Weekly Market Report – February 8, 2024

Feb 8, 2024 | 0 comments

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Restaurant & Retail Updates

bb.q Chicken is opening its first Nebraska or Iowa location in a former PepperJax space at 2521 South 132nd Street in Omaha. The restaurant sells Korean fried chicken (The letters, “bb.q,” stand for “Best of the Best Quality”). The company is based in Seoul, South Korea and has more than 3,500 locations in 57 countries. The closest existing locations are in Kansas City and Minneapolis.

Chick-fil-A plans to open a northwest Omaha location at 15701 West Maple Road in front of Hy-Vee and next to Union Pizzeria and Sports Bar. The building permit was filed in December, but we do not have an estimated start date for construction.

Tous Les Jours has opened a second Omaha location at 16950 Wright Plaza in the Shops of Legacy. The international chain of French bakeries started in South Korea and has 1,650 locations. The existing Omaha location is at 75th & Dodge Street.

Willie Dogs, a hot dog restaurant inside the Inner Rail Food Hall at Aksarben Village, has added Willie’s ice cream to its offering lineup.

Jim’s Rib Haven at 3801 Ames Avenue has reopened almost a year after suffering extensive fire damage last March.

After a great deal of anticipation, locally owned Burger Detour has opened at 18308 Evans Street in northwest Omaha. A second location is under construction near 204th & Pacific Street.

Hy-Vee Fast & Fresh is planning to build a free-standing gas station and convenience store on the northeast corner of 111th & Blondo Street in the Blondo 108 Business Park.

Snooze Mattress Company has opened its first Nebraska or Iowa store at 16950 Wright Plaza in the Shops of Legacy near 168th & West Center Road. The Colorado-based company was founded in 2019 and has nine locations in five states. The closest existing store is in Minneapolis.

Tastee Treat at 13996 Wabash Avenue in Council Bluffs is reopening for the 2024 season on February 22nd. The ownership completed some interior renovations during the off season.

Throwback Arcade Lounge at 1402 Howard Street near the Old Market plans to close permanently the night of Saturday, February 17th. The controversial, 1980s-themed nightclub recently struggled to renew its liquor license.

Backlot Taphouse at 2110 South 67th Street in Aksarben Village, was featured this week on “America’s Best Restaurants.” You can see the video HERE.

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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

The Big Story

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Photo Above: 37 West Farnam by Brad Williams

Developments in the East Metro Area

The latest Grow Omaha Construction Update video, produced by Brad Williams, is 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 are highlighting just some of the projects you’ll see. Here goes…

Tenaska Center for Arts Engagement – Steel has gone vertical for the $100 million+ addition to the Holland Performing Arts Center downtown.

Baby Bob Bridge – Construction is in full force on the pedestrian bridge that will run from 10th & Mike Fahey Street, over the railroad tracks and Riverfront Drive, and tie into the Bob Kerry Missouri River Pedestrian Bridge.

Dizzy Mule Project – When complete, this project will have 172 apartment units, first-floor commercial space and a mix of new construction with historic building rehab. One of the new buildings is enclosed and another is being framed at this time.

Builders District – Noddle Cos. has started grading on a mini park between 16th and 17th streets near Burt Street. It will be similar to the public mini park north of the HDR headquarters in Aksarben Village. Also in the Builders District, the mass timber building under construction at 15th & Mike Fahey is mostly enclosed.

Papillion Sanitation Complex in Bellevue – This 33-acre site is located southwest of Offutt Air Force Base. Lueder Construction is constructing a large building for office and service bays as well as a smaller building next door.

Flats on Howard – Located on the southeast corner of 24th & Howard Street, construction is coming along on this 5-story, 120-unit apartment building.

37 West Farnam – This 9-story building will have one level of retail, three floors of parking and five levels for apartment with a total of 161 units. Completion is planned for this fall.

48th & Dodge Apartment Building – Concrete foundational walls are going in place for this $82 million, 5-story apartment building that will have enclosed parking and 330 units. The historic Pittman building will be incorporated into the final plans.

72nd & Mercy Road Area – Two projects are highlighted near Aksarben Village. Community Alliance is nearly ready to open its new building. Just to the east, an old office building has been demolished to make room for a 4-story apartment building. The project will include 200 units, a pool and 5-level parking garage.

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Grow Omaha Snippets

Grow Omaha Snippets Sponsored by:

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The City of Bellevue plans to build a 100,00 sq. ft. indoor water park on the northwest corner of U.S. Highways 34 and 75, according to Sarpy County Times. The building would have a retractable roof and could draw visitors from a 250-mile radius. While the city would own the complex, American Resort Management would operate it.

The Bellevue City Council this week authorized up to $60 million in municipal bonds to purchase land and build the attraction. The surrounding development would have room for restaurants, hotels and other businesses. Construction could begin this summer with completion planned for 2026.

National Hockey League commissioner Gary Bettman recently named Omaha as one of several possible expansion cities along with Houston, Atlanta, Cincinnati, Kansas City and Salt Lake City. According to the Omaha World-Herald. Bettman did not provide any details about Omaha’s chances of landing a franchise.

The City of Omaha received a bid for $47.6 million to build six streetcars from CAF, a company based in Spain that supplies rail cars and systems, according to the Omaha World-Herald. Omaha’s streetcars would be very similar to ones the company sold to Kansas City and Cincinnati. Each car would be 77 feet long and would travel at speeds up to 43 miles per hour.

USA Today 10Best Readers’ Choice Awards have once again nominated Omaha’s Henry Doorly Zoo & Aquarium as best zoo, the Desert Dome as best zoo exhibit and the Lee G. Simmons Wildlife Safari Park as best safari park. You can vote for all three HERE.

In the 2024 Best Online Programs rankings from U.S. News & World Report, the University of Nebraska Medical Center’s College of Nursing’s online master’s in nursing program ranked 70th out of 186 schools. Five categories were used to rank the programs: engagement, faculty credentials and training, services and technology, student excellence and opinions of experts.

The Omaha Metropolitan Area Tourism Awards is seeking nominations for the best attractions, restaurant, hotels and retail businesses in Douglas, Sarpy and Pottawattamie counties. Public nominations will be accepted HERE through February 28th.

And Not a Moment Too Soon – The Nebraska Tourism Commission has retired its state tourism slogan: “Nebraska, honestly it’s not for everyone,” according to Nebraska Examiner.

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.”

Business News

Local Business News Sponsored by FranNet of The Heartland:

VisionSync, a growing Omaha-based startup at the forefront of digitizing organizational strategic planning and execution, introduced its cloud-based platform this month. Developed by UNeTech Institute at the University of Nebraska Medical Center, VisionSync seeks to commercialize UNMC’s innovative strategy execution management software and proven methodologies to assist businesses and institutions worldwide in reaching their strategic goals.

Union Pacific Corporation has declared a quarterly dividend of $1.30 per share on the company’s common stock, payable Mar. 29, 2024, to shareholders of record Feb. 29, 2024. Union Pacific has paid dividends on its common stock for 125 consecutive years.

The Aesthetics Academy, an esthetics spa and school, has opened at 11020 Prairie Brook Road in Rockbrook Village. Owned by Courtney Vacanti Birnstihl, The Aesthetics Academy offers a 600-hour esthetics course and a 300-hour instructor course as well as a clinic, offering high-end services to the public at a lesser rate all performed by students supervised by instructors.

Edelman Financial Engines has moved its Omaha office into the Waterford building at 18881 West Dodge Road in the Fountain Ridge Office Park East.

Hound HQ has opened for business at 15721 West Dodge Road. A grand-opening celebration is planned for February 15th at 3 p.m. The business offers dog daycare, overnight boarding and grooming services.

JBS USA has been awarded 2023 Processor of the Year honors by Food Processing magazine. The company employs 800 people in its Omaha plant at 3435 Edward Babe Gomez Avenue. Based in the Netherlands, JBS is the largest meatpacking company in the world. The U.S. division is based in Greeley, Colo.

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!”

Grow Omaha Residential

Omaha Real Estate Numbers for January

By Joe Finlay

Now that the snow has melted, the spring real estate market is right around the corner. Interest rates have remained steady over the past few weeks and buyers are preparing to make offers on homes. Let’s take a look at the real estate numbers for first month of 2024 and how it compares to previous years.

Douglas County Existing Homes

There were 344 closed residential sales in January 2024, up 2 percent compared to January of 2023. For perspective, the month of January typically sees the lowest number of closed sales, and the month of June typically has the highest number of sales.

The median sale price in January was $278,500, up over 16 percent compared to the same time last year.

According to FreddieMac, interest rates in January 2023 were about half a point lower than they were in January 2024, but unit sales and prices in Douglas County continued to rise.

Douglas County New Construction

New construction sales increased by about 10 percent with 52 closed sales (those that show up in the Multiple Listing Service). Closed sale prices remained steady with a median sale price hovering around $444,000.

Sarpy County Existing Homes

The number of sold properties in Sarpy County rose about 10 percent compared to a year ago with 105 closed sales. Median sale prices were up about 1.5 percent at $299,000.

Sarpy County New Construction

Closed sales in Sarpy County were down about 20 percent compared to last year. The median sale price dropped to $402,490, representing a 16 percent decrease.

New construction remains an opportunity for buyers in both Douglas and Sarpy counties for a variety of reasons. Availability is high and prices seem reasonable.

Bottom Line

Looking ahead, there’s no reason to believe we won’t have a strong spring real estate market in Omaha. I expect both prices and unit sales to increase through the spring and summer. Let’s connect and talk through your selling or buying options.

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

Grow Omaha University

Leadership & Sales Insights for Ambitious People

Compiled by Grow Omaha co-founder and sales trainer Jeff Beals.

Sponsored by Dundee Bank

LEADERSHIP & MANAGEMENT

The Law of the Lid, the first lesson of John C. Maxwell’s “The 21 Irrefutable Laws of Leadership,” states that the capability of an organization’s leadership is a lid on the organization’s overall performance. Incremental increases in an organization’s leadership ability can generate exponential returns, and vice versa, poor leadership can crush productivity.

Seventy-two percent of high-performing managers rated the teams they manage as excellent or above average, compared to 54 percent of underperforming managers.

According to the U.S. Bureau of Labor Statistics, companies with 100 to 500 employees provided only an average of six minutes of training per employee every six months. When you consider the cost of not training your people, that number is both shocking and depressing.

The United States purchased more goods from Mexico than China in 2023, the first time that has happened in 20 years, according to The Hustle. Mexico’s U.S. exports were worth nearly $476 billion.

SALES

Referrals are the most efficient form of prospecting, but many sales pros don’t use them. It’s getting harder and harder to cut through the clutter and reach influential decision makers. That’s why referrals have never been more valuable than they are today. Read the entire article HERE.

Yikes! We need to do a better Job – Only 3 percent of buyers trust sales reps, according to HubSpot. The only professions with less credibility include car sales, politics and lobbying.

BragBird gives you an edge when competing for customers. There are 40 modules, each a different topic. Modules include 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 an action-taker, click HERE and get started now!

WISDOM

“Whether you think you can or whether you think you can’t, you will be right.” – Henry Ford

Founded in 2006 right in the heart of Omaha’s Dundee community, Dundee Bank is all about local ownership, friendly customer service, and supporting the needs of our beloved community. With nearly 100% of your deposits going right back into our neighborhoods, Dundee Bank is committed to fueling growth, enabling loans, and fostering stability for you and your neighbors. So why not open an account at Dundee Bank and discover what it means to truly support local?

https://www.dundeebanking.com/

Did You Know?

Surprising Facts, Figures & Points of Pride That Make Omaha Unique

This section is sponsored by Lockbox Storage.

Did you know that Union Omaha’s proposed Riverfront soccer stadium would seat 7,000 spectators and have views of the downtown skyline?

Did you know in 1926, the boys voted to change the name of Overlook Farm to Boys Town? Father Flanagan wrote that he did not like the new name, but he decided to go along with the boys’ wishes.

Did you know the University of Nebraska at Omaha employs 2,096 faculty and staff?

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.

Upcoming Events in the Metro

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Shark Tunnel of Love (21+) on February 12th, 13th & 14th: This Valentine’s Day, the Shark Tunnel of Love offers an unforgettable evening for adults 21 and over, featuring small bites, wild encounters, and a plethora of activities at Mutual of Omaha’s Wild Kingdom Pavilion and the Suzanne and Walter Scott Aquarium. The night begins at the Wild Kingdom Pavilion, where guests can enjoy champagne, photo ops, meet-and-greets with Zoo residents, poetry, and a flower bar. The journey continues to the Scott Aquarium, where attendees can savor charcuterie on souvenir boards and dance to live music by Taxi Driver in the Aquarium Conference Center. Additional highlights include a photo booth and the chance to purchase unique treats from Spin: A Cotton Candy Experience. As the evening concludes, guests can pick up a special gift of take h-home treats to remember the night! Capacity is limited so make sure to reserve your tickets!

Lunch & Learn | Building a Strong Brand w/ Drew Davies on February 13th: Join others on Tuesday, February 13th as we hear from Drew Davies, Brand Consultant at Oxide about his expertise in building a strong brand. Small business owners, entrepreneurs, marketers, and professionals interested in branding are encouraged to join. Free Jimmy Johns will also be provided during the event!

Valentine’s Day Dinner on February 14th: Still looking for Valentine’s Day plans? Experience one of the most beautiful Valentine’s Day dinners in Omaha at Lauritzen Gardens. You and your loved one can enjoy the intimate surroundings of the visitor and education center. All guests receive the first course, their choice of one main course, the dessert course and one glass of wine. $78 per person. Reserve your spot now!

Bourbon & Bubbly Valentine’s Day Tasting on February 14th: By popular demand, Spirit World is bringing back an event favorite, their Bourbon and Bubbly event! Join others on Valentine’s Day, February 14th, for your choice of a Woodford Reserve flight or sparkling wine flight. Both flights come with a dessert plate as well as education about the flight. Select your flight option and your seating time! This is a fun way to spend Valentine’s Day with a shared experience, learning something new! Tickets are $35 per person.

Investing In the Next Generation of Nebraska Founders with Charlie Cuddy on February 15th: Charlie, the Co-Founder and Managing Partner of MOVE Venture Capital and the Executive Director of the Nebraska Startup Academy, is at the forefront of shaping the future of entrepreneurship in the region. His unique blend of experience in education, startup growth, and venture capital positions him perfectly to guide and inspire the next wave of Nebraska’s startup founders. Charlie will delve into the roadmap of possibilities for current Nebraska founders. Come if you want to learn what investors like MOVE Venture Capital are looking for in early-stage startups and what’s on the horizon for the Nebraska startup ecosystem!

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.

People in the News

Sponsored by Baird Holm Attorneys at Law

a beautiful blue and white house with a green lawn
digital rendering of Flatiron District project buildings

NP Dodge Real Estate has welcomed new residential sales associates including Cody Chingren, Archana Pothapu, Erin Strunk and Randy Strunk.

SHARE Omaha has added five members to its board of directors: John Nania, executive director of Learning for ALL; Julie Dierberger, Chief Engagement Officer at the University of Nebraska at Omaha; Kimberly Cappellano, founding partner, CMO and Midwest managing partner for Private Wealth Asset Management; Marcus Bell, executive director of Omaha Bridges Out of Poverty; and Quincy Christian from Cox Communications, Inc.

The Council Bluffs Area Chamber of Commerce has hired Jacob Cool as director of member services.

Nina Rongisch has been promoted to executive director of Outlook Enrichment, an Omaha organization that creates opportunities for people with vision loss. Rongisch joined Outlook Enrichment in 2019. She previously worked at Emspace+ Lovgren, Physicians Mutual, InfoGroup and Marriott International.

Amanda Brewer, CEO of Habitat for Humanity of Omaha, has been appointed to the Federal Reserve Bank of Kansas City’s Community Development Advisory Council.

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.

Wall Street: The Week in Review

with George Morgan

Morgan is the founder of Morgan Investor Education of Omaha.

Sponsored by Baird Holm Attorneys at Law

Views and opinions expressed herein are solely those of the author.

I love fairy tales. Everybody believes they are true and they are vague enough that you can fill in the blanks to fit your world view. This episode of my insightful commentary will take on the story of Goldilocks and the Three Bears.

You know the story. A girl is roaming around the forest and walks into a bear’s house (The only bear I know that has a house is the Chicago Bears) She tries several things. Each time, they are too hot, too cold, too soft, etc. This goes on until she finds one that is just right.

The other day, I saw a TV ad for a local financial planner. His spiel stated that in order to be properly diversified, you need to have 60% in stocks and 40% in bonds. 80%/20% is too hot, and 40%/60% is too cold. The justification for this witch’s brew is that bonds are safe and stocks are not. So, when the stock market goes kaput, you have the bonds to protect you.

This is an old wives’ tale that sometimes is sort of true. When interest rates are falling, the principal value of a bond increases. When interest rates rise, the opposite happens. The part of this narrative that gets investors flummoxed, is that when you hold a bond to maturity, there’s no haircut on the principal. However, if you sell before the maturity date, you can end up with a shaved head.

The preponderance of 60/40 portfolios put together by brokers employ actively managed mutual funds – not individual stocks and bonds. Last year, the Fed went postal on interest rates, pushing them to historically high levels. In the middle of this cataclysm, actively managed bond funds had to do just that, actively manage. As bond prices plummeted, they were forced to sell portions of their portfolios at reduced prices.

According to my soul mate, Jason Zwieg of the WSJ, in 2023, the average bond fund lost 13%. At the same time the S&P 500 rose 23% and the Nasdaq over 40%. Repositioning resulting in selling the good stuff to buy the bad stuff.

Some versions of the 60/40 thing went one step further. This version says that as you age, the bond portion needs to increase and the stock portion needs to decrease. This was the worst-case scenario, because if you are approaching 65, some of these time-weighted portfolios had flipped to 80% bonds and 20% stocks. The losses in these 60/40 portfolios on steroids were even more significant than those mentioned above: Some as much as 30%.

Investing is not a one-size-fits-all. For some, a mix of stocks and bonds makes sense. The critical element is what is too hot, too cold and just right. Who decides what is just right? You or a Wall Street computer? Goldilocks decided on her own – without the bears’ help!

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Have You Watched Grow O on Video Yet?

Jeff Beals, Trenton Magid and a guest in the KFAB 1110 Radio Booth

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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