Weekly Market Report – February 23, 2023

Two restaurants are planning to open locations in Nebraska Crossing in Gretna. B&G Tasty Foods will open June 1st in the former Local Beer Patio & Kitchen space. A drive-through lane will be added. B&G operated for many years at 78th & Dodge before closing in 2019. Frank’s Pizzeria will open an express location May 1st near the Under Armour store. Frank’s existing location is at 132nd & West Dodge Road.

The Village Inn restaurant at 2525 South 180th Street is temporary closed for a major renovation. The Minnesota-based restaurant chain is freshening its brand and recently completed a remodel at its northwest Omaha store at 3839 North 138th Street.

Capri Italian has closed its location at 17330 West Center Road. The space is now being used as a party room for the Tanner’s sports bar to which Capri had been attached. The restaurant will reopen later this year as Capri Italian Steakhouse in a larger, yet-to-be-announced location.

Zesto Ice Cream & Grill recently reopened its dining room at 7230 North 102nd Circle after being closed 56 days for renovations.

A Starbuck’s location is expected to open soon in a new building at 42nd & L Street.

The Naughty Buddha Burger Bar, a vegan restaurant at 707 South 24th Street, will close permanently this week. The restaurant opened two years ago and is closing because of the unexpected death of co-owner Fatiah Ali. The restaurant’s recently opened Lincoln location will remain open.

The Candle House opened February 3rd in the HDR headquarters building at Aksarben Village just north of 308 Boutique. The Candle House is a DIY experience where you can blend your own custom candle fragrance from 100+ scent options.

Earl & Gray is planning to open another location this spring in an historic building on 205th Street in downtown Elkhorn. The home décor store’s current location is at 15416 South 2nd Street in downtown Bennington.

Big Lots plans to open a 37,000 sq. ft. store in a former Gordman’s space at 860 East 23rd Street in Fremont.

Bank of America is developing more of an Omaha presence. The Charlotte, N.C.-based banking giant plans to open a branch office at Baker’s Square near 132nd & West Center Road in the round building immediately west of Chipotle. BOA is also building an office at 86th & West Dodge Road.

The University of Nebraska at Omaha has opened the Samuel Bak Museum: The Learning Center at 2289 South 67th Street in the former Backwoods store in Aksarben Village. The gallery holds 53 world-renowned Samuel Bak works of art. Bak, 89, is a Lithuanian-American painter, writer and Holocaust survivor, who lives in Boston. UNO was recently gifted more than 500 works of art by Bak, spanning 75 years of his prolific life.

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

Non-Stop Routes Returning to Eppley

Two additional non-stop flight destinations have been added to the Eppley Airport lineup.

American Airlines will add a second daily non-stop between Eppley and New York City’s LaGuardia Airport starting June 1st. American’s current nonstop between the two airports started in November of 2021. Delta Airlines also operates a non-stop between Omaha and New York.

Also this week, Las Vegas-based Allegiant Airlines announced a non-stop seasonal route to Austin, Tex, beginning service in June. To celebrate, Allegiant is offering one-way fares on the new route as low as $49.

“We are thrilled to expand our network in Omaha and announce nonstop service to the vibrant city of Austin, Texas,” said Drew Wells, Allegiant senior vice president and chief revenue officer. “Whether exploring the array of colorful city scenes and historic landmarks, or eating Texas barbecue, Austin is the perfect backdrop to any vacation. Allegiant is dedicated to providing the most affordable, accessible flights to top-tier vacation destinations – without the hassle of layovers or connections.”

The seasonal route to Texas’ capital city will begin June 15th.

“Allegiant’s latest expansion from Eppley Airfield provides nonstop access between two exciting and dynamic cities, Omaha and Austin.” said Dave Roth, Chief Executive Officer from the Omaha Airport Authority. “We are pleased that Allegiant has seen growth opportunities in Omaha with this investment and the addition of Austin as their 8th nonstop destination from our community.”

The pandemic erased many of Eppley’s non-stop flights, however most of those non-stop routes have come back. Below is a list of the 30 non-stop routes now available at Eppley along with airport codes and the airlines that fly those routes:

Atlanta (ATL) – Delta, Southwest

Austin (AUS) – Allegiant (seasonal)

Charlotte (CLT) – American

Chicago Midway (MDW) – Southwest

Chicago O’Hare (ORD) – American, United

Dallas Love Field (DAL) – Southwest

Dallas/Fort Worth (DFW) – American

Denver (DEN) – Frontier, Southwest, United

Destin, Florida (VPS) – Allegiant (seasonal)

Detroit (DTW) – Delta

Houston Hobby (HOU) – Southwest

Houston George Bush (IAH) – United

Las Vegas (LAS) – Allegiant, Frontier, Southwest

Los Angeles (LAX) – Allegiant (seasonal), American

Miami (MIA) – American (seasonal)

Minneapolis/St. Paul (MSP) – Delta, Sun Country

Nashville (BNA) – Southwest (seasonal)

New York City LaGuardia (LGA) – Delta, American

Orlando International (MCO) – Frontier (seasonal), Southwest (seasonal)

Orlando Sanford (SFB) – Allegiant

Phoenix-Mesa Gateway (AZA) – Allegiant

Phoenix Sky Harbor (PHX) – American, Southwest

Punta Gorda, Florida (PGD) – Allegiant (seasonal)

Salt Lake City (SLC) – Delta

San Francisco (SFO) – United

Seattle (SEA) – Alaska

St. Louis (STL) – Southwest

St. Petersburg, Florida (PIE) – Allegiant

Tampa (TPA) – Southwest (seasonal)

Washington D.C. Ronald Reagan (DCA) – Delta, Southwest

So, what’s missing? Business travelers tell Grow Omaha they would like to see non-stop routes added to Boston, Philadelphia and San Diego among other destinations. For the record, Eppley has had non-stops to Philadelphia and San Diego in the not-too-distant past.

Travelers would also like to see certain seasonal flights – Los Angles and Miami in particular – upgraded to year-round options as they have been in the past.

This section is sponsored by RENZE. For over 128 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 partner with you to help create your vision. See a wide variety of our work HERE!

Harrah’s Casino in Council Bluffs is undergoing a $22 million renovation. Plans call for an expanded gaming floor, a remodel of the hotel and a Guy Fieri-branded restaurant scheduled to open late this spring. Harrah’s is owned by Las Vegas-based Caesars Entertainment.

The Gretna City Council has approved naming rights for its $55 million Gretna Crossing Park under construction northeast of Highway 6 & Capehart Road. United Republic Bank will pay $435,000 for a 10-year naming-rights deal. Great Plains Communications will pay $180,000 for naming rights on the soccer fields. The 155-acre park is scheduled to open this September.

Metropolitan Community College hopes to take over the Marine Corps Reserve Training Center adjacent to its Fort Omaha campus for future expansion, according to the Omaha World-Herald. It’s a move that would effectively end a 155-year military presence at the historic site.

A provision in the federal 2023 National Defense Authorization Act, passed late last year, authorizes a “no-cost land exchange” of the Marine base to MCC. U.S. Rep. Don Bacon, R-Neb., inserted the provision at the request of Metro administrators. The move is likely still several years in the future and is contingent upon relocating the Marines’ training center to a new facility.

Fastwyre, a Louisiana-based fiber provider announced it will begin providing a fiber-optic broadband network to residents and businesses in Bellevue. Fastwyre’s state-of-the-art network features a fiber-to-the-premises infrastructure enhancement that delivers high-speed internet to help customers meet their data transmission, online video conferencing, e-commerce, virtual learning, entertainment and telehealth needs.

Omaha Public Library, Omaha Public Library Foundation, the City of Omaha, Do Space, and Heritage Omaha are working with Margaret Sullivan Studios, a nationally recognized library design firm, to develop a library facilities plan.

This plan will offer recommendations for present and future libary facilities. The plan will include each library branch’s size, location and design, and ensure that those branches continue to support the collections, programs, technologies, activities and amenities community members value. The plan will also envision future Do Space spaces and programming.

The 2023 community survey launched on Feb. 15 at OPLSurvey.org and focuses on Douglas County’s 12 branches. Feedback received during this process will be used to shape future library and Do Space services and facilities.

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.”

For a third straight month, the Creighton University Rural Mainstreet Index climbed above the growth neutral threshold, according to the latest monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy. The February index declined to 50.1 from 53.8 in January. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.

Franchise Sidekick has leased 6,843 sq. ft. in a 2-story office building at 17041 Lakeside hills, according to Trenton Magid and Gabrielle Estivo of NAI NP Dodge, who represented the landlord in the lease.

Omaha Track is celebrating its 40th anniversary. The company was founded in 1983 as the Tie Yard of Omaha, a retail landscape tie sales facility. Since then, Omaha Track has evolved into the leading railroad material supply and service contractor in North America. The company now has 12 locations in 10 states, employing 300 people. The headquarters is located at 12930 I Street.

The Greater Omaha chapter of the National Association of Women in Construction will celebrate the 25th annual Women in Construction Week March 5-11. During this week, the organization will hold community service, professional development and networking events. The Omaha chapter also includes Lincoln, Council Bluffs and the surrounding area.

Berkshire Hathaway Inc.’s 2022 annual report to the shareholders will be posted at BerkshireHathaway.com Saturday at approximately 7:00 a.m. Concurrent with the posting, Berkshire will issue an earnings release. The annual report will include Warren Buffett’s annual letter to shareholders, information about Berkshire’s financial position, results of operations and information regarding the shareholders meeting taking place in Omaha on Saturday, May 6th.

Forbes magazine has ranked Mutual of Omaha 34th on its prestigious list of America’s Best Large Employers for 2023. The Forbes ranking also recognizes the company as the top large employer based in Nebraska and the second highest ranked large employer nationally in the insurance industry.

Valmont Industries, Inc. reported financial results for the fourth quarter and fiscal year ended December 31, 2022. Net Sales of $1.1 billion increased 17.5%, a fourth quarter record. Operating Income increased 116.2% to $109.7 million, or 9.7% of net sales (increased 32.9% to $113.7 million or 10.1% adjusted) compared to $50.8 million or 5.3% of net sales ($85.6 million or 8.9% adjusted).

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!”

Two Big Issues in the Omaha Housing Market Right Now

By Joe Finlay

The biggest challenge in the Omaha housing market is how few homes there are currently for sale. The two dynamics at the root of today’s low supply are rate-locked existing homeowners and the fear of not finding something to buy. Let’s break down these two big issues…

Rate-Locked Homeowners

According to the Federal Housing Finance Agency, the average interest rate for current homeowners with mortgages is less than 4 percent. But today, the typical mortgage rate for new Omaha buyers is more than 6 percent. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This situation is known as being “rate-locked.”

When so many homeowners are rate-locked and reluctant to sell, it’s a challenge for any housing market that needs more inventory. However, experts project mortgage rates will gradually fall this year, and that could mean more people will be willing to move.

The Fear of Not Finding Something to Buy

The other factor holding back potential sellers is the fear of not finding another home to buy. Worrying about where they’ll go has left many on the sidelines as they wait for more homes to come on the market. That’s why, if you’re on the fence about selling, it’s important to consider all your options. In Douglas and Sarpy counties, the number of new construction homes available is about double the number of existing homes. Many builders are even offering concessions like mortgage-rate buydowns. This is an appealing option for homeowners who think they have nowhere to go.

What Does This Mean for You?

Because of these two issues, the supply of homes for sale is lower than pre-pandemic levels. But if you want to sell your house, today’s market has a sweet spot that can work to your advantage.

Be sure leverage your current home equity. Nationally, 48 percent of mortgaged residential properties were considered equity-rich in the 4th quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50 percent of their estimated market values. This could make a major difference when you move.

Bottom Line

Rate-locked homeowners and the fear of not finding something to buy are keeping housing inventory low. But as mortgage rates come down this year and homeowners explore all their options, we should expect more homes to come on the market. Let’s connect to see how much equity you have in your home.

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

Compiled by Grow Omaha co-founJeff Bealsder and sales trainer 

LEADERSHIP & MANAGEMENT

During an era in which “quiet quitting” is a thing, a little initiative and a positive attitude can earn you superstar status and sometimes extra pay, writes Callum Borchers in a recent Wall Street Journal column. Common-sense moves that might once have been considered standard—meeting people in person, doing small favors for colleagues, hitting deadlines even if it means occasional late nights—are now seen as exceptional in the current work climate.

Some companies are offering spot bonuses and promotions to those who step up, even a little, recognizing that many others are putting their personal lives first and giving less to their jobs. Disturbingly, the bar for gold-star work isn’t as high as it used to be.

Speaking of today’s work habits, a study of 2,900 workers across 61 U.K. companies revealed that four-day workweeks – very popular with rank-and-file employees – might actually be of benefit to companies, according to The Hustle. Participating companies used four-day work weeks from June through December last year.

Companies in the study saw revenue increase by 1.4% and staff turnover drop by 57%. Approximately 92% of participating companies have continued with the shorter weeks. Of the employees in the study, 90% said they definitely wanted to continue with the shorter work weeks, while 15% claimed that no amount of money would motivate them to go back.

SALES

On any given day, you may talk to 10, 20 or even more prospects and clients on behalf of your company, says sales author Lee Salz. But how many conversations did each of those prospects/clients have with your company on that day?

Only one.

“We forget to make people feel special. It might seem like just another call, meeting, presentation or proposal to you, but it’s not to your client or prospect. “Treat every prospect and client as if they are your only one,” Salz says, “and watch how your relationships grow.”

Attention Sales Leaders – Here are five ways to hold salespeople accountable: 1. Clearly define expectations about culture, behavior and performance; 2. Foster healthy competition among team members; 3. Hold regular one-on-one meetings with reps; 4. Observe your reps in the field or on the phone; 5. Get rid of habitually low-performing reps.

WISDOM

“The nation will find it very hard to look up to the leaders who are keeping their ears to the ground.” —Sir Winston Churchill

Grow Omaha University is sponsored by MyStaff Inc, a locally owned staffing firm whose purpose is helping Nebraska companies recruit for corporate office positions.

My Staff Inc – Our team helps you find yours!

Omaha Beer Week 2023 from February 18th to 26th: Started in 2012 by members and supporters of Omaha’s craft beer industry, Omaha Beer Week is an advocacy group that spotlights breweries, tap houses, craft beer bars, and hobby shops across the metro area. For a full week, people from across Nebraska and surrounding states come together over drinks to share friendship, fun, and entertainment!

Suor Angelica on February 24th & 26th: Head to the Orpheum Theater to watch Puccini’s heart wrenching one-act opera. Puccini’s glorious music captures the profound emotion of a mother’s love and loss of that which is held most dear. Conductor Judith Yan, soprano Elaine Alvarez and mezzo soprano Jill Grove will all make their Opera Omaha debuts in this poignant production directed by Keturah Stickann (2018 Opera Outdoors).

Nebraska All Star Comedy on February 24th: Come out to see the best local comics give you the BEST laughs in this Friday night showcase of Omaha stand-up comedy. Join host Jaren Dorsey at the Blackstone Theater for a night full of fun! Recommended for adult audiences.

Beertopia Ultimate Beerfest 2023 on February 25th: Check out the Steppe Center for their Beertopia Ultimate Beerfest! This beer fest features a handcrafted list of breweries and beers. Each brewery will have a brewery rep present. Breweries will focus on pouring rare, unusual and/or high ABV beers during this event.

Web3 March Happy Hour on March 2nd: Web3 beginners, enthusiasts, and developers coming together for a happy hour at I See It Ventures and The Granary Green in Ralston. Come connect and make friends with others who are interested in: decentralized ownership, cryptocurrencies, NFTs, blockchain technology!

This Upcoming Events section is sponsored by Eagle Mortgage Company, is a locally owned and full-service mortgage company in Omaha.

Eagle Mortgage can help you realize your dream of owning a home.

Werner Enterprises, Inc. has appointed Christopher D. Wiko as executive vice president, treasurer and Chief Financial Officer effective April 18th. Wiko succeeds John J. Steele who announced his retirement last August. Wiko, 48, has more than 20 years of finance leadership experience with public and private multinational companies. Prior to joining Werner, he served as executive vice president and treasurer of West Technology Group, formerly Intrado Corporation.

R&R Realty Group has promoted Chris Richardson to senior vice president of operations for its Nebraska division. Richardson joined R&R as a senior development manager in 2019. He has been instrumental in the development of office, warehouse and medical developments including R&R Commerce Park, R&R Commerce Park South, the Waterford Building and the recently completed build-to-suit facility now home to MD West ONE. He is a graduate of the University of Nebraska Lincoln.

Uniti Med has added Chad Crawford as vice president of sales. He brings more than 15 years of experience in healthcare staffing and was previously with Fusion Medical Staffing.

The Lerner Company has promoted Jared Sullivan and Brian Houlihan to partner of brokerage services. Sullivan has been with the company for six years. Houlihan joined the firm in 2018.

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.

Eureka! After five decades of searching for the key to the magic vault, I have discovered the perfect market predictor: Breakfast food!

Want proof? Here it is – Every weekday morning last year I had raisin bran for breakfast. On Saturday, I had waffles with Aunt Jemima syrup. What happened last year? Disaster! S&P down 21% and the Nasdaq down over 30%. Then we spent the holidays at my son’s house. They had pancakes for breakfast with Pearl Milling Company syrup

After the first of the year, when we got back to Omaha, I started eating Cheerios. Since January 1, 2023, the market has clawed its way up over 10%. The market started the week still on an upswing. When I got up this morning, we were out of Cheerios, and all we had was Almond something. I had a bowl, but forgot to put the box away. The market started the day going nowhere. Then after lunch I discovered I hadn’t put the breakfast food away: which I did immediately. Ten minutes later, the market dropped over 2 percent. Need more proof? Be sure to check these pages next week, because I am headed to the supermarket to stock up on Captain Crunch.

We are almost through the fourth quarter earnings season. It has been a wild and crazy ride, but nothing unusual for Mr. Market. Remember last week when I said: “To the market there is no such thing as good news or bad news, only news.” The past few days are living proof of my insight. Some of the big techy-tech stocks – Google, Apple and Microsoft – announced good-but-not-stellar earnings. They beat expectations, but Mr. Market tanked their stocks anyway.

Explanation: they beat expectations, but not by a ton. Plus, this shows that consumers are spending, which will push inflation higher, and the Fed will raise interest rates, which is a bad thing. But it’s also a good thing because the Fed will bring inflation down. Twenty minutes later, Mr. Market changes his mind and decides the news on the big tech stock is great news, and zoom – their prices exploded upward.

Then Mr. Market remembers that Elon Musk is messing with Twitter, which is a bad thing. And, oh, by the way, who is minding the store at Tesla? And bing! The market ends up where we started.

Frustration for mom and pop, but big payday for the trading geeks at Morgan Stanley and Goldman Sachs.

So how do we keep our heads on straight when the world around us is going bonkers? Play pickleball and “forget the needle; buy the haystack.”

North American Specialty Hospital has leased 3,562 sq. ft. in a single-story office building at 2637 S 158th Plaza.

Chris Falcone of NAI NP Dodge represented the tenant in this office lease.

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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