Weekly Market Report: December 12, 2024

Nicole Buntgen, Contributing Writer

Pivot Prime, a new steakhouse concept by Lucky Eleven Hospitality Group, announced it will open in the spring of 2025 in the former Mahogany Prime Steakhouse building at 13665 California Street. Lucky Eleven HG also owns Salted EDGE and Sugared LEDGE Bakery.

Guitars & Cadillacs is reopening in Omaha after closing more than 20 years ago. The country-music dance club will open in the newly renovated Miracle Hills Shopping Center northwest of 114th & West Dodge Road. Perkins-Critser Construction will begin interior build-out soon. Opening is planned for late spring or early summer. Omaha’s original Guitars & Cadillacs was located in Old Mill South and closed in 2003.

Santoro Restaurant officially announced a February opening date at 8601 West Dodge Road in Indian Hills Plaza. The restaurant is owned by Jesus Rivera, who ran the former Rivera’s Mexican Food near 120th & Blondo Street. The 2,409 sq. ft. space will include an outdoor patio.

Corn Coast Brewing, a Lincoln-based brewery, plans to open a taproom at 10717 Virginia Plaza in La Vista. That’s next to HOTWORX and near both Kros Strain and Pint Nine breweries. Corn Coast focuses on small-batch brews, including “aggressively hoppy” IPAs, “crushable session” beers and seltzers.

Taqueria El Rey is taking over a former Wendy’s restaurant at 4161 South 84th Street. Renovations are currently underway. The original Taqueria El Rey is at 5201 South 24th Street and serves a wide range of Mexican food including breakfast. The business also operates food trucks around town.

Burning Bridges Food Truck will open its brick-and-mortar location on December 13 at 14544 West Center Road in the former Sinful Burger space in Harvey Oaks Plaza. Current menu items include gluten-free offerings like fried chicken sandwiches, burgers, twister fries and pickle chips.

Miranda’s Taqueria y Pupuseria is holding a grand opening today at 11036 Elm Street in Rockbrook Village. The restaurant “brings the authentic flavors and traditions of El Salvador” to Omaha and is located in the former Pulled BBQ space.

CRAFTEA, an apothecary and tea shop, has opened at 1217 Leavenworth Street just south of the Bemis Center in Omaha’s Old Market district. The woman-owned business specializes in nature-inspired products that promote wellness and holistic living. Offerings include drinkware, stationery, gift bags, jewelry and self-care items.

Box Lunch, a national specialty retailer is opening a first-to-market store at Westroads Mall on January 31. The California-based retailer donates one meal to a local food bank for every $10 spent on their pop-culture products. In Omaha, Box Lunch will partner with Foodbank for the Heartland.

Snooze Mattress Company plans to open a second Omaha store at 10916 Prairie Brook Road in Rockbrook Village between Body Basics and Old World Oil & Vinegar. Interior build-out is underway. The local franchisee opened its first Nebraska store last February at 16950 Wright Plaza in the Shops of Legacy. Colorado-based Snooze was founded in 2019 and has 10 locations currently open with many more under development.

Back Nine Golf is expected to open soon at 7775 Olson Drive in Papillion’s Shadow Lake Towne Center. The indoor simulated golf business has an existing Omaha store at 10730 Pacific Street in Regency Landing. The St. George, Utah-based company has locations in 10 states.

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

NuStyle Plans to Convert Downtown Office Building into Apartments

By Isaiah Ang and Jeff Beals

Many commercial real estate professionals across the country have downplayed the idea that a substantial number of urban office buildings could be transformed into residential properties. The conventional wisdom is that office buildings are simply too difficult to renovate into apartments, at least in a cost-effective manner.

In the era of hybrid schedules and remote workers, that has led some real estate developers in major cities such as New York, Chicago and San Francisco to say, “We are under-demolished.”

Well, that is not the case in Omaha, where several office buildings have been or currently are being transformed into highly desirable residential properties. Much of the credit for Omaha’s office-to-residential success goes to NuStyle Development, owned by Todd and Mary Heistand.

According to the Omaha World Herald, NuStyle is adding another project to its growing list of downtown properties. NuStyle plans to turn the older First National Bank of Omaha tower at 1620 Dodge Street into 300 market-rate apartment units. Known by FNBO employees as the “Main Bank,” the 22-story building was constructed in 1971. At 295 feet, it is the fifth tallest occupied building in Omaha behind the First National Center, WoodmenLife Tower, Elmwood Tower and Union Pacific Center.

The tower remains a prominent fixture of the skyline neighboring downtown’s tallest hotel, the Doubletree. According to the World Herald’s article today, FNBO has been transitioning employees out of the Main Bank building to its newer tower across the street over time, particularly since the rise of hybrid working schedules.

That means the Main Bank building is now largely vacant. Existing tenants, such as the District U.S. Attorney’s Office, will be relocating employees to another location. The World-Herald article stated that the Omaha Press Club, located on the top floor, will remain. NuStyle plans to reinvigorate the first two floors with new commercial space. The project will cost $75-to-$85 million and is estimated to be completed in 2026.

Nustyle is also bringing new commercial development to a different part of the 16th Street corridor thanks to its Duo project, the redevelopment of Central Park Towers. That project will include a new, mixed-use, high-rise building consisting of a parking garage with residential apartment units built above it and retail/commercial space on the first two floors facing 16th Street. Altogether, the Duo will create about 700 apartment units.

Last month, NuStyle announced The Beam, a built-from-the-ground-up, residential, high-rise project next to the planned Children’s Museum along the north side of Heartland of America Park. That 17-story tower will have 260 units built on top of a city-owned parking garage. Combined, the three NuStyle developments will bring approximately 1,200 new apartment units to the downtown market.

NuStyle has already completed several office-to-apartment conversions in the downtown area that have proven to be quite popular among renters. Among them are the old Northern Natural Gas Building (2223 Dodge Street), which is now The Highline; a former AT&T building (100 South 19th Street), which is now The Wire Apartments, and the former Peoples Natural Gas building (119 North 19th Street), which is now The Slate Apartments.

Perhaps its most ambitious project, NuStyle in 2019 converted the former Creighton University Medical Center St. Joseph hospital into The Atlas Apartments. The 1.05 million sq. ft. building has 732 units, making it the largest apartment building in the state of Nebraska.

Isaiah Ang, Contributing Writer

The Omaha Streetcar Authority is contracting with Hawkins Construction for the $20 million Farnam and Harney Street Bridge Improvements project, part of the modern streetcar project. The bridge project will consist of multiple phases to account for utility and mainline work. Both bridges over I-480 will be demolished and rebuilt to accommodate the modern streetcar. The Harney Street bridge will be the first. The Farnam Street bridge will also have space for the dedicated bike lane project. The authority expects each bridge will take one year to complete, two years total.

Creighton University plans to renovate Creighton Hall, the original building on the Jesuit university campus. In 2020, the Heider Family Foundation helped provide the 146-year-old building with new lighting, its first update in 90 years. Plans include updating electrical, water and fire suppression systems as well as renovating and creating meeting spaces. Prairie Construction Company filed the permit. The $8 million project is funded by sales of other properties, including the Wareham Building, and a gift from The Ahmanson Foundation. Completion is scheduled for 2026.

Cornerstone Housing Group plans to develop a 13.8-acre greenfield site in Council Bluffs into a 280-unit apartment complex. The site is located on the southeast side of Power Drive & 35th Avenue, just south of Sam’s Club at Metro Crossing Shopping Center. The complex will boast four 4-story buildings, a clubhouse with community space and business center, an outdoor pool and sport courts. Construction is planned to begin in Spring of 2025 with completion anticipated by the end of 2027.

Crews are assembling the steel skeleton for Foodbank for Heartland’s $37 million building on the northeast corner of 84th & L Street. When the new building is complete in 2026, the food bank will move from its current location at 10525 J Street. The 105,000 sq. ft. building is under construction on a 12-acre site formerly occupied by H&H Chevrolet before it moved to the Steel Ridge development near Interstate 80 & Highway 370.

The $110 million Behavioral Health & Wellness Center at Children’s Nebraska is now enclosed as construction continues near 85th & West Dodge Road. The 4-story, 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. Completion is planned for early 2026.

Lund-Ross Constructors has finished a renovation of the Omaha Community Playhouse at 6915 Cass Street, which was originally built in 1959. HDR was the architect.

ACCESS Commercial and Montage Builders have started construction on Valley Landing, a 63.9-acre development at 264th & Meigs Street in Valley. Site grading is complete, and now workers are excavating a lake that will be part of the development. Confirmed occupants include a Fareway Grocery and DC West Athletic Complex, which is set to open in the fall of 2026.

Grow Omaha Snippets are brought to you 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.

AMCON Distributing Company, an Omaha-based consumer products company, is acquiring Arrowrock Supply of Boise, Idaho from Davis-Jones Inc. Upon completion of this acquisition, AMCON will be servicing approximately 8,000 locations from 14 distribution facilities in 34 states. The transaction is expected to close in the company’s second quarter of fiscal 2025, subject to customary closing conditions.

Union Pacific Railroad and Genesee & Wyoming Inc. this week announced plans for G&W’s Central Oregon & Pacific Railroad, Inc. short line railroad to handle local service from Union Pacific’s Eugene Yard in Oregon. The change allows Union Pacific to reduce the number of times a railcar is handled and create greater efficiencies, while providing more flexibility and agility for both railroads to meet current customer needs and anticipated growth.

Over the next few weeks, Amazon is rolling out same-day delivery service to Amazon Prime members in the Omaha metro, according to the Omaha World-Herald. The service will operate out of Amazon’s fulfillment facility at 3860 24th Street in Council Bluffs.

Omaha-based HDR completed a redesign of the second-busiest intersection in Fairbanks, Alaska, dropping average travel time during peak hours from seven minutes to less than two minutes.

If you bought five shares of Berkshire Hathaway stock in 1965 – totaling $95 – and you never sold them, you would have $3.5 million today, according to AOL.

Nebraska is the second-most secure state for remote workers in 2025, according to Indusface, which uncovered which states are the most secure by analyzing factors such as the number of scams per 10,000 residents, the cost of scams and the average internet speed. North Dakota was number one. Iowa was number five.

The share of CEOs who now describe themselves as “optimistic” or “very optimistic” about the global economy in the next 12 months surged to 42 percent this autumn—up sharply from 29 percent in the most recent summer survey and just 7 percent a year ago, according to Fortune.

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

Why This Winter Is the Sweet Spot for Selling

By Jill ANderson

If you’re thinking about selling your house this winter, but aren’t quite sure, here are a few reasons why you may want to do it now.

1. Serious buyers are looking now. Buyers this time of year are typically ones who need to move, so they may be serious and motivated. They are also usually ready and able to commit when they find the right property.

2. Inventory. Seasonally, there aren’t as many houses on the market during the cooler months, so this could help your house stand out with buyers.

While inventory is higher this year than it’s been in the past, you’ll still be in this year’s sweet spot.

As for buyers, “This week, {ending in December 5th} mortgage rates decreased to their lowest level in over a month,” said Sam Khater, Freddie Mac’s chief economist. “Despite just a modest drop in rates, consumers clearly have responded as purchase demand has noticeably improved. The responsiveness of prospective homebuyers to even small changes in rates illustrates that affordability headwinds persist.”

Bottom Line

Each situation is different, so if you are considering buying or selling, it makes sense to talk with a professional. Let me connect you with one of our market professionals to talk with you through the different opportunities.

Grow Omaha Residential is developed and sponsored by Jill Anderson, President Residential Sales, NP Dodge Real Estate 402.255.5099 or jill.anderson@npdodge.com.

LEADERSHIP & MANAGEMENT

One of the most effective retention tools at your disposal is to simply develop your people. Companies who focus on helping employees reach their potential tend to hang on to people longer. You can do this by providing real-time feedback and trusting them with projects that stretch their abilities

One in five Gen Z workers reported that they haven’t had a single direct conversation with someone over age 50 in their workplace in the last year, according to Fortune. They’re also the least likely to feel confident interacting with other generations generally.

Most Americans feel good about their job security but not their compensation, according to the Pew Research Center. Eighty-eight percent of U.S. workers feel extremely, very or somewhat satisfied with their jobs, but 29 percent said they’re not very satisfied with their pay. Sixty-three percent of U.S. workers are not planning to look for a different job in the coming months.

The number of 401(k) millionaires hit a new record. In the third quarter of this year, Fidelity Investments saw a 9.5 percent increase to 544,000 accounts holding $1 million or more, according to The Hustle.

SALES

Under most circumstances, I recommend that sales pros do not negotiate on price. Instead we want to focus on the value we create. This quote from sales author Jeb Blount provides another reason not to negotiate: “What humans want most is the thing they can’t have. When buyers find out that an item is non-negotiable, they want it more.”

Sales Stat – In a typical firm with 100 to 500 employees, an average of seven people are involved in most buying decisions, according to Gartner Group.

Attention Sales Managers: If you think you don’t have time to coach your people, think again. As much as 60 percent of sales reps say they’re more likely to leave their job if their manager is a poor coach, according to The Center for Sales Strategy.

WISDOM

“The nature of any human is not how they do when the choices are easy and the metaphorical sun is shining, but rather what they do when the options are morally ambiguous and the seas are rough.” – Admiral James Stavridis

https://www.dundeebanking.com/

Did you know Omaha’s streetcar project is creating new development at a pace that exceeds initial estimates even though it’s not even built yet?

Did you know UNMC’s ice skating rink has a new canopy this year? It was made possible thanks to the generosity of Ruth Scott and her late husband Bill, who also made a previous gift to establish the Ruth and Bill Scott Student Plaza.

Did you know the school safety patrol in Omaha started in 1923? That year seven children lost their lives on their way to or from school. Source: Historian Howard A. Hamilton

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.

4th Annual Omaha Startups Holiday Party on December 13th: Celebrate the Nebraska startup and entrepreneur community with our 4th annual Scale Omaha + Modus Coworking Holiday Party! If your company is too small for your own holiday (or if you just want another one), come have fun with other founders and community members. You’ve helped create a wonderful community this year, now come out and celebrate!

Art Battle on December 14th: Join in for an epic art showdown where creativity knows no bounds! Watch as masterful artists craft stunning masterpieces in just 20 minutes per round, and have your say by voting for the ultimate champion. But the excitement doesn’t stop there—enjoy live entertainment before the show and during breaks to keep the energy high! Check out the Kids’ Art Booth, interactive painting stations, and inspiring music performances—whether it’s open mic or hand-picked talents, there’s something for everyone.

OurStory exhibition happening from M-F from December 16th – January 10th: The “OurStory: Creating Aging-Ready Housing” exhibition by the University of Nebraska College of Architecture’s FACT Studio, runs December 16 through January 10 at Dundee Bank’s Benson Branch at 6073 Maple Street in Omaha. “OurStory” takes aim at the housing crisis and silver tsunami with a new concept for infill housing and accessory dwellings in the Omaha metro and beyond. Free and open to the public!

Omaha Wrap Party on December 19th: Join The Smitten Project for a Holiday Wrap Party! Bring the gifts you need to wrap, they’ll provide the paper and bows, bar snacks, and even send you home with a box of holiday treats to enjoy with your family and friends (or save them for yourself – we don’t judge!). Additional food and drinks will be available for purchase at the event. Reserve your spot now!

Zoolightful happening daily until December 30th: Omaha’s Henry Doorly Zoo and Aquarium welcomes the holiday season with the return of Omaha’s wildly bright tradition: Zoolightful presented by Chesterman Co. Coca-Cola. Visitors will experience the Zoo as it transforms into a world of immersive lands with unique and enchanting experiences, dazzling light displays and unforgettable holiday fun. This season has so much more to see and enjoy! No Zoolightful events occur on December 24th, 25th and 31st.

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!

Baird Holm LLP has welcomed three new attorneys to the firm: Matthew A. Robinson, Jack R. Schelhaas and Dustin J. Stiles. Robinson practices in the firm’s real estate section. Schelhaas represents clients primarily in real estate and renewable energy matters. His practice includes local zoning compliance and permitting, project financing, government relations and other general real estate matters. Stiles practices within the firm’s finance & creditors’ rights group.

NP Dodge Real Estate has welcomed new residential sales associates including Jacy Thompson and Evie Schwab.

Cordova, a technical staffing company, has added Vince Vigneri as Chief Development Officer. He will oversee all aspects of franchise development, including strategic planning, market research and partnership cultivation.

The Omaha Municipal Land Bank has hired Omaha native Daniel Bennett as vendor & property manager. He most recently worked for Civic Nebraska and became interested in land banks in a past position, working on dilapidated properties in the Nebraska Panhandle.

Koley Jessen has welcomed four new associates to its litigation department: Cameron Finke, Mary Mikuls, Michael Poyfair and Timothy Young. These attorneys bring expertise in areas such as commercial litigation, family law, intellectual property and civil disputes.

College of Saint Mary has named Amy Carolus as vice president of financial services and Chief Financial Officer effective January 6. She will oversee accounting, finance, financial aid and human resources. Carolus has served on the boards of several local nonprofits, focusing on housing, healthcare and human services.

In Memoriam – Omaha businessman and philanthropist Howard Hawks has died at age 89. Hawks co-founded Omaha-based Tenaska in 1987 and served as its chairman & CEO until 2010. He was elected to the University of Nebraska Board of Regents, serving from 2003 to 2021. Together with his wife, Rhonda, he made countless donations to the University of Nebraska system and other causes. In a written statement, Omaha Mayor Jean Stothert said: “I offer my sympathy to Rhonda and thanks to my friend Howard for his lifetime of service that will have long lasting benefits to our city and state.”

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.

“Bond…James Bond.” It’s an iconic line from an iconic movie. Ian Fleming, the mastermind behind the Bond films and books, deliberately choose the name James Bond. He wanted a name that was bland, not assuming, one that blended in. He crafted the character of James Bond in a similar fashion. Fleming’s portrayal of Bond was one of quiet, unassuming sophistication. What was important went on behind the scenes; lots of chases, explosions, killings and just enough sex to sell books and movie tickets.

Which leads me back to where I left off in my last incredibly insightful musing. And that is that somewhere on the market’s autobahn, is a curve. It’s time to perk up our alien antenna ears and develop a strategy for its eventual arrival.

The first possibility is the Wall Street “sit-on-your-thumbs” approach. Which I have already dismissed as good for the goose, but horrible for the gander. My mission is education, not mandatory response, so if this approach floats your boat, I wish you God’s speed.

A proactive solution is to shift assets from the stock market into the bond market. (Notice the incredible way I began with James BOND to create a segue into the BOND market).

The conventional wisdom is that bonds, particularly Treasury bonds, are 100-percent safe, and on one level that is true. If you buy a government bond, and hold it to maturity, you will receive your quarterly interest payments, and on the maturity date you will get 100 percent of your principle back.

The problem is that individual investors don’t have the option of buying individual bonds, they must rely on bond mutual funds. Bond funds are not as simple as holding individual bonds. They are the product of Wall Street’s profit-driven marketing departments. Because they are actively managed, they have a lot more moving parts. They have the potential of either a capital gain or a capital loss. Then throw in the fees paid to the fund manager, and the quite unassuming bond has become more like a James Bond movie filled with lots of chases, explosions, killings – but forget the sex part.

Inquiring minds all agree, somewhere out there in the stock market’s future lies a curve. They also agree that making the decision to move into the bond area requires more than just a Diamonds-are-Forever approach.

Hubbell Realty Company is a full-service development company providing construction, development, homebuilding and management services since 1856. Click HERE for more information.

Quantum Fiber in Omaha, Nebraska, is super-fast, reliable internet. We did away with data caps, bundles, and pricing gimmicks because you don’t want them. Instead, you get game-changing customer service, transparent pricing, and a powerful app for freedom, simplicity, and control over your internet. Quantum Fiber is what internet service looks like when it’s built for the world of you.

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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