to provide the ultimate gathering place for people of all ages.”

Immediately to the east of the future Smash Park, plans call for another hotel on a 3-acre lot. Yet another hotel is planned for small lot east of Hooter’s bar and west of an existing 3-story office building.

North of Smash Park but still south of Embassy Suites, grading has already started on a project that will include a retail strip center and a couple free-standing retail buildings. One of those free-standing buildings will house a Starbuck’s Coffee.

Even after this current flurry of development is over, several more undeveloped lots will remain in both Southport East and West.

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Grow Omaha Snippets

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It’s Berkshire Hathaway weekend in Omaha. Thousands of Warren Buffett groupies will be in town this weekend to enjoy the Woodstock of Capitalism. The complete weekend schedule/information is available HERE.

Construction is expected to begin soon on the Vestara 72 apartments at 72nd & Schram Road in Papillion. This 168-unit complex will have seven 12-plex buildings and six 14-plex buildings plus detached garages, storm shelters, a clubhouse and a pool. Total building size is approximately 178,000 sq. ft.

The Omaha City Council granted an additional $1.2 million in Tax Increment Financing to Noddle Companies to make improvements in the Aksarben Village entertainment district including an expanded dog part and outdoor amenities near the Inner Rail Food Hall.

Site preparation has started southeast of 168th & Highway 370 on Allora 168, an “apartminium” project with high-end finishes and all-inclusive pricing. Allora 168 will have 182 units. The estimated completion date is the third quarter of 2024.

World-class equestrian competition will return to Omaha for the 2022 International Omaha Presented by Burlington Capital, May 5-8 at CHI Health Center Omaha, site of the highly acclaimed 2017 FEI World Cup™ Finals and the upcoming 2023 FEI World Cup™ Finals. In addition to its traditional Jumping schedule, the event will feature the discipline of Vaulting for the first time.

Omaha projects approved in 2021 for Tax Increment Financing are expected to produce more than 900 housing units and 700,000 square feet of commercial and industrial space, according to the Omaha World-Herald. The 25 projects required about $41 million in TIF loans, according to the annual TIF report approved by the Omaha City Council on Tuesday.

More than 50 street repair and resurfacing projects are on the City of Omaha’s preliminary 2022 construction calendar. The list includes major arterial, downtown and residential streets as well as brick street restoration. The project list is available HERE.

If you think construction is interesting, you’ll like this. NGC Group, Inc. has published photos of its recent 350-cubic-yard concrete pour at the future Moxy by Marriott hotel at 12th & Harney Street in the Old Market. Check it out HERE.

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Business News

Local Business News Sponsored by FranNet of The Heartland:

Real Estate News from CoStar –  The sites of the three remaining mainland U.S. Kmart stores are up for grabs — big-box anchor spaces being pitched to new tenants — as the once-mighty chain and American cultural touchstone appears to be nearing the culmination of its slow wind-down.

The activity comes as Kmart closed its store in Avenel, N.J., the day before Easter. That week, shoppers sought bargains as the retailer tried to sell remaining inventory — and as pieces of the store itself were carted away by shoppers, both nostalgic visitors and bargain hunters. The closing left only three of the once-ubiquitous discount chain’s sites open in the continental United States: in Westwood, N.J.; Miami; and Bridgehampton, N.Y. Now the three Kmarts are being marketed. READ MORE.

A cause for concern? The U.S. economy shrank in the first three months of the year, according to the Associated Press, and faces threats from high inflation and rising interest rates. Nevertheless, economists foresee a return to growth for the rest of 2022 based on the strength of the job market and consumer spending.

Valmont Industries, Inc. of Omaha has declared a quarterly dividend of $0.55 cents per share payable on July 15, 2022, to shareholders of record on June 24, 2022. The dividend indicates an annual rate of $2.20 per share.

The Council Bluffs Chamber held a ribbon cutting this week for a Club Car Wash now open at 2201 West Broadway. The Chamber plans additional ribbon cuttings in the next two weeks at Humane Pet Services at 19287 Conifer Lane and The Council Bluffs Convention & Visitors Bureau (it’s now a official Iowa Welcome Center) at 509 23rd Avenue.

The Sarpy County Chamber held a ribbon cutting this week to celebrate the grand opening of The Ryan Burden Agency of Farm Bureau Financial Services at 818 Tara Plaza in Papillion.

Union Pacific Railroad donated a small portion of its heritage fleet to non-profit Railroading Heritage of Midwest America (RRHMA). The donation allows Union Pacific to focus on its remaining fleet, which includes the world’s largest steam locomotive, the Big Boy UP 4014, and the fastest, the Living Legend UP 844.

“Union Pacific is proud to be the only Class I railroad with steam locomotives on its roster, part of the finest heritage fleet in the world,” said Scott Moore, senior vice president – Corporate Relations and chief administrative officer. “We are pleased with RRHMA’s plans to restore the donated equipment for the public to enjoy. Union Pacific remains dedicated to the maintenance and operation of our remaining heritage fleet, including hosting future tours and sharing UP 4014 and UP 844 with the rail community.”

Valmont Industries, Inc. has signed a definitive agreement to acquire a majority interest in Colorado-based ConcealFab, an industry leader in 5G infrastructure and passive intermodulation (PIM) mitigation solutions. Ericsson, a global leader in 5G technology, will reinvest their ConcealFab equity and hold a minority position in the new company.

The strategic partnership with Ericsson to acquire ConcealFab aligns Valmont with a leading provider of innovative 5G infrastructure and PIM mitigation solutions. Founded in 2007 in Colorado Springs, CO., ConcealFab has been recognized as one of the fastest growing companies in the Telecom industry. Their success is a result of their first-to-market innovation, customer-centric fulfillment strategy and ability to design, manufacture and meet ever-changing and specific industry demands. ConcealFab’s partnerships with wireless operators, utilities, and major OEMs have also been a key driver in their rapid growth and will continue to support future expansion.

This is kind of fun. Workday, Inc., a Pleasanton, Calif.-based software company, recently produced a commercial featuring Peyton Manning and his famous “Omaha! Omaha!” line. You can watch it HERE.

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!”

People in the News

Sponsored by Baird Holm Attorneys at Law

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CCS Presentation Systems has promoted Zack Potter to managing principal. He leads operations, service, design, engineering and sales. CSS Presentation Systems is an Omaha-based provider of audio-visual solutions serving education, corporate and government clients nationwide.

Attorney Justin Sheldon has joined Baird Hold LLP. His practice focuses on commercial real estate along with asset-based and agricultural financing transactions. He represents both lenders and borrowers in negotiating and structuring transactions. He is also an SBA 504-designated attorney and serves as a closing attorney for certified development companies.

Tammy Lovette is now vice president and medical director at Mutual of Omaha. She provides medical expertise in the evaluation of an insured’s functional capacity via medical record reviews and discussions with business partners. Lovette joined Mutual in 2022. Before joining Mutual, she was a medical consultant at Unum. Before that, she was a staff physician at the Rome Veterans Affairs Clinic in Georgia, and the Biloxi Veterans Affairs Medical Center in Mississippi, and a clinic physician at Carilion Health Systems.

Nebraska State Senator Rich Pahls has died at age 78. He was serving his third term in the Unicameral and also served two terms on the Omaha City Council. Earlier in his career, he was a long-time administrator for Millard Public Schools.

The “People in the News” section is sponsored by Baird Holm LLP. Baird Holm’s dedicated team of real estate lawyers has extensive experience in all aspects of real estate law, including purchases, sales, zoning and land use, leasing, and dispute resolution. Click HERE for more information.

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