Weekly Market Report – August 22, 2024

Nicole Buntgen, Contributing Writer

Omaha’s Benson district will soon welcome SET The Bar, a sports bar dedicated to women’s sports, at 6121 Maple Street. Scheduled to open in early December, it will be Nebraska’s first women’s sports bar and the seventh in the United States. The bar aims to offer a fresh take on the traditional sports bar experience, elevate women’s sports in an inclusive space and foster meaningful connections among fans.

Let It Fly Sports Bar will open its west Omaha location Friday, August 30th at 1311 South 203rd Street in the former Barrel & Vine space. The 10,000 sq. ft. sports bar will include seating for 300, a 32-foot diagonal LED screen, glass-enclosed private dining room labeled “The Penalty Box” and a large outdoor patio. Opening Day hours will be 11 a.m. until 2 p.m. Let It Fly’s downtown location opened a little over a year ago.

Boiling Claws Express Seafood & Wings, a local food truck, plans to open a brick-and-mortar shop at 1313 Cuming Street, just west of Charles Schwab Field off 13th & Cuming Street. Opening date is set for late fall. Established in June 2019, Boiling Claws currently operates at 9002 Maple Street.

Snowy Sundaes, a family-owned dessert shop, opened last week in Benson at 6015 Maple Street next to Ted & Wally’s. The shop specializes in Bingsu, a Korean-style shaved ice, and also offers bubble tea, takoyaki (a Japanese octopus snack), croffles (a croissant-waffle hybrid), and specialty “ice-cool” hotpot desserts available for dine-in.

African Cocktail Lounge recently opened in Benson at 7215 Blondo Street. Along with concoctions, the lounge serves finger foods—like samosas and grilled meat skewers—while drawing on Africa’s rich cultural heritage to create a vibrant and captivating atmosphere that celebrates the continent’s diversity.

Playful Pines indoor play park opened July 20th at 7051 South 181st Street. That’s just southwest of 180th & Harrison Street. The locally owned business offers two-hour, limited capacity play sessions for children age 7 and younger. Parents can sign up for a play session at PlayfulPines.com.

Six Nebraska pizza shops made Yelp’s 2024 list of the top 100 pizza spots in the Midwest. Omaha’s Tasty Pizza ranked No. 10, followed by Orsi’s Italian Bakery & Pizzeria at No. 21, Izzy’s Pizza Bus at No. 31, Mangia Italiana at No. 92, and Dolomiti Pizzeria & Enoteca at No. 94. North Platte’s Pals Brewing ranked at No. 83.

Sonic Drive-In has partnered with Tripadvisor to launch its “Fun Is On The Menu” sweepstakes, offering a chance to win a vacation package worth up to $15,000. Winners will be selected through a random drawing and receive a trip for themselves and three guests, including travel and accommodations. No purchase from a Sonic location is necessary to qualify. U.S. residents 18 and older can enter by visiting www.livefreeshopsonic.com/fun99 now through September 23rd.

Phyl’s Deli, a local sandwich shop at 1006 Howard Street in the Old Market, will permanently close on August 25th. The business noted situations beyond its control for the closure and will offer daily specials until its final day this Sunday.

Yireh’s Cafe, a local coffeehouse at 1920 Vinton Street, has closed due to “problems with logistical area, parking lot and building size.” Yireh’s opened in December 2023 and hopes for a future reopening in west Omaha or Papillion.

The “Restaurant & Retail Updates” section is sponsored by Anderson Convenience Market, featuring Quality AMOCO Fuels and serving Omaha since 1952, and proud to announce the return of Quality Amoco Fuels. Look for changes this Summer at Anderson Convenience Market – 8 Omaha area locations!

Learn more about Anderson Convenience market at www.Anderson1952.com

Video Tour of Local Construction Sites

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 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…

Apartments Near 71st & Mercy Road

Construction has started on 300-stall parking garage that will be connected to a 4-story, 200-unit apartment building on the north side of the garage and south side of Mercy Road. The apartment building and garage will be adjacent to THINK Healthcare and the recently completed Community Alliance building.

The Catalyst Building

Much of the exterior finishes are now in place on the University of Nebraska Medical Center’s Catalyst building, which is a renovated former steel plant west of Saddle Creek Road. It will include co-working space, an event hall, offices, meeting rooms, a fitness center, coffee shop, and even a brewery.

Apartments Near 48th & Dodge

Elevator shafts are in place and much of the framing has started on a 5-story apartment building under construction at 48th & Dodge Street. The building will have 300 apartment units with parking underneath.

UNMC Student Housing

Land has been cleared for a $66 million student housing complex at 38h & Dewey. The 6-story building will have 300 units and 205,000 sq. ft. of floor space. Opening is planned for August 2026.

BoHo Flats

This 5-story building in Little Bohemia has topped out. The mixed-use building will have 59 apartment units, indoor parking and 5,000 sq. ft. of retail space along the west side of 13th Street

Mutual of Omaha Tower

No construction video these days is complete without an update on the future tallest building in the city. The Mutual of Omaha headquarters building’s central core is up to about 18 or 19 stories. The construction company’s tower crane was recently raised another 80 feet.

Starbucks Coffee Locations

Approximately six new Starbuck’s Coffee locations are coming to the metro area. In this month’s video, Brad Williams highlights Starbuck’s buildings under construction near Mangelsen’s at 84th & Hascall Street as well as one at 96th & L Street. That one will require the demolition of a former Wells Fargo building. The video also features a Starbuck’s that will share a new building with Aspen Dental near 72nd & Cornhusker in Papillion on the site of a former Metro Credit Union.

37 West Farnam

Exterior finishes are going on the 9-story “37 West Farnam” Building in the Blackstone District just west of the Kimpton Cottonwood Hotel. The mixed-use building has street-level retail, a parking garage open to the public and five levels of apartments on top.

This section is sponsored by RENZE. Click HERE to see our work for FNBO’s Modern Flexible Workplace! For over 129 years, we have been providing our clients with innovative solutions for interior corporate and retail branding, as well as unique exhibits and graphics for tradeshows and events. With leading-edge equipment and quality craftspeople working out of our 90,000 sq. ft. facility, we like helping brands grow.

Isaiah Ang, Contributing Writer

The City of Omaha plans to build a 600-stall parking garage at Millwork Commons. The city council approved a resolution on consent agenda to allow for the project to be delivered by a construction manager at risk. The parking garage will be located just east of the Ashton building on a parcel bounded by 11th, 12th and Nicholas streets and Millwork Avenue. The estimated cost is $25 to $30 million.

Hubbell Realty Company of West Des Moines, Iowa, has announced its first Omaha-area project will be Sagebrook, a 264-unit multifamily development, to be constructed on 15 acres northwest of 96th & Giles Road in La Vista. The $55 million project will include 180 apartments and 84 rental townhomes along with a clubhouse, pool, fitness center, dog park and garages. Groundbreaking is next Tuesday. Construction is scheduled for completion in late 2025.

The Market-to-Midtown Bikeway will close September 3. The protected bikeway along Harney Street was a product of a pilot program to test that viability of a permanent protected bikeway. It opened in Summer 2021 and was supposed to last 18 months. With philanthropic assistance, the bikeway project has been a semi-permanent fixture in the Urban Core. The bikeway will close as construction begins on utility work being completed as part of the Modern Streetcar project. A permanent bikeway, largely along the same route of the pilot program (it will be on both Harney and Farnam streets), is currently in the planning stages.

A 4-story residential building is planned for 2226 Howard Street downtown. Workers demolished a single-family house on the site earlier this year. The developer plans to build a 40,000 sq. ft. building with 34 units and 12 parking spaces. The zoning would be CBD-Central Business District which is exempt from off-street parking regulations. The property is across the street from The Howard, a recently completed 120-unit, 6-story apartment building, completed by Arch Icon and NuStyle Development.

Plans are in motion for mixed-use residential project at 300 South 72nd Street, the current site of a Jimmy John’s and large surface parking lot. Lockwood Development plans a 5-story building with more than 100 enclosed parking spaces distributed between the first and second floors. More than 170 units are planned for the upper floors, including 52 studios, 98 1-bedroom and 26 2-bedroom units. Two ground-floor commercial units are located on the east side of the building and are marked as restaurant space. The restaurant adjacent to 72nd Street will be a Jimmy John’s with a drive thru lane. The project includes a surface parking lot with approximately 100 parking spaces.

Hoppe Development seeks to transform the intersection at 18th & Burdette Street in north Omaha. The multifamily project is anchored by the renovation of several buildings making up the Chamber Court apartment complex. Chambers Court boasts several National Historic Registered Buildings. Exteriors will remain largely intact preserving the historic design and nature of the apartment complex. However, lots on the north and south sides of Burdette Street, and an urban farm property along 18th Street, will be developed with new residential buildings. Along 18th Street and North of Burdette, townhouse-style apartment buildings will house 1-to-3-bedroom units. South of Burdette, the developer will build a 30-unit, 3-story apartment building. The plan goes before the planning board in September.

United Republic Bank started construction in mid-July on a branch office building at 12751 South 216th Plaza in Gretna. That’s on the northwest corner of Highways 6/31 & Capehart Road. When the building is complete next spring, it will be the bank’s second location. The main office is at 180th & Burke Street west of Village Pointe. Turner Construction is the general contractor, TACKarchitects did the design.

Groundbreaking took place last week for phase one of TreeHouse, a mixed-use project in Council Bluffs near 34th & West Broadway. When complete, the development will have 221 apartment units, 34 townhomes and 11,000 sq. ft. of retail space. The architect is Schemmer and Lund Ross Constructors is the contractor.

Grow Omaha Snippets are brought to you by Omaha Car Care with four metro area locations – 131st & Dodge, 58th & Center, 85th & L and 144th & Harrison.

Omaha Car Care “We’ll be along for the ride.”

Work has started on CharterWest Bank’s South Omaha branch office at 5251 South 24th Street. The 6,114 sq. ft., full-service branch will be completed in early 2025. The building’s exterior will feature a distinctive Spanish style with a natural stone and EIFS finish, this is complemented by a barrel tile roof.

The Greater Omaha Chamber has named Limb Lab, an orthotics and prosthetics company, as its business of the month for August. The company began in Rochester, Minn. but has expanded to nine cities including Omaha, where it’s located at 550 South Saddle Creek Road. Limb Lab creates “beautiful, custom-made devices that allow patients to return to the life they want to live.”

Werner Enterprises, Inc. has been named one of America’s Best Employers for Women 2024 by Forbes. Out of 600 companies, Werner came in at #7 within the Transportation and Logistics category. In collaboration with the market research company Statista, Forbes identified the employers through a survey of more than 150,000 women working for companies employing at least 1,000 people nationwide from all industry sectors.

Airline passenger traffic at Eppley Airfield was up 6.7 percent in July from July of 2023. Year-to-date traffic is also up 6.7 percent from the same point in 2023. A total of 499,601 airline passengers went through the terminal in July. From January 1st through the end of July, more than 3.12 million passengers have used Eppley.

Bank of America shares fell about 2 percent Tuesday after Berkshire Hathaway returned to selling. Warren Buffett’s company unloaded another $550 million of the bank’s stock between Thursday and Monday, according to the Wall Street Journal. That left Berkshire with 12 percent of Bank of America’s outstanding shares. The Omaha-based company began cutting its stake in Bank of America, one of its largest stock holdings, in July.

Metonic Real Estate Solutions has started construction on the Gretna Landing Apartments, which will consist of 220 units in five buildings. The project is located northwest of 192nd & Highway 370 near the to-be-constructed Fleet Farm store. Companies involved in this project include Dicon, Lamp Rynearson, TRB Architecture, Access Commercial and Ruff Grading.

The latest statistics show that nearly all jobs that are being created in California are government jobs. Between January 2022 and June 2024, total California jobs grew by about 156,000, with government jobs accounting for 96.5 percent of that growth, according to the Wall Street Journal.

Dean Snyder Construction (DSC), founded in 1958, is a family-and-employee-owned general contractor and design-build firm. We serve the commercial, food and beverage processing, industrial, pharmaceutical manufacturing, and healthcare markets. Our commitment to hard work, direct communication, owner involvement, and exceeding client expectations ensures long-term customer satisfaction. Contact us at www.deansnyder.com

The Number One Mistake Sellers Are Making: Overpricing Their House

By Joe Finlay

In today’s housing market, many sellers are making a critical mistake: overpricing their houses. This common error can lead to a home sitting on the market for a long time without any offers. And when that happens, the homeowner may have to drop their asking price in order to ignite buyer interest.

Median Sale Prices

The median sale price on existing homes in Douglas and Sarpy counties has remained flat compared to last year. During the pandemic, we saw yearly price increases of 10-to-15 percent, but since 1990, the average yearly price increase is between 4 and 6 percent. Prices aren’t decreasing, but overpricing a house can have negative effects on market time and final sale price.

Inventory

At the end of July, there were over 50 percent more homes on the market in Douglas and Sarpy counties than in July 2023. Buyers have many more options, and with an increase in days-on-market, they have more time to make a decision.

Rates

Mortgage rates have been trending down recently. According to Freddie Mac, the 30-year fixed rate was about 6.5 percent in the middle of August, down from 7.1 percent a year earlier. This helps bring more buyers to the market, but there may also be some seasonal end-of-summer buyer fatigue.

Bottom Line

The real estate market in Omaha is normalizing. We are inching toward an even market rather than a seller’s market. Sellers have to be strategic with their pricing and buyers can enjoy lower rates and time to make educated decisions. Let’s connect and talk through your buying or selling strategy.

Grow Omaha Residential is developed and sponsored by Joe Finlay, REALTOR with NP Dodge Real Estate.

LEADERSHIP & MANAGEMENT

More than 28 percent of Americans are currently searching for new jobs, according to New York Federal Reserves latest poll of consumers as reported by NBC News. That’s the highest reading since March 2014 and up from 19.4 percent a year ago.

Between 2003 and 2022, the amount of time the average American spent at home increased by one hour and 39 minutes, according to The Hustle. Now a Princeton analysis is sounding the alarm about that development, showing excess time spent at home is associated with lower levels of happiness and less meaning.

When it comes to finding a romantic partner, some would-be paramours are most interested in their date’s credit score, according to the Wall Street Journal. A Credit Karma survey found that two-thirds of Americans said it’s important that their partner has a good credit score. Half of those who have used a dating app wish the apps could filter by financial status.

The United States, Japan and Greater China (including Taiwan and Hong Kong) together are home to 62 percent of the companies on Fortune’s Global 500 lists. Together, those companies brought in 67 percent of all revenue earned by the Global 500.

SALES

Sales expert Mike Weinberg has a model for managing talent that he calls “The Four Rs:” 1. Right people in the right roles; 2. Retail top producers; 3. Remediate or replace underperformers (coach up or coach out); 4. Recruit.

Sales Statistic – Companies with formalized referral programs experience 86 percent more revenue growth over a two-year period than those that lacked such programs, according to HubSpot.

The BragBird online sales training program gives you an edge when competing for new business. There are 40 modules, each a different topic with a video and matching workbook. It’s only $79 per month and group discounts are available. You can cancel at any time. If you’re ambitious, click HERE now!

WISDOM

“It’s not what happens to you, but how you react to it that matters.” – Epictetus

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Did you know U.S. News & World Report has ranked Creighton University among the top National Universities for 2023-2024?

Did you know Omaha once had the nation’s second largest streetcar system behind only Boston?

Did you know Omaha-based Union Pacific Railroad operates around the clock on more than 32,000 miles of track in 23 states transporting an average of 8 million carloads annually?

This section is sponsored by Lockbox Storage, an affiliate of Omaha-based McGregor Interests Inc. We provide storage solutions for all of your storage needs. Our facilities have full-time managers and bright lighting to provide superior security for your belongings. In addition to space for rent, we also provide packing supplies, protection plans and locks along with complimentary handcarts and dollies. Visit LockBox Storage and let us help you with all your storage needs.

[glamp!] Unplug and Reconnect…to the Outdoors and Girl Scouts

On August 24-25, 2024, [glamp!] allows women of all backgrounds and interests to come together for the perfect “staycation” at Camp Catron in Nebraska City. This event is all about relaxation, adventure, and supporting vital outdoor programs for Girl Scouts. Enjoy activities like hiking, ziplining, archery, poolside lounging and more. Guests can also opt for add-on experiences like massages, floral workshops and wine tastings paired with Girl Scout cookies. Funds raised will help keep camp affordable for all Girl Scouts. Tickets are still available!

Operation Noble Watchman

The 2024 50-Mile March, Operation Noble Watchman, will take place on August 24-25, with nearly 200 participants walking from Lincoln to Omaha. Funds raised will be distributed as grants to nonprofits supporting veterans struggling with homelessness and mental health challenges as well as contribute to the Community of Hope campus vision. With the goal that no veteran should be a statistic: “They Served For Us. We March For Them.”

Lauritzen Gardens last Tempo of Twilight Concert

The Tempo of Twilight outdoor concert series concludes with a performance by Omaha favorite R-Style on August 27. This long-time local group is sure to entertain and will have you out of your seat dancing the night away. Concerts are included with garden admission and free for members. Enjoy a perfect blend of music and nature.

The Union for Contemporary Art Happenings

After a five-year hiatus, MOONDANCE, the Union for Contemporary Arts fundraising gala, returns on September 20th. This year’s event will be bigger than ever, taking over the Union’s two-building campus to celebrate the launch of the inaugural Performing Arts season at the Shirley Tyree Theater. The Union also offers a variety of events for all ages, including CO-OP Workshops in ceramics, photography, sewing, and more. The Union’s monthly Family Night offers creativity and community with free art activities open to the public.

SHARE Omaha Survey Highlights Omaha Metro Facing Significant Volunteer Shortage

A recent survey by SHARE Omaha highlights a growing volunteer shortage in the Omaha metro, with 51 percent of weekly needs unmet across 94 local nonprofits. These organizations require nearly 70,000 volunteer hours each week but are currently receiving only about half of that support. While financial contributions are vital, nonprofits also need helping hands to carry out their missions. Now is a great time to consider how your time and skills can make a difference in our community. SHARE Omaha is a great resource for matching volunteer opportunities with your skills and passion.

Night Light: Adults-only on Thursdays: Visit and play during adults-only Thursday nights with exhibits and provocative programs that will expand your brain and spark joy. Join others from 7 to 10 p.m. on Thursday. Grab a drink and explore!

50 Mile March: Operation Noble Watchman Welcome Home Landing Celebration on August 25th: Join others at Nebraska Brewing Company Tap Room & Brewery for the emotional and inspirational conclusion of the fifth annual 50 Mile March: Operation Noble Watchman. Over 150 marchers and nearly 100 volunteers will complete their 22-hour and 120,000-step journey from the steps of the State Capitol in Lincoln to Omaha on Sunday, August 25th!

Lunch for The Girls on August 27th: Poet, educator and best-selling author Nikki Giovanni will be the featured speaker at Girls Inc.’s 24th annual Lunch for the Girls. The luncheon will be held at the CHI Health Center Omaha (455 N. 10th St.) on Tuesday, August 27 from 11:30am – 1:00pm. All proceeds from Lunch for the Girls support the educational, cultural and recreational opportunities for girls ages 5 to 18 at Girls Incorporated of Omaha, a 501(c)(3) not-for-profit organization dedicated to inspiring all girls to be “Strong, Smart and Bold.”

Tempo of Twilight Outdoor Concert Series featuring R-Style on August 27th: There is no better way to spend a summer evening than listening to live music in the garden! This outdoor concert series brings a spectacular lineup of local entertainment to the garden for a harmonious blend of music and nature. Due to the unique nature of the concert series, guests are allowed to bring chairs, food and beverages on Tempo of Twilight nights. Chairs and blankets may be set up after 4 p.m. The gift shop is open and the café serves an abbreviated menu!

Omaha Small Business Summit on August 28th: Discover the Four Key Steps to a Business That Runs Seamlessly on Its Own. Focus on mastering Destination, Finances, Time and Delivery to address major business challenges. Prioritize Target Marketing, Lead Generation, and Profitability for success. Build effective systems, processes, and a well-structured team to ensure your business thrives independently.

Afro Fest & The Science of Sound on August 29th: Celebrate the vibrant culture of the African diaspora during our adults-only Night Light on Thursday, August 29 (7 to 10 p.m.). This pre-celebration is ahead of the upcoming Afro Fest on Sunday, September 1 at Heartland of America Park. The event features the rich traditions of African music and the mesmerizing science of sound through drumming!

This section is sponsored by Eagle Mortgage, a locally owned, full-service mortgage company helping you with Conventional, VA, FHA and USDA loans in both Nebraska and Iowa. Learn how Eagle Mortgage helps people afford the home of their dreams by clicking HERE!

Valmont Industries, Inc. announced that Thomas Liguori will join the company as executive vice president and Chief Financial Officer, effective immediately. Liguori will lead the global finance and accounting organization, reporting to Avner M. Applbaum, president and Chief Executive Officer.

Silva Raker, founding CEO of the Kiewit Luminarium has resigned. She spent three years with the organization, bringing the new science museum online and leading it through its first year. Linda Brandl, retired Union Pacific vice president of marketing and sales operations, will serve as interim CEO.

CrossMed Healthcare has appointed Chris Johnson as the company’s newest President. He will oversee CrossMed’s operations, business development, sales and day-to-day management. Johnson joined CrossMed in 2020, serving as the company’s Chief Sales Officer. He succeeds outgoing CEO Bridget Weber.

The Salvation Army of Omaha has appointed Nathan Meisgeier to its advisory board. He is the president and Chief Legal Officer at Werner Enterprises.

Tara Stava, Buildertrend’s vice president of engineering, has been named one of The Software Report’s Top 25 Collaboration and Communication Software Executives of 2024.

The Greater Omaha Chamber is a catalyst and connector, advocating for businesses small and large. Learn, share and grow with more than 12,000 professionals from 3,000 member businesses across Greater Omaha. Click HERE to see our latest events.

For as long as I can remember – about a day and a half – the media have been fixated on the Fed and its musings. “What did the Fed do wrong?” “What should it do?” “If the Fed does this, the world will turn into a pot of gold.” “If the Fed does that, the world will turn into a kitty litter box.”

All of this begs my favorite question. “Who are those guys?” In 1913, after decades of financial crisis and bank failures, Congress created the Federal Reserve Bank. Its original mission was to provide liquidity to the banking system.

Then, after two world wars and the Great Depression, Congress passed the Full Employment Act of 1946. This legislation requires the Federal Reserve Bank to keep the economy at full employment, with stable prices. Translation: Get rid of the business cycle. Good luck with that! The business cycle is as old as dirt. The first mention of it is in the Book of Genesis when Moses and his people suffered a constant cycle of feast and famine.

Congress is fond of passing laws involving stuff over which they have no control. When they passed the full employment act, they never bothered to ask, “Can the Fed do that?” When the media report that the Fed is about to raise or lower interest rates, that is technically incorrect. The Fed can on directly raise or lower only one interest rate: The Federal Discount rate. That is the rate the Federal Reserve charges commercial banks to borrow from them.

In the overall scheme of things, the fed funds rate is hardly a blip on interest rate radar screen. It amounts to less than one hundredth of a percent of the gigantic U.S. $70 trillion bond market.

If you want to know who really controls interest rates, you have to look at the thousands of professional bond traders who every day manage the liquid assets of the nation’s largest corporations, pensions funds and commercial banks. Every day, when those people turn on their computer screens and pick up their phones, more than $1 trillion worth of bonds are traded. This amounts to five times more than the stock market’s daily trading volume.

So, what does Mr. Market think about all this? (Remember he is the only one who matters). In spite of all of the Wall Street experts’ gloom and doom predictions, the market has grown by a mid-teen percentage, year-to-date.

The takeaway for individual investors is that the great American economic engine will continue to do its thing, with a few pauses here and there. At the same time, the Chicken Littles of Wall Street will continue to predict that the sky will fall. The record has also shown that a little patience, a deaf ear and an S&P 500 index fund is a reasonable strategy for most individual investors.

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

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The Grow Omaha radio show broadcasts live every Saturday morning at 9:00, but now you can watch videos of each episode instead of just listening.

Grow Omaha’s brand-new website features video footage shot inside the radio studio during each week’s show!

Videos include News of the Week, Lightning Round, guest interviews, and “Grow Omaha Uncut,” a behind-the-scenes look at what happens during commercial breaks.

Support the Grow “O” Mission

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