Weekly Market Report: January 23, 2025

Nicole Buntgen, Contributing Writer

GUGU Ramen, a ramen and Korean fried chicken concept, will soon open at 9820 South 71st Plaza in the corner bay of a strip mall next to Jersey’s Mikes. That’s just off 72nd & Cornhusker Road in Papillion and adjacent to Golden Apple Buffet, which opened in June 2024 under the same ownership.

Caddy’s Brunch Bar, formerly known as Caddy’s Kitchen & Cocktails, will reopen on February 3 in its original location at 103 West Broadway in Council Bluffs’ historic 100 Block. Caddy’s closed in October 2024 and is under the same ownership as The Salty Dog Bar & Grill, which operates in Council Bluffs and the recently opened Omaha location near 72nd & Grover.

Paradise Bakery & Café has officially opened at Nebraska Crossing in Gretna, located in an end-cap bay near Ulta Beauty. The new location includes delivery options and a drive-thru lane. Paradise relocated from Village Pointe Shopping Center in late 2024. Most Paradise Bakeries have been converted into Panera restaurants. The only remaining location besides Omaha is in Dallas.

Kawaii Team Time, formerly Tea Time, recently rebranded its bubble tea shop into an Asian fusion restaurant. Located at 14505 West Maple Road, the New York City-based concept specializes in authentic boba tea, sushi tacos and poke bento bowls.

Gimme the Scoop, a locally owned Italian-ice food truck, will soon offer its products at Huskerland Popcorn at 2305 North 90th Street. Established in 2022, the dessert concept features gluten- and dairy-free flavors like mango, green apple, blue raspberry and more.

The future Coneflower Creamery building in Olde Town Elkhorn is coming along nicely. The new building is going up in a previously empty spot directly north of the Little Scandinavia shop. Opening is expected by the middle of this year. The award-winning, “farm-to-cone” ice cream shop has been recognized as one of the best in the nation. The original Coneflower Creamery opened in 2016 at 3921 Farnam Street in the Blackstone District. A second location opened last year in North Downtown’s Millwork Commons district.

Stories Coffee is building out a new location at 15526 Spaulding Plaza in Northwest Omaha. According to the filed building permit, this location will be 2,500 sq. ft. They plan to open in 2025 and will share the building with Williamsburg Pizza. Stories Coffee closed the Midtown Crossing location in October 2024 but has three other locations in the Omaha area.

Ooh De Lally is expanding its hours to include lunch Thursday through Saturday, 11 a.m. to 2 p.m. Ooh De Lally’s first lunch will take place this Thursday – January 23. The non-profit restaurant is located at 4916 Underwood Avenue in Dundee and offers former inmates the opportunity to train for food-service jobs.

Shadow Lake Collision Center, a local auto body shop, will open a second location at 4040 South 84th Street in the former H+H Kia site near 84th & F. Tentative opening is set for April or May. Established in 1975 as AA Collision Repair, the business merged with Shadow Lake Collision in 2012 and currently operates at 1215 Applewood Drive in Papillion.

The Posh Peacock, a locally owned consignment furniture store, will close its doors at 12100 West Center Road in Bel Air Plaza on January 25. The store, which opened in October 2011, specializes in home furnishings and decor sourced from model homes, estate liquidations, and store close-outs.

Omaha continues to produce nationally recognized talent in the food and restaurant industry. Two local chefs were named as nominees in the 2025 James Beard Award category for best chefs in the Midwest Region. Tim Nicholson from the Boiler Room and David Utterback of Yoshitomo and Ota received nominations.

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 Development Repurposes Buildings With A Lean Philosophy

Greg Rothermel, development director for NuStyle Development, gave me a birds-eye view of the rooftop of a repurposed office complex known as the Central Park Plaza, now renamed The Duo. More than 700 apartments are in the process of being created.

This renovation project’s construction office occupies space on an upper floor of the north tower of two buildings that once housed small businesses, federal offices, Starbucks and ConAgra.

While walking from a conference table to the plan room and beyond to future apartments, Rothermel had me wear a white hard hat. I met workers who were busy with their own craft. Each person was playing their part in the vision of a graciously appointed apartment complex designed with the needs of residents in mind, featuring one- and two-bedroom units.

Rothermel believes young professionals will be drawn to this project because of the many design amenities and proximity to major corporations such as the new Mutual of Omaha building rising across the street.

The Duo – Two Towers Slated to Become New Living Spaces

NuStyle employees are regularly asked to voice their thoughts on the needs of tenants, and ideas for materials, design amenities, finishes, and even the type of artwork to hang on the project’s walls. Property managers offer valuable insight to each repurposed building, as they become a voice for tenants.

The staff rarely turns over and currently includes human resources, accounting, maintenance workers and a contracted branding professional, along with four staff members in construction and three people on the development team.

Rothhermel said “NuStyle is more than a company name, it’s how we do business.” With a small staff of approximately 60 employees, he said, “We feel our size allows us to make quick decisions to be more effective and do these projects on time.”

Explaining further the guiding business theme of economic development, he quipped that leanness translates to strong relationships with architects, engineers and commercial builders, because NuStyle acts as the general contractor, and in fact, owns the buildings redesigns or repurposes.

The former Central Park Plaza owners contacted NuStyle to consider buying the property. As The Duo, it will house apartment residents in the south tower during 2025 and in the north in 2026.

Currently in a demolition phase in one area, The Duo will feature six floors of new-construction apartments along with a city-owned, 6-story parking garage structure.

In a public-private partnership agreement, the City of Omaha will own and manage the parking garage attached on 16th Street west of the twin towers. The firm is owned by Todd Heistand and his wife Mary. This family company, founded in 1988, seems aptly qualified to repurpose the two buildings revamped and renamed The Duo.

Future guests and residents will appreciate the cool signage, gathering spaces and high-end apartments, along with the co-located Sullivan’s steakhouse, which will stay as a tenant.

One- and two-bedroom units have been designed to accommodate both residential living and community gathering, along with apartment office space that can be used by tenants to run their own companies or work for their employers remotely.

“We get into (projects) like The Duo, we build them and we manage, and the development arm goes off and does another project,” Rothermel said.

Our thoughtful and fun, behind-the-scenes tour helped me more fully understand the impact NuStyle has had on Omaha’s historic downtown including the Old Market, nearby corporations, small businesses and arts attractions such as The Joslyn and the Durham Museum.

Tenants will be cared for while buildings are given new life, and residents will have a lovely place to call home in downtown Omaha’s continued growth and development.

What a fun naming twist, rebranding the two brick buildings that will soon showcase downtown dwellers’ lifestyle and budding friendships, instead of the connection between two office buildings.

Contact the writer, Don Rashid, at donaldjrashid1@gmail.com.

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Isaiah Ang, Contributing Writer

The Gretna Good Life District continues to make headlines. It has only been a week since Gretna voters approved the establishment of the economic development program to collect and use funds from sales tax in the district.

In a statement provided to KETV, the Nebraska Department of Economic Development explained that Rod Yates, the developer whose Good Life District application was accepted under the terms of Good Life District Transformational Projects Act, now believes that his development cannot be completed as proposed. The DED is currently collecting evidence from the City of Gretna and other interested parties until February 12 and will determine whether the Good Life District is still viable or if it needs terminated.

Yates had alluded to seeking a new state legislator to pass new legislation to help support his project because of disagreements with the Gretna regarding terms of development. According to the Nebraska Examiner, Yates has apparently found that legislator in Senator Beau Ballard of Lincoln. Senator Ballard introduced Legislative Bill 637, or the Nebraska Destination Act.

Some differences from the Good Life Act include expanding the allowable district size from 2,000 to 5,000 acres and limiting the number of such districts in the state to two rather than five. Additionally, the applicant would have expanded powers including the ability to issue bonds for development. Other real property owners within the district would need to pay the district applicant for the amount their property is benefited by the district applicant’s improvements. Any amounts not agreed upon between other real property owners in the district and the district applicant would be determined by a district court in an action filed by the district applicant.

Under the terms of the bill, rather than an economic development program created by the city where the district resides managing the collected tax revenue, the DED may designate a trustee financial institution, largely eliminating any city’s involvement in the district’s finances.

Eppley Airfield set an annual record for passenger traffic in 2024 with 5,277,326 travelers flying through the airport, according to the Omaha Airport Authority. The record-setting volume surpassed the previous record of 5,043,194 passengers set in 2018. The new milestone is a 5 percent increase over 2023 passenger totals.

Two projects are underway on the southeast corner of 132nd & Fort Street. Immediately to the east of an existing gas station, construction is underway on Koala Wash, a newly established, locally owned touchless, automatic car wash. Opening is planned for early this year. South of the gas station, construction is wrapping up on Nebraska Basketball’s “Forty-Ten Courts,” a 12,119 sq. ft. building that will have two courts used for basketball and volleyball. The building will have 90 outdoor parking stalls. The organization trains K-12th graders in individual and group settings. Opening is planned for the first quarter of this year.

Applications for Mayor Jean Stothert’s 2025 Neighborhood Grants program are now being accepted and are due March 3. The mayor has awarded grants to Omaha neighborhood associations annually since 2014. Organizations are eligible for up to $5,000 for projects that increase public safety and crime prevention and improve quality of life. Applications are at https://mayors-office.cityofomaha.org/. Neighborhood organizations must be registered and listed in the city’s Neighborhood Directory.

Hubbell Realty Company is making progress on its Sagebrook development, a 264-unit multi-family project northwest of 96th & Giles Road in La Vista. The $55 million project will include 180 apartments and 84 rental townhouses along with the clubhouse, pool, fitness center, dog park and garages. Completion is planned for late 2025.

Work has now reached the 28th floor of the future Mutual of Omaha’s tower’s concrete shear tower. Serving as the “spine” of the building, the shear tower will contain elevators, stairwells and other common-area features. The steel beams that will make up the rest of the skyscraper’s skeleton will be assembled around the core. The developer is Lanoha Real Estate, and the general contractor is JE Dunn. When the $600 million, 44-story, 677-foot, 800,000 sq. ft. building is completed in 2026, it will be the tallest tower in a multi-state region including Nebraska, Iowa, Missouri and Kansas.

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.

Waybridge Ketamine Clinics is opening a second location in Nashville, Tenn. in the Green Hills Neighborhood. The Omaha-based business offers treatments for depression, PTSD, anxiety and pain. Waybridge opened its original flagship location in October 2023 near 168th & West Center Road, which serves eastern Nebraska and western Iowa.

Bergman Incentives, an Omaha-based provider of promotional products and corporate branding solutions, has been named the 2024 Facilis Group Partner of the Year. The award was presented at the annual PPAI Expo, held in Las Vegas. The award celebrates excellence in collaboration, innovation and growth within the Facilis Group’s network of distributors.

The Greater Omaha Chamber has named Signature Performance as its January 2025 Business of the Month. The company helps healthcare providers reduce costs and improve efficiency through administrative services and revenue cycle solutions. The company has earned multiple accolades, including recognition as a top workplace.

Omaha’s retail real estate vacancy rate increased slightly in 2024, but was still a respectable 7.39 percent, according to The Lerner Company’s 2024 Retail Market Survey. This year’s study evaluated 372 retail properties accounting for more than 31.6 million sq. ft. of gross leasable area. The highest vacancy (15%) was in north-central Omaha, while the lowest was in the northwest submarket 5.6%).

Berkshire Hathaway has now sunk $750 million into Nu Holdings, a Brazilian digital bank with its own cryptocurrency platform, according to The Hustle. It’s a big change in tune; Warren Buffett denigrated digital currency as “rat poison” back in 2018.

Newlyweds expect an average of $122.50 in wedding gifts, with couples in New York expecting the highest amount ($204.60), followed by those in Connecticut ($202.40) and Nebraska ($195), according to fine jewelry brand Shane Co., which surveyed more than 3,000 Americans. But guests don’t spend what the bride and groom would prefer. The typical guest spends $113.80 on a wedding gift, with nearly half (47%) planning to spend less than $100. Men are willing to spend an average of $136.60, while women are typically budgeting $91.70.

WalletHub named Nebraska as the fourth best state to raise a family in 2025. The top three were Massachusetts, Minnesota and North Dakota. Just behind Nebraska were New Hampshire and New York. Iowa came in at 12th. Nebraska ranked particularly high in the categories of Education & Childcare, Socio-Economics and Health & Safety.

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

Americans Sitting on Tremendous Equity

By Mike Story

Many homeowners are benefitting from the continued rise in home prices and the resulting boost in equity. The average homeowner with a mortgage now has $319,000 of equity in their home, of which $207,000 is tappable.

According to the National Association of Realtors, and CoreLogic

• Nationally, average homeowner equity remains near a historical peak at
  more than $311,000.
• Over the past decade, the typical homeowner has accumulated $201,600
  in wealth solely from price appreciation.
• A typical homeowner accumulated $147,000 in housing wealth in the last
  five years.
• For the third quarter of 2024, the average U.S. homeowner gained approximately $5,700 in equity during the past year.

Are you in the Peak 65?

In 2024, America hit a phase some experts call Peak 65, with more than 4 million people turning 65 each year through 2027.

Of Boomer homeowners looking to move at some point in the future, 66 percent indicate they also plan to downsize. Total household net worth has increased by approximately $44 trillion, or $332,000 per household, since the pandemic (Q4 2019 to Q2 2024). Of that, Boomer overall wealth increased by $19 trillion, or $486,000 per household, half of which is due to house price appreciation. (Freddie Mac)

If you’re wondering how much equity you may be sitting on, we’d love to talk with you. 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.

We’re not just real estate. We’re NP Dodge.

LEADERSHIP & MANAGEMENT

Young professionals seem to have no qualms about taking liberties with their jobs, saying it’s okay to sometimes snooze on the clock or use their work equipment for personal use, according to Fortune. According to a study, 95 percent of staffers ages 18 and 34 said some form of “workplace cheating” is to be expected—whether that’s clocking off early, unexpectedly turning up late, or using AI to complete assigned tasks.

Speaking ethical problems – More than half of the 2,000 Americans who responded to writing services company PapersOwl admitted to “quiet vacationing” at least once in the past 12 months. Quiet vacationing refers to the situation of an employee taking time off without notifying management and maintaining the illusion of being at work.

Unlimited Paid Time Off is growing, according to the Wall Street Journal. There is now no vacation gap at 7 percent of U.S. employers.

The world may soon have its very first trillionaire. Five people are expected to amass at least $1trillion in wealth within the next decade, according to CNN. Tesla and SpaceX CEO Elon Musk, currently the world’s richest person worth more than $430 billion, should cross the mark in just under five years. Just behind him will be Amazon founder Jeff Bezos, Oracle founder Larry Ellison, Meta CEO Mark Zuckerberg and LVMH CEO Bernard Arnault and family.

SALES

Here’s why it’s smart to work in the sales profession – According to Indeed Best Jobs of 2025, here are the professions that have the most open job listings: 1. Veterinarian; 2. Sales rep; 3. Physician; 4. Civil engineer; 5. Estimator; 6. Attorney; 7. Territory manager; 8. Clinical psychologist; 9. Fire engineer; 10. Structural engineer.

The “competitor” you can’t see is “no decision,” writes sales author Mark Hunter. This happens when your prospect just stays with the status quo. Sometimes this happens because the prospect doesn’t have enough confidence in you or what you’re offering. Focus first on creating confidence in your ability to create value for the prospect.

Go-to-market teams that adopt AI-powered sales automation can reap major benefits: research shows they spend more time with customers, drive higher customer satisfaction, and most importantly, boost sales by up to 10 percent, according to Sailee Sarangdhar, senior content manager at ZoomInfo. savvy sales leaders know AI isn’t a magic wand that closes deals for you. Using AI effectively is about finding new opportunities and building deeper relationships, which ultimately lead to faster conversions.

WISDOM

“There is no limit to what a man can do or where he can go if he does not mind who gets the credit.” – Ronald Reagan

https://dundeebank.com/

Did you know that Omaha-based Berkshire Hathaway is Number 4 on Fortune’s list of the World’s Most Admired Companies? Only Apple, Microsoft and Amazon ranked higher. Omaha-based Union Pacific was the topped ranked railroad on the list.

Did you know the Omaha Supernovas plan to be one of the founding teams of the future 10-team Major League Volleyball organization? The league plans to start competing in 2026.

Did you know The National Catholic Church held their 6th Eucharistic Congress in Omaha in 1930? Thousands of visitors – including priests, bishops, archbishops and cardinals – came from around the nation. Events were held at St. Cecelia’s Cathedral, Creighton University’s stadium and Aksarben. Thousands attended. Non-Catholics were also welcomed at all the events. Source: Historian Howard Hamilton

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RISE Second Chance Career and Resource Fair happening on January 24th: Companies and community are coming together to connect justice-impacted individuals with businesses willing to give them a second-chance. You can expect quality employers, space for interviews, conversations with recruiters and more! Register to attend!

Oddities and Curiosities Expo 2025 happening on January 25th: The Oddities & Curiosities Expo is the world’s largest traveling oddities event, showcasing hand-selected vendors, dealers, artists and small businesses with all things weird. You’ll find items such as taxidermy, preserved specimens, original artwork, horror/Halloween-inspired pieces, antiques, handcrafted oddities, quack medical devices, creepy clothing, odd jewelry, collectibles and much more!

Mac & Cheese Binge happening on January 25th: Nine years in and tastier than ever! The Mac and Cheese Binge returns in 2025 with a mac-tastic one-day-only neighborhood-wide menu sure to satisfy your cravings. Each participating restaurant will offer $4 mac & cheese samplers, with suggested drink pairings (prices vary). Start your tasting tour with a visit to Cold Stone Creamery to pick up your mac menu, then visit as many restaurants as possible and cast your vote for the best mac in midtown!

Bachelor Bingo – Premier happening on January 27th: Calling all Bachelor Nation fans! The Smash Park in La Vista is hosting the Bachelor Bingo the night of the season’s premier. Join others on Monday nights for all the right reasons- Bachelor bingo and drink specials! Admission is free, new prizes every week, and lots of fun!

Omaha Escape Room Mixer happening on January 29th: Join others for the Smitten Singles Escape Room Mixer! Come prepared to solve puzzles while making friends. This event is open to everyone single, embracing all ages and backgrounds in a relaxed and friendly atmosphere, with no strict ratios – just the opportunity to meet and enjoy each other’s company. Attendance is limited so register early!

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!

Bankers Trust has announced several new hires as it opens its first full-service location in Omaha on February 3. New hires include Justin Winter as vice president, Omaha branch manager; Kevin Mowery as vice president, private banking officer; Steven Sorensen, vice president, senior commercial relationship manager; Patrick Morrison, assistant vice president and assistant branch manager; Tiffany Beeghley, relationship banker; and Lillian Tuter as a consumer services representative.

Hancock/Dana has promoted Jesse Brickner to shareholder. He has more than 10 years of experience in public accounting. He earned a Bachelor of Science degree in accounting and finance from the University of Nebraska at Omaha.

Fraser Stryker has added Jacob Zylstra as an attorney focusing on trust and estate litigation, commercial real estate transactions and energy law. He holds a J.D. degree from Mitchell Hamline School of Law.

The Habitat for Humanity of Omaha board of directors elected Omaha Public Power District president & CEO Javier Fernandez to a second term as chair and elected five new members. Amanda Brewer will continue as president and CEO of Habitat Omaha. New members include Anthony Ashby, president, CHI Health Immanuel; Cydney Franklin, sales and leasing agent, PJ Morgan Real Estate; Adrian Hernandez, president, Dundee Bank; Tim Kudron, president, Tenaska Marketing Ventures; and Scott Siegert, chief operating officer, Buildertrend.

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.

I spend a portion of the day watching the cable news channels and CNBC, not to get caught up on the news, but rather to become aware of the toxic drivel investors are being exposed to. When I want to know what’s really going on, I turn to the Wall Street Journal.

Objective news reporting died with Walter Cronkite.

The other evening, I noticed a quizzical thread running through the cable news channels. All of the mind-numbing talking heads were hypothesizing about what will happen when the Fed raises interest rates and causes a recession. The first thing that came to mind was Harry’s Truman’s comment that “Economists have predicted 12 of the last seven recessions.”

The next thing that came to mind was the story about the Big Bad Wolf and the three pigs. Like the Big Bad Wolf’s inability to blow their brick house down, the Fed’s impact on the overall level of interest rates is close to nonexistent. The only thing the Fed can directly change is the Fed funds rate, which is the rate they charge commercial banks to borrow money from them. The total value of the bond market is north of $50 trillion dollars. The Fed funds rate maybe a couple of hundred billion — Kinda like the Dutch boy and the dike.

In 1956, Congress passed legislation requiring the Federal Reserve System to maintain full employment and price stability. Nobody bothered to ask, “Is this possible and if so, how?”

In September of 2024, in order to fulfil their congressional mandate to maintain full employment, the Fed started lowering interest rate. (“Rate” – it’s singular because the only one they control is the Fed funds rate.)

As partial evidence of the futility of the Feds congressional charge, consider the following. The benchmark for interest rates is the 10-year Treasury. When the Fed started cutting interest rate(s), almost 6 months ago, the yield on the 10-year Treasury was at the 3.6 percent level. Today that rate is 4.6 percent. That’s a 30 percent increase. Translation: The traders who control the $50 trillion bond market don’t give a rats patootie what the Fed thinks.

So, why do the Wall Street gurus and the politicians continue to pay lip service to the Fed’s supposed omnipotence? In the words of the oracle of Omaha, “It is difficult to believe something you are being paid not to!”

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