Weekly Market Report

Nicole Buntgen, Contributing Writer

SPECIAL ANNOUNCEMENT: In addition to this weekly newsletter and the Saturday morning radio show, Grow Omaha is now publishing daily news on our website. Read it HERE every day.

Construction has started on Coneflower Creamery’s future west Omaha location at the corner of Main Street & Elkhorn Drive in Olde Town Elkhorn. The new building is going up in a previously empty spot directly north of the Little Scandinavia shop. Opening is expected in 2025. The award-winning 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.

Signage is up for a second Izzy’s Pizza location at 2500 South 120th Street connected to the new Prehistoric Putt, both set to open this fall in the former Nobbies building at Bel Air Plaza. Izzy’s recently opened its first brick-and-mortar location in the former Felius Cat Café at 522 South 24th Street downtown and still operates its mobile pizza bus.

Elie’s Chinchorro Caribbean Bistro, a family-owned Caribbean restaurant that closed in February, officially reopened in a new location at 906 North 16th Street across from the Omaha Design Center. Grand opening will be July 13th. The restaurant offers authentic Caribbean flavors like mofongo and Tripleta sandwiches.

David Utterback, owner of Yoshitomo and Koji, is taking over Sakura Bana at 7425 Dodge Street. A classic, family-style sushi restaurant, Sakura Bana opened as Sushi Ichiban in 1986. The owner is retiring. Utterback, who has received countless national accolades, got his start in the sushi business as age 15 when he went to work at Sakura Bana as a busboy.

PaC’s Popcorn & Cocktails has officially opened in the Old Market at 1118 Howard Street in place of previous tenant, The Table Coffee Co., which moved three doors to the west (into the former Stokes space). PaC’s specializes in upscale, gourmet popcorn paired with premium cocktails.

Ajisai Sushi, a new Japanese restaurant that offers all-you-can-eat sushi, has signage up in the former location of Best Bison at 163 North 78th Street near 78th & Dodge. An official opening date has yet to be announced.

Little Caesars Pizza will open a new location in west Omaha on July 15th at 4002 North 203rd Street near PepperJax Grill and Indian Creek Golf Club. Little Caesars has 13 metro locations.

Wonton Jon’s is officially closing its food truck after five years in operation. Attention will be shifted toward its other concepts: EZFoodTrucks.com, Omaha Cheesesteak Co., and The Sorcerer’s Cone, according to Wonton’s official Facebook page.

Cold Stone Creamery has introduced Very Berry Non-Dairy to its Signature Creations menu—a plant-based dessert featuring Silk Chocolate Almondmilk, strawberries, blueberries, and raspberries. Cold Stone has metro locations in Midtown, Aksarben, North Park Commons, La Vista, Village Pointe and Gretna.

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

Three Metro Area Development Projects Receive Additional Funding

Three Omaha metro area projects are receiving additional funding through the State of Nebraska’s “Shovel-Ready” program.

During the pandemic, many projects throughout the state were delayed. In response, the Unicameral passed the Shovel-Ready Capital Recovery and Investment Act to assist nonprofit organizations with capital projects affected by the pandemic.

The grant money totaled $115 million with $100 million coming from ARPA funds. This week, Governor Pillen announced that Omaha Performing Arts, Joslyn Art Museum and the Elkhorn Athletic Association will each received around $2 million to help complete projects.

Omaha Performing Arts will use the funds on the downtown Tenaska Center for Arts Engagement, currently under construction on the east side of the Hollard Performing Arts Center. The $108 million, 3-story building will offer additional rehearsal, workshop and classroom spaces to accommodate expanding education and community engagement programs, which already serve more than 100,000 students, teachers and community members each year. A large event venue will also be part of this new center.

Project plans were developed when Omaha Performing Arts determined it was out of space for these activities and after interviews with local organizations and community leaders, as well as research about similar venues around the country. The center is scheduled to open in 2026.

Joslyn Art Museum will use the additional funding to help complete the $100 million, 42,000 sq. ft. Rhonda and Howard Hawks Pavilion expansion project that is scheduled to open in September. The Hawks Pavilion will offer the first public presentation of new acquisitions from the Phillip G. Schrager Collection, which the Joslyn says is perhaps the most significant gift of art it has received.

Elkhorn Athletic Association intends to use its funding on Phase II of the First Interstate Bank SportsPlex in Valley. The second phase will add four additional baseball and softball fields, doubling the current number of fields.

The 120-acre complex is just north Highway 275 and south of Ida Street. The first phase was completed earlier this spring. That initial phase included six soccer fields and four softball/baseball fields. First interstate Bank and Elkhorn Athletic Association have a 20-year naming rights partnership.

Isaiah Ang, Contributing Writer

The City of Omaha and developers celebrated the groundbreaking of Phase 1 of the Southside Terrace redevelopment project, a public housing site largely bounded by 28th, 30th, R and W streets.

The $35 million first phase consists of a 4-story, 92-unit, apartment building, which will replace two, 16-unit buildings at 28th & W Street. Thirty-nine units will be reserved for previous residents of Southside Terrace. The remaining apartments will be a mix of income-restricted and market-rate units. Apartments will range from one to five bedrooms. Another six phases are in progress that will add hundreds more mixed-income apartments, in addition to new community, commercial and retail space.

The National Counterterrorism Innovation, Technology and Education Center at the University of Nebraska at Omaha has moved into a new home in Aksarben Village, according to Nebraska Examiner. The center’s offices are now consolidated into a single site at the Scott Technology Center. The center connects academic researchers from the University of Nebraska and other higher ed institutions with leaders from the U.S. Department of Homeland Security and other federal agencies.

The owner of a property on the Elkhorn River’s western edge is moving forward with a long-planned RV park. The 65-acre project is sandwiched between West Dodge Road & River Road Drive and the river. The developer had planned to develop 111 pad sites, but the city had concerns regarding design and operation plans. The developer resubmitted an application to allow camping on agricultural-zoned property, which the planning board approved last week. The developer now plans 67 pad sites and anticipates long-term tenants will lease the sites on a seasonal basis.

Phase one of Warhorse Casino at Horseman’s Park is set to open the first week of August, according to WOWT. At that time, sports betting, simulcasting, games, slot machines and limited food items will be available. Phase two is scheduled to open in April and will include the main entrance, dining options, more gaming, and a skywalk to the parking garage.

Valmont Industries’ corporate headquarters building at 15000 Valmont Plaza in the Heartwood Preserve development achieved the WELL Building Standard gold certification. This recognition assesses features that impact human health through seven core areas: air, water, nourishment, light, fitness, comfort, and mind.

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.”

Tesla is relocating its Council Bluffs leasing and service center later this month. It is currently located near Mall of the Bluffs. The new location will be at 2421 Mid America Drive, west of the Mid-America Center. Tesla will have a grand opening for the new location on July 19th.

Omaha has the 10th highest annual multifamily rent growth among the nation’s major apartment markets, according to CoStar, a Washington, D.C.-based real estate analytics company. As of last month, annual rent in Omaha was up 2.8 percent. While that’s not necessarily good news for renters, it is a sign that the local market is healthy. The highest rent growth occurred in Louisville, Ky. (5.1%). The lowest was in Austin (-5.5%).

What’s the next $1 trillion stock? Well, Omaha-based Berkshire Hathaway is getting close to the trillion-dollar valuation club, according to Investors Business Daily. Berkshire’s market cap is just under $898 billion and its stock is up 15.1 percent in 2024. Warren Buffett’s conglomerate has big exposure to the insurance, rail and energy markets, as well as consumer brands. Berkshire is known for its investment portfolio, with Apple stock as is its top holding.

Union Pacific Railroad announced five new Focus Sites, large-scale development sites suited for custom-built warehouses or industrial facilities. These sites are railroad hubs where Union Pacific can concentrate resources, effectively manage logistics and provide targeted services for its customers. In all, Union Pacific has 32 Focus Sites across its network. The five new sites are in Shawnee, Okla.; Cedar City and Grantsville, Utah; San Antonio: and Texarkana, Tex. Combined, these five sites have 15,000 available acres ready for development.

Valmont Industries, Inc. will host its second quarter 2024 earnings conference call on Thursday, July 25th beginning at 8:00 a.m. CDT.

Fiserv’s June 2024 small business index, which analyzes consumer transaction data at 2 million businesses, shows consumers have pulled back on spending. Nationally, the June’s index declined from 145 to 140. On a year-over-year basis, both sales (+1.6%) and transactions (+4.4%) grew compared to May 2023, though the pace of growth slowed. The Nebraska index showed year-over-year sales growth of 4.6 percent. Milwaukee-based Fiserv employs thousands of people in Omaha.

According to Fiserv’s Chief Data Officer, consumers are watching their spending habits regarding discretionary purchases, especially at retail, restaurants, and other service-related businesses.

Omaha Real Estate Numbers for June

By Joe Finlay

Let’s take a look at how the residential market compares to earlier this year and previous years.

Existing Homes in Douglas and Sarpy County
The median sale price for existing homes in Douglas and Sarpy Counties remains at an all-time high of $313,000. However, prices are only up 2.5 percent compared to the same time period last year. As for the higher-end price points, we continue to see a record number of million-dollar listings and sales throughout Omaha.

There were 811 closed sales in June, down more than 17 percent compared to a year ago. This also represents the lowest number of closed sales in the month of June in more than 10 years.

Since we’ve had such a low number of closed sales, inventory is rising. There were 991 homes for sale at the end of June, representing a 44 percent increase over last year and the highest number of homes for sale in a given month since 2019.

New Construction Homes in Douglas and Sarpy County
Median prices are steady at around the $425,000-to-$430,000 range and have stayed that way for the past year.

Similar to existing homes, new construction inventory is rising and is at the highest level in 15 years.

Bottom Line

Inventory is up and homes are staying on the market a little longer. Prices have not increased that much compared to last summer. This is a great opportunity for buyers to make a smart move. Sellers have to be very competitive with their pricing. Let’s connect and talk through the different opportunities.

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

LEADERSHIP & MANAGEMENT

Ask who, not how! People often get stuck trying to solve problems that are better suited for someone else to fix, writes Melanie McNally in her recent Psychology Today article. People who get a lot done tend to delegate, hire and barter rather than waste their precious time on things that would take them too long to figure out on their own.

Want to be seen as an emerging leader by your boss? According to Forbes, do these five things: 1. Take on challenging jobs; 2. Be proactive; 3. Play a leadership role in meetings; 4. Acknowledge your peers; 5. Be a change champion.

Get ready to roll your eyes over this one – One of the fastest-spreading corporate buzzwords in recent years is, “double-click,” according to the Wall Street Journal. The figure of speech is used as a shorthand for examining something more fully, akin to double-clicking to see a computer folder’s contents as in: ““I wanted to double-click a bit on some of the commentary you had.”

In the United States, 80 percent of married women take their husband’s surname, according to an article by Eleanor Pringle in Fortune. It’s a trend that has showed little sign of fluctuating over the past couple of decades, though younger generations—those between ages 18 and 49—were twice as likely as those age 50-plus to keep their original surname. That being said, 73 percent of women under the age of 50 chose to take on their husband’s surname.

SALES

If you want to have a mind for sales, you must know you are in control of selling situations says author Mark Hunter. You control how you react to your environment. “Too many salespeople allow other people to be in control when, in reality, you are in control.”

What do you do when a prospective client ghosts you? The first thing you need to remember is that prospects buy according to their schedule – not yours, according to sales expert Mike Brooks. As a sales rep, you want the deal today. But your prospect usually isn’t under the same urgency as you are to get the deal done. There are many other initiatives, activities, people and processes they are dealing with. Your product or service is just one of many things they have on their plate. So again, don’t take it personally, just relax and plan your next move.

WISDOM

“The saddest aspect of life right now is that science gathers knowledge faster than society gathers wisdom.” – Issac Asimov

https://www.dundeebanking.com/

Did you know Omaha has a total of 107 million sq. ft. of industrial space with an additional 4.4 million sq. ft. under construction?

Did you know a tornado damaged Union Pacific Railroad’s bridge over the Missouri River in 1877? It was repaired right away but a bigger-and-better bridge opened in 1883. That bridge is still in use today. (Source: Historian Howard Hamilton).

Did you know Google has invested more than $5.5 billion in its Council Bluffs data center campus and has another $1 billion worth of construction underway? Google owns 1,000 acres of land east of Interstate 29 on the south side of Council Bluffs.

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.

Night Light: Adults-Only on Thursdays: Thursday evenings at the Kiewit Luminarium are reserved exclusively for adults! Delve into our engaging exhibits and stimulating events designed to broaden your mind and ignite delight. Adult drinks will be available for your enjoyment all night long. Whether you come with a companion, a date or by yourself, it’s the perfect setting for an adults-only experience.

Midtown Brew Hop on July 13th: Beer enthusiasts are invited to gather inside participating restaurants and revel in Nebraska’s finest brews at Midtown Crossing. Restaurants will showcase a unique Nebraska beer, perfectly paired with mouthwatering food selections. Sip incredible flavors at each stop (visit as many as you like, in any order you like) and vote for your top brew of the day! Whether you’re a craft beer connoisseur or just looking for a fun afternoon out, the Midtown Brew Hop promises a frothy, flavorful and fantastically fun experience. Cheers to the best beer bash of the summer.

Heartland Pride Festival 2024 on July 13th: This year’s Pride Festival will be at the CHI Health Center in Omaha on Saturday, July 13. The celebration will begin shortly after the conclusion of the Pride Parade—doors will open around noon. The festival will feature dozens of LGBTQIA+-friendly vendors and local artisans, an 18+ area, food, beverages, a star-studded entertainment lineup and much more. Last year was one of the largest festivals in Heartland Pride history, and this year promises to be even bigger!

Blind Speed Dating on July 17th: Join Smitten Singles for an exciting evening of blind speed dating! This event is perfect for singles looking to meet new people and potentially find a special someone. Singles will “meet” other singles for a series of truly blind dates – participants will not be able to see their date during this portion of the event. At the conclusion of the speed dating event, all participants will be invited to the post-event mixer where they will meet the other participants face-to-face. Pre-registration is required!

Elevator Essentials | Quickbooks: Insights for Small Business Success on July 17th: Elevator Essentials – Powered by AltCap is a series designed to offer practical insights and best practices on essential subjects that small business owners need to know to run and operate a successful business. Jacob Malousek, from Ark Financial Services, will be discussing how to efficiently set up, customize, record and report on Quickbooks. The event is free and open to those willing to do a deep dive on Quickbooks and how to utilize it for your business.

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!

Blue Cross and Blue Shield of Nebraska announced two executive leadership changes. Gretchen Twohig, previously executive vice president, chief legal officer and corporate secretary, has assumed a new role as executive vice president of provider partnerships and health outcomes. Rama Kolli, chief information officer, has joined the executive leadership team to facilitate an enhanced focus on the technology, innovation and data-driven insights.

College of Saint Mary President Heather Smith has been appointed to the Council of Independent Nebraska Colleges Foundation board of directors. She will serve a two-year term from 2024 to 2026.

Nebraska Medicine has named Dr. James Linder, it’s current CEO, as chairman of the board of directors, replacing Dr. Jeffrey Gold, who recently became president of the University of Nebraska system. Linder starts the new role immediately and will continue to serve as CEO.

University of Nebraska Medical Center interim Chancellor H. Dele Davies this week announced the appointments of three interim leaders effective immediately: Jane Meza, interim vice chancellor for academic affairs; Kendra Schmid, interim dean of graduate studies and interim associate vice chancellor for academic affairs; and Karen Gould, interim executive associate dean of graduate studies and interim assistant vice chancellor for academic affairs.

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.

The April 22nd edition of the Wall Street Journal included an article with a bold headline; “JP Morgan’s closing of their branch at 45 Wall Street marks the end of an era.” Subheading? “Wall Street is no longer the epicenter of the world of finance.” In support of their position, the paper quoted Peter Tuchman, the iconic, Einstein-lookalike NYSE trader: “The Wall Street legacy brokerage firms and their way of doing business, disappeared years ago.”

The term “Wall Street” is essentially a synonym for the vast and powerful American financial services industry. This includes the traditional Wall Street brokerage firms, their associated mutual fund companies, the New York Stock Exchange and their financial media enablers. “Wall Street” also includes their egocentric business model and conspicuous consumption culture that has dominated our financial markets for more than two centuries.

There are two components to Wall Street’s business model. First, in order to buy or sell stocks, you must go through them and pay their monopoly fees. Second, their ability to manage money far exceeds anything that mere mortals can achieve.

The ever-changing nature of the financial services industry has led to significant change in the investment landscape. At one time, Wall Street was investors’ sole source of investment services. Today, 70 million Americans, with $17 trillion in investable assets, rely on their own resources to manage their investments in an effective and cost-efficient fashion. These Americans are Internet Investors with self-directed account held at one of the three major internet brokerage firms.

Internet Investors are ordinary citizens who are skeptical about the wisdom of the legacy Wall Street firms and their media enablers. They have developed their own paradigm of how the stock market functions. They recognize that in today’s internet world and electronic markets, stock picking has become significantly less practical. They rely on both index funds and actively managed mutual funds. Mobile phones and the internet are an integral part of their daily lives, so managing their own portfolios over the internet comes naturally to them.

Investing is not a one-size-fits-all proposition. While Wall Street may not hold the dominate position it once held, reports of its demises are greatly exaggerated. There are still those who remain loyal to Wall Street’s legacy firms and paradigm.

Nothing wrong with that. Many investors lack the temperament or desire to go it alone. For them, Wall Street remains the option of choice.

History tells us, however, that change will not stop here. Before long we will be writing the next chapter in the story of the Internet Investor.

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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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