Weekly Market Report – August 29, 2024

Nicole Buntgen, Contributing Writer

Con Amor, a Latin-inspired restaurant, will soon open in Valley at 215 North Spruce Street in the former Simply Delicious space. Tentative opening date is in three weeks. The restaurant focuses on authentic Latin, Central and South American dishes infused with the owner’s unique flavors. Con Amor is currently open for takeout and is hiring for a head chef.

Hola Seoul, a new Korean-Mexican food concept, will open inside Kamp Blackstone, the food hall at 3618 Farnam Street, on September 6th. The fusion eatery will celebrate its opening with a Nite Market, offering items like Supa Tots, Seoulpremes, and other street foods plus drinks available that night only, including Kimbap, Fish Cake Skewers, Kimchi Pancakes and Horchata Ice Shots.

Tea Time has opened at 14505 West Maple Road in the Shoppes of Grayhawk. The business focuses on beverages with authentic Chinese flavor from classic milk teas to fruit blends.

Williamsburg Pizza plans to open a second Omaha-area location in a to-be-constructed, 6-story building southeast of 72nd & Farnam Street. But it won’t happen for quite a while, because construction has not yet started. Williamsburg is small chain of pizzerias with locations in New York City and one in Omaha at 168th & Harrison Street.

Starbuck’s Coffee is building a free-standing store with a drive-through in the Stony Brook area near 144th & Stony Brook Boulevard. The construction site is in front of a Hy-Vee grocery store and south of a Chipotle Mexican Grill location. The store should open within a few months.

Runza is planning to rebuild its former restaurant at 965 South 72nd Street just northeast of 72nd & Pacific Street. Construction is expected to begin soon. The building was home to Bronco’s for many years before it became a Runza.

The targeted opening date for LEGO’s first Nebraska store is September 20th. The Denmark-based toy retailer will open in a 2,131 sq. ft. space east of Vineyard Vines at Nebraska Crossing in Gretna.

Country Sampler will soon reopen as The Sampler at its new location, 14513 Center Road, near 144th & West Center Road. That’s just 2.7 miles from its previous 120th & Center location. The local quilt shop has yet to announce an official opening date.

The Hoppy Taco will officially close its Dundee location at 5003 Underwood Avenue on September 1st after seven years in business. The reason for the business’s closure has not been announced. The restaurant’s social media statement ended with #illbeback, possibly hinting at a future reopening, which has not been confirmed.

La Poblanita, a local south Omaha Mexican restaurant at 2322 South 20th Street, abruptly closed on August 27th. The restaurant’s social media announcement did not provide a reason. La Poblanita was known for its authentic Mexican cuisine and strong cultural presence in Omaha.

“Where shall we go?” – Grow Omaha has partnered with local marketing expert Cam Vacek to bring a new restaurant resource to our readers. Before you go out, check our lists of Daily Restaurant Specials, Happy Hours, Party Rooms and local Coffee Shops. We even have a list of birthday party ideas!

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

‘Porky Butts’ is an Omaha Master of Meats

Blane Hunter opened Porky Butts in 2018 after years of competition-winning barbecue. He grew up in South Texas, and it’s not a stretch to say he’s been barbecuing his whole life. He helped his dad as soon as he was able and later attended Fox Valley Technical College and Johnson and Wales University for formal culinary education. In 27 years, he has amassed an impressive array of barbecue trophies.

He’s also known by another name: Mr. Porky Butts.

It’s hard not to notice the sign on Porky Butt’s entry door that reads, “If we sell out, we close early.” I was thankful the door opened when I pulled it, which meant they hadn’t yet sold out at around 6 p.m. Wednesday. With how crowded it was, I have a hunch Jennifer and I might have been pushing our luck.

Inside is an impressive display of awards that neatly decorate every wall. The décor, warm with brilliant red walls with black trim and natural wood tables, creates a welcoming atmosphere. It’s the perfect spot to order at the counter, take a table number and sit at either a booth or one of the long bars while awaiting your order – for us, it came promptly.

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New Rankings for Omaha and Nebraska

The City of Omaha and the State of Nebraska frequently score well on national lists. Today we highlight a couple of the most recent rankings.

Best Places to Live for Families in 2024

Omaha ranked #38 on Fortune’s third annual list Best Places to Live for Families

According to the Fortune’s report, “A great place to live is not one that solely supports a family in the present, but one that will serve them for the long term. With a growing portion of Americans caring for both children and aging parents, more people want to live in cities where multigenerational families can thrive. And as the retirement dream is unraveling for many older adults who don’t want to leave the workforce or can’t afford to, finding a place to live that provides a strong job market has never been more critical.”

Fortune analyzed more than 2,000 cities across the country. Those cities at the top of the list scored high on assets like health care, education, affordability and resources for seniors.

Regarding Omaha, Fortune said: “Though the Midwest isn’t known for its tech scene, some consider this startup-friendly city part of “the Silicon Prairie.” And Omaha remains home to several Fortune 500 companies, including Berkshire Hathaway and Union Pacific.”

Of the 50 cities on the list, Omaha was the third largest behind only San Jose, Calif. and Oklahoma City. Most were small towns or suburbs of large cities.

Here’s the top five: 1. Silver Spring, Md.; 2. Upper Merion, Pa.; 3. Chantilly, Va.; 4. Ann Arbor, Mich.; 5. Mason, Ohio.

Hardest-Working States

Newsweek earlier this week reported the hardest-working and least-hardest-working states in the country based on a recent analysis conducted by WalletHub. Nebraska ranked #3.

The report compared all 50 states across 10 indicators, which included average workweek hours, the share of a state’s workers with multiple jobs and average daily leisure time.

States were also compared across two dimensions – “direct” and “indirect” work factors. Direct work factors included measures such as employment rate, workweek hours, and the share of workers leaving vacation time unused. Indirect factors included average commute times, share of workers with more than one job, and the annual volunteer hours per resident.

In addition to ranking third overall, Nebraska had the third-highest percentage of workers with more than one job – 7.4 percent, and the fifth-highest volunteer hours per capita.

With regards to the issue of second jobs, the report said, “Although this may not be an ideal situation, indicating that people’s main jobs are not paying them enough, it’s still a testament to how hard Nebraska residents are willing to work.”

Here are the Top 10 Hardest-Working States:

1. North Dakota
2. Alaska
3. Nebraska
4. Wyoming
5. South Dakota
6. Maryland
7. Texas
8. Colorado
9. New Hampshire
10. Kansas

Here are the Least hard-working states:

1. West Virginia
2. New York
3. Michigan
4. New Mexico
5. Connecticut
6. Nevada
7. Rhode Island
8. New Jersey
9. Ohio
10. Oregon

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Isaiah Ang, Contributing Writer

Developers are seeking approval of a PUR, or planned unit redevelopment, overlay district of a 14-acre site on the northeast corner of 56th & Kansas Avenue. Building plans show an eight-building apartment complex. Each building is shown to be three stories tall. The total number of apartment units throughout the complex is 210. Amenities include a clubhouse and outdoor pool.

Construction has started on the Old Market Gardens, a pocket park planned for the northeast corner of 13th & Leavenworth Street in the Old Market. The 1.22-acre site is near the Bemis Center for Contemporary Arts. A small historic building on site will be incorporated into the park. Plans call for gardens, public art, café and a play area.

Steel beams are going vertical on the southwest corner of Farnam Street & Saddle Creek Road. That’s where construction is taking place on the University of Nebraska Medical Center’s Campus Operations and Research Excellence building. When it’s complete, the 6-story building will have floors dedicated for both administrative and research purposes.

A 14-unit townhome development is planned for vacant lots near 42nd & Ellison Avenue, just south of Sorensen Parkway. The site address is 4209 and 4215 Ellison Avenue, and includes two vacant residential lots totaling just over one acre. The development will consist of three, 4-unit buildings and one, 2-unit building. The project will be reviewed for an amendment to the Future Land Use Element.

The Omaha City Council approved a resolution to put the establishment of a Good Life program on the November 2024 ballot. The Good Life Transformational Project Act established a system by which a portion of state sales tax generated within an approved district can be used to help pay for infrastructure, among other improvements. Omahans will vote whether to allow the city to create a Good Life economic development program and be able to appropriate tax revenue pursuant to the Act.

The already underway Avenue One development near 192nd & West Dodge Road is the only approved Good Life District inside the city. Additional approved Good Life districts in the metropolitan include the Nebraska Crossing’s expanded district and the development around both the planned Bellevue Bay Indoor Water Park and the REACH or NC3 project. Each municipality where those projects are located will have to similarly approve authorization to collect local revenue under the Act.

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Berkshire Hathaway reached a $1 trillion market capitalization this week, the first non-technology company in U.S. history to reach this milestone, according to CNBC. Shares of the Omaha-based conglomerate have rallied more than 28 percent in 2024, far above the S&P 500′s 18 percent gain. The $1 trillion threshold is somewhat of a birthday present as Berkshire CEO Warren Buffett turns 94 this week.

The Maryland Transportation Authority has chosen Omaha-based Kiewit for the first (design) phase of rebuilding the toppled Francis Scott Key Bridge, according to The Baltimore Sun. The design phase is $73 million, but the total project is estimated to be $1.7 billion. On March 26th, a container ship crashed into the bridge sending 50,000 tons of steel and concrete into the Patapsco River below, killing six people.

Tenaska has been recognized as a 2024 U.S. Best Managed company. The award, sponsored by Deloitte Private and The Wall Street Journal, recognizes the achievements of U.S. private companies and the successes of their management teams.

European Auto Outlet has purchased its 13,350 sq. ft. building at 8111 H Street for $1.6 million, according to Trenton Magid and John Meyer of NAI NP Dodge, who brokered the sale. Prior to closing the deal, the auto dealer had been leasing the building for almost a year.

Werner Enterprises, Inc. was named as a 2024 Top Green Fleet by Heavy Duty Trucking. This recognition underscores Werner’s commitment to reducing carbon emissions through innovative operations, fleet advancements and cutting-edge technology.

Triple “S” Building Center in Butte, Mont., has changed its name to Mead Lumber. The move is part of Omaha-based Mead Lumber’s efforts to consolidate its corporate identity under a single brand. The building materials company has 53 locations nine states.

Grow Omaha Media received the Chairman’s Award at the 35th annual Commercial Real Estate Summit held this past Friday at CHI Health Center Omaha. The annual summit is the region’s largest commercial real estate networking and educational event.

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LEADERSHIP & MANAGEMENT

A leader’s knowledge is one of their most important assets, and seeking new knowledge is a great way to excel in your position, according to Team Building. Leaders learn my paying attention to the world around them, and most of all, by the experience gained from mistakes and successes. That said, mentors and formal leadership classes are also valuable.

About 81 percent of recruiters say that their employer posts “ghost jobs,” or positions that either don’t exist or are already filled, according to an article by Emma Burleigh in Fortune. Why? To still maintain a presence on job boards when they’re not hiring, to assess effectiveness of job descriptions, to build a talent pool for the future and to assess how difficult it would be to replace certain employees.

There are 1.6 million accountants in the United States, which is 340,000 fewer than in 2019, according to The Hustle. Between 2016 and 2021, there was a 33 percent drop in first-time CPA exam candidates. Existing accountants are aging out with an estimated 75 percent at retirement age.

SALES

Are you annoyed when you’re thinking about buying a tech product and you’re required to “schedule a demo” before going any further? Sales expert Victor Antonio says the practice of placing demos behind a “schedule-a-demo” form adds unnecessary friction to the buying journey, creates frustration and causes you to lose potential customers. Instead, Antonio says sellers should develop multiple introductory demos that address each prospect’s main motivations or problems. These demos should be short, insightful and compelling, inspiring customers to learn more.

Referral Stat – Consumers referred by a friend are four times more likely to buy, 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

“If you’re going to be a good and faithful judge, you have to resign yourself to the fact that you’re not always going to like the conclusions you reach.” – Antoni Scalia

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Did you know vehicle traffic is growing dramatically in southwest Sarpy County? According to Metro Area Planning Agency, the area around Gretna saw vehicle traffic increase between 23 and 28 percent between 2020 and 2022.

Did you know some downtown streets were once lowered as much as 40-to-50 feet? According to historian Howard Hamilton, downtown streets between 16th, 20th, Jackson and Dodge streets were lowered between 1880 and the early 1920s. The only building still standing in that area from that time is St. Mary Magdalene Church at 19th & Dodge Street.

Did you know that the University of Nebraska Medical Center is getting into the student housing business? The university plans to build several student housing buildings over the coming years. The first is 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.

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Annual “Lunch for the Girls”
Nikki Giovanni, a celebrated poet, educator and activist, captivated the audience at Girls Inc. of Omaha’s 24th annual “Lunch for the Girls” on Tuesday. Giovanni, known for her impactful work on social justice, race and gender, inspired attendees with her wisdom and passion. The event underscored the importance of community support in fostering a brighter, more equitable future for women.

Generosity Leads to Record Year at Omaha Community Foundation
In 2023, the Omaha Community Foundation set a record by distributing nearly $280 million to nonprofits through more than 17,000 grants, thanks to the generosity of local fundholders and partners. Of the funds, 71 percent stayed in Douglas and Pottawattamie Counties, with 25 percent supporting education, 15 percent for the arts, and 13 percent for human services. Omaha’s spirit of giving is truly unmatched.

Boys and Girls Clubs Unveils New FacilityThe Lakin Foundation Carter Lake Boys & Girls Club celebrated its ribbon-cutting and community open house August 21st, welcoming club members the following day. The new state-of-the-art facility includes an innovation lab, art room, gym, cafeteria, storm shelter and dedicated spaces for youth aged 6 to 18. The Iowa West Ranch, located on 35 acres of forest land encompasses this club and Camp Nakomis, serving more than 600 members annually.

Lasagna Love impacts Omaha
Lasagna Love, a nationwide nonprofit dedicated to feeding families and spreading kindness, celebrated National Lasagna Day with a goal of 10,000 lasagnas in 10 days. In Omaha, volunteers made more than 60 lasagnas, serving 500 to 600 guests at the Siena Francis House on August 4th. Sgt. Peffer’s Cafe supported this effort, providing an additional five giant pans of lasagna. Additionally, 27 local families received homemade lasagnas. Locally, Lasagna Love continues to make a difference, having fed 14,828 people since just 2020.

Night Market on August 30th: As the sun sets and the warm evening breeze rolls in, Omaha’s original Night Market sets the stage for unforgettable summer nights in scenic Turner Park. Highlights include: A bustling hub of more than 40 local vendors, boutiques and makers, live music and entertainment, outdoor games and activities, including a life-size coloring book, cornhole, Giant Connect 4 and more!

Summer Fun Friday on August 30th: Follow your curiosity to Summer Fun Fridays at Kiewit Luminarium! Every Friday through Labor Day, they stay open for all ages until 8 p.m. Enjoy extra time exploring 125+ interactive exhibits, Maker Space and special summer programming. Stay cool on those extra hot days! Reserve your tickets in advance or at the Welcome Desk when you arrive. Tickets for Summer Fun Fridays are free for members.

Go Big Red Tailgate & Watch Party on August 31st: Join the Granary Green for a perfect Husker game day tailgating experience—reserve your spot early, bring your own grill and enjoy the atmosphere reminiscent of Lincoln. Secure a guaranteed seat on the Green with our table reservation service or opt for the VIP Deck for premium viewing. General Admission is free, so bring your lawn chairs or blankets and enjoy the game on the Granary Green. Along with great views, enjoy yard games, prizes, hot food, drink specials and more!

Lunch & Learn: Digital Marketing Strategies for Small Businesses on September 3rd: Online advertising is losing two key assets: Conversion Tracking and Control. Join Elevator’s Lunch & Learn to discover how to retain these capabilities by setting up performance tracking across all channels and using this data to increase sales. Learn to identify your best audience, message and channel, ensuring your advertising stays effective as the digital landscape shifts. This event is free and open to the public!

Creative Networking Night on September 5th: Join AKay Marketing & Lucero Studios on September 5th for Creative Networking Night at Luli Creative House! Enjoy headshots, practical photography advice from Eddie and marketing insights from Alia. Explore Luli’s photo studio and enhance your online presence. Whether you’re building your portfolio or seeking collaboration, this event offers valuable opportunities.

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The Omaha Area Board of Realtors’ 139th Installation and Awards Banquet was held on Thursday, August 22nd, 2024. Jill Anderson, NP Dodge Real Estate’s president of residential sales, was installed as the 2025 secretary/ treasurer. Nicole Riddle, NP Dodge Real Estate’s Sarpy managing broker, was awarded the Crystal Achievement Award for her leadership, commitment and dedication in 2024 to the board.

Arbor Bank has added Rod Larsen and Kevin McManus as mortgage originators. Larsen has worked in the mortgage industry for more than 30 years and McManus for more than 20.

Mary Smith, associate professor of occupational therapy at College of Saint Mary, was recently elected chairperson of the National Board of Certified Occupational Therapists, which provides initial and continued credentialing to occupational therapists and occupational therapist assistants.

Baird Holm has added attorney Morgan L. Fritch to the firm. Her practice focuses on estate planning, probate and trust administration as well as corporate transactions and general corporate matters.

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.

Well boys and girls, after three weeks of paranoid hysteria, Mr. Market appears to be back on his meds and has settled down a bit. And in spite of no change on the interest-rate front, the S&P 500 is right back where it started.

What really drives the media nuts is that they have to explain what’s going on. When Mr. Market’s irrational rampage began, Wall Street strategists and online pundits responded with a baloney blizzard pretending to explain what happened. This was followed by a truck load of kitty litter predicting what was going to happen next. If you’re making up an explanation of what happened, how are you going to predict what happens next?

I took a quick look at the Motley Fool, read several dozen articles and found a total of seven different explanations of what happened. But no explanation is complete unless there’s a discussion of the critical role the ginormous computer server farms played in the fiasco.

There are two major groups of computer antagonists. The first are the flash traders whose programs are simply looking for price anomalies. These guys are there, rain or shine. Their role is to ramp up trading volume when one of the other computer groups enters the fray.

In Mr. Market’s most recent hissy fit, the main culprits were the algorithm traders. Algorithm traders/hedge funds program their computers to respond to news blurbs. For example, if the computers read that Nvidia’s earnings missed the estimates, they translate this to: “The AI market is going to H-E-double-hockey-sticks in a handbasket. They respond by selling short everything AI related. (Selling short drives prices down. Then at some point, they have to buy back the stocks they sold short, driving prices up.) At the same time, they buy stocks they think will benefit from an AI downturn.

Then, at some point, they will cash in their ill-gotten gains and move on to the next shiny bobble.

To help put all this yammering into perspective, I present to you a quote from Jamie Dimon, the creme de la creme of the Wall Street mavens and the CEO of my cousin’s bank, JP Morgan. During an interview on CNBC, he said, “SOME TIMES THE MARKETS DON’T MAKE SENSE.”

During frenetic periods like this, the most successful investors are those who lack access to the internet, spend eight hours a day on the pickleball court and – this is a big and – put their money into an S&P 500 index fund.

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.

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