Weekly Market Report – July 25, 2024

Nicole Buntgen, Contributing Writer

A new rooftop bar is coming soon to Benson. The Tenant will open the first week of August at 6201 Maple Street, across from The Waiting Room. The Asian-inspired smokehouse and bar will also cater, host private parties and offer a signature frozen drink program at its Rooftop Rosé Garden.

30hop, a bar and grill with rotating seasonal craft beers, is opening its fourth location – and first in Nebraska – late this year in Heartwood Preserve southwest of 144th & West Dodge Road. 30hop started in Iowa City and has additional locations in Coralville and Cedar Rapids, Iowa.

HomeGrown, a breakfast-and-lunch eatery featuring locally-sourced dishes, plans to open this fall on first floor of the 15-story Blackstone Plaza building at 36th & Farnam Street. The Wichita, Kansas-based restaurant has 10 existing locations in Kansas, Missouri, Iowa and Arkansas.

Via Farina, a modern Italian restaurant in Omaha’s Little Italy district, plans to open a second location this fall. The exact location has not yet been announced. Owned by Maven Social, the restaurant is known for its wood-fired, sourdough Neapolitan-style pizzas.

Con Azúcar Café, a new café located inside Isla Del Mar Restaurante II, will host its soft opening on July 27th at 2502 South 133rd Plaza. This is the franchise’s first Nebraska location, with three existing locations in San José, Calif. Con Azúcar describes itself as “a little piece of Mexico in every sip, in every smile and in every shared moment.”

Roll-N-Sweetz, a Thai rolled ice cream and dessert shop, has opened an express location at the Inner Rail Food Hall in Aksarben Village at 1911 South 67th Street. The business will operate at Inner Rail while its flagship store is currently under construction, according to the shop’s social media.

The Bellevue City Council has approved a new McDonald’s near 25th & Capehart, just west of Farrell’s eXtreme Bodyshaping gym. This will be Bellevue’s fourth McDonald’s location.

The Back Nine, an indoor simulated golf venue, will hold a grand opening celebration this Saturday at its new 2,140 sq. ft. space at 10730 Pacific Street in Regency Landing. The Back Nine is open 24-hours-per-day and allows customers to play simulated versions of famous golf courses. The St. George, Utah-based company had 12 previously opened locations in Utah, Nevada, Arizona, Tennessee and South Carolina.

El Vallarta Mexican Restaurant will begin serving brunch at its 120th & Center location at 12405 West Center Road in Westwood Plaza within the next three weeks. Other locations include La Vista, Gretna, and Blair, NE. No brunch plans have been announced for the restaurant’s other locations.

The Too Good To Go app, the world’s largest B2C marketplace for surplus food, was recently launched in Omaha. The app helps reduce food waste by connecting users with discounted surplus food from restaurants and retailers. Current area retailers include Krispy Kreme and Whole Foods in Regency.

Glacial Till Vineyard and Winery has released its seasonal summer cider: Watermelon. The craft cider is described as “sweet, juicy, and seedless” at 5.5 percent ABV. The cider is available at Glacial Till Cider House & Tasting Room in Ashland and soon at retail stores.

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

Union Omaha Announces Developer & Design Team for Planned Stadium

Alliance Sports, owner of the Union Omaha soccer team, announced its selection of a development manager and design firm team for the mixed-use development that includes a state-of-the-art soccer stadium for Union Omaha and a future professional women’s soccer club.

“It’s extremely impactful for us to add two world-class firms to this very important project for downtown Omaha,” said Gary Green, co-founder of Alliance Sports. “Their expertise, as well as their commitment to excellence, will be invaluable as we move forward and work together to make a significant impact on our community.”

Hines, a global real estate investment manager, has been selected as the development manager for the 18-acre mixed-use project along Abbott Drive. Global architecture and design firm, Perkins&Will, in partnership with Omaha’s RDG Planning & Design, will be the lead architects for the project.

Hines is also developing The Mercantile in downtown Omaha on the northern portion of the ConAgra campus.

“We are honored to participate in the creation of a transformative and diversified placemaking village in downtown Omaha, with the new stadium at its heart,” said Brad Soderwall, Managing Director at Hines. “Together with Alliance Sports, we look forward to creating an exciting, year-round destination, and bringing our extensive experience and track record of seamless integration to the Omaha community.”

“We’re thrilled to collaborate with our local partners and the team in envisioning a new downtown neighborhood and a new home for Union Omaha,” said Jeff Sittner, Managing Principal and Stadium Design expert for Perkins&Will, “A downtown stadium will energize the fan base and help introduce Omaha to the greater soccer community. We’re fully committed to this exciting vision.”

“RDG is thrilled to be selected as the local design partner for Union Omaha and Alliance Sports in creating their new stadium, a pivotal project along Omaha’s riverfront that will enable the team to advance to USL Championship level,” said John Sova, RDG Managing Principal and local Omaha lead. “Omaha has a rich history of supporting sports, and we are proud to advance that tradition by creating a top-tier facility that will strengthen community ties, support local sports and entertainment and provide a dynamic place for fans and athletes alike.”

The 18-acre mixed-use project is anchored by the new stadium for Union Omaha. The project will include new residential and retail development to create a 24/7 district activated by sports, entertainment, shopping and new residences.

As Union Omaha continues its historic run of success in USL League One at Werner Park, this development will allow the team to transition to Championship level while maximizing the fan experience. Alliance Sports will also add a level one professional women’s soccer team and youth academy. The Abbot Drive project not only aims to invigorate economic growth and the growth of soccer, but also contributes to the dynamic evolution of downtown Omaha.

Said Union Omaha President Martie Cordaro, “The addition of Hines as our master developer, as well as Perkins&Will and RDG as our lead architects, is an exciting step for this project. We are incredibly pleased to welcome them to the team creating this mixed-use development that will feature a world-class professional soccer facility here in Omaha.”

Isaiah Ang, Contributing Writer

The City of Omaha is budgeting $20 million for a new combined downtown police precinct and fire station. Mayor Stothert confirmed that the new precinct is not the same project as the public safety headquarters which would combine the Omaha Police Department and Omaha Fire Department headquarters. That project is still in planning.

Eppley Airfield celebrated consecutive record-setting months. In May, Eppley recorded an all-time high of 487,205 passengers in one month. That record did not last long as June ended with a total of 514,758 passengers. As of the end of July, total passenger count is up 6.8 percent compared to the same period last year.

The Omaha City Council held public hearings for ordinances to put bond issues on the ballot in November. The vote will occur next week. One of the bond packages is for $146 million to pay for facilities and capital improvement projects over the next few years. $100 million of that package is to help pay for the CHI Health Center expansion of the convention center space. The expansion project cost will be $200 million, including a remodel of the existing convention center facility. When completed, the project will add 94,000 sq. ft. and 25 meeting rooms spread across two floors.

Deb Ward, executive director of Visit Omaha, shared that among Omaha’s 20 peer cities, the expansion will push Omaha from 16th to 12th in total convention space and from last place to 11th in number of meeting rooms. In 2023, the convention center secured future convention business worth $46 million in economic impact. However, due to the availability and current size of the convention center, Omaha lost out on nearly $74 million. Construction will start as early as this year with completion in mid-2027.

The owner of a 5-acre parcel southeast of 204th & West Dodge Road has plans for future development. According to city planning board and city council documentation, the parcel may be developed into commercial space or multifamily housing. It neighbors the north side of the Extra Storage Space storage facility at 204th & Farnam Street.

Clarity Development Company has begun work on the historic Service Life Building on the northwest corner of 19th & Farnam Street, according to KMTV. The $25 million project will convert the 7-story building into 54 affordable housing units with street-level commercial space. Completion is planned for fall of 2025.

U.S. News & World Report has named the University of Nebraska Medical Center a Tier 1 institution for primary care training. In a shift from its former numerical rankings, the magazine now groups medical schools into four tiers. UNMC was one of only 15 institutions in the top tier for primary care training. Those institutions were in the 85th percentile or higher of medical schools ranked. UNMC also was named a Tier 2 institution for research. There are 16 institutions in Tier 1 and 36 in Tier 2, a ranking between the 50th and 84th percentile.

The Nebraska Department of Economic Development approved the City of Bellevue’s Good Life District application, according to Nebraska Examiner. Within that 575-acre site is the future 100,000 sq. ft. indoor/outdoor water park and the Prairie Hill Farm development. Bellevue joins several already approved Good Life Districts: Avenue One development near 192nd & West Dodge Road; Nebraska Crossing in Gretna: and one in Grand Island.

Under State law, a Good Life District qualifies for a state sales tax reduction from 5.5 to 2.75 percent. Citizens of the local municipality where a Good Life District is located vote whether the additional sales and occupational taxes collected in the district can be used to help fund its development, including payment of necessary infrastructure. After qualifying, the state will review economic performance of the district every few years to ensure that the district qualifies for the incentives by measuring the amount of investment, creation of new jobs and percentage of sales generated by out-of-state patrons.

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.”

Omaha hotel occupancy broke a record in June with 78 percent of all hotel rooms filled during the month, according to Visit Omaha. Hotel revenue also hit an all-time high with visitors spending close to $45 million on Omaha hotel rooms in June. During the 12 days of the 2024 College World Series, there were 101,954 hotel room nights occupied compared to 97,422 room nights in 2023.

Union Pacific Corporation today reported 2024 second quarter net income of $1.7 billion, or $2.74 per diluted share. This compares to 2023 second quarter net income of $1.6 billion, or $2.57 per diluted share.

Berkshire Hathaway dumped more Bank of America shares this week, making it six straight trading days that the Omaha-based conglomerate has reduced its stake in the bank, according to CNBC. Over the last six trading sessions, Berkshire has unloaded 52.8 million shares worth $2.3 billion, reducing the stake to 12.5 percent. Berkshire still owns 980.1 million Bank of America shares worth $41.3 billion.

PsychNebraska has leased 2,174 sq. ft. of office space at 111 North 181st Street in the United Republic Bank Building, according to Samantha Estivo and Maddie Graeve of NAI NP Dodge, wo represented the tenant. PsychNebraska provides expert psychiatry services, including medication management and therapy.

AMCON Distributing Company, an Omaha-based convenience and foodservice distributor, announced fully diluted earnings per share of $2.46 on net income available to common shareholders of $1.5 million for its third fiscal quarter ended June 30, 2024.

Seventy-five percent of the 2024 U.S. Olympic volleyball team will play in Omaha in the coming months. That’s because nine League One Volleyball founding athletes made the Olympic roster. Two of the nine are on Omaha’s team and the rest will play against Omaha during the season. Pre-season games begin in November. The regular season runs from January to April.

The Omaha City Council last week voted against a liquor license for a Mega Saver convenience store planned for 72nd & Dodge Street, according to the Omaha World-Herald. Mega Saver could still end up selling liquor, however. The Nebraska State Liquor Control Commission makes the final decision and does not have to concur with the city.

U.S. gross domestic product – adjusted for inflation and seasonality—rose at an annual rate of 2.8 percent for April through June to $22.9 trillion, according to the Wall Street Journal. That was faster than the 1.4 percent pace in the first quarter, and well above the 2.1 percent rate economists had expected.

Even though many workers “definitely” (68%) or “probably” (24%) believe their manager supports them taking time off, not all workers use PTO for their time off, according to Omaha-based Lutz, a business solutions firm. Only a little over one-third of workers “always” use their allotted PTO; about one in five only “sometimes” use their PTO, with 6 “rarely” and 2 percent “never” using PTO.

Goodbye Cattle-Call Seating – Southwest Airlines will soon assign seats on flights and sell some with extra legroom, making sweeping changes in a bid to broaden its appeal to passengers and boost revenue, according to the Wall Street Journal. It isn’t clear when flying with assigned seats and premium rows will start, but Southwest said bookings for them are expected to begin next year.

Mid-year Omaha Area Market Snapshot

By Joe Finlay

To continue my mid-year update from two weeks ago, the number of closed properties is this year is down more than 17 percent compared to last year.

Inventory is rising with almost 1.5 months of inventory of existing homes and more than 6.5 months of inventory for new homes. This means buyers have more choices.

Prices are up only 3.3 percent over last year, which is lower than the 20-year average price appreciation of 4.6 percent in Omaha.

While it’s difficult to determine average time on market due to houses getting listed and relisted, the average time on market has increased over last year. For houses priced under $400,000, days on market is still relatively low. But for houses priced above $600,000, days on market is more than double that of the lower price ranges.

For sellers in the $400,000 – $800,000 range, there is strong competition from new construction. For buyers, there is an opportunity to negotiate.

Bottom Line

The late summer real estate market always brings changes, but prices continue to rise, and houses continue to sell when priced correctly. Let’s connect to talk through the best time for you to make your next real estate decision.

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

LEADERSHIP & MANAGEMENT

Success requires constant learning, but asking too many questions can undermine your leadership, according to Harvard Business Review. For your inquisitiveness to be viewed as an asset, it should be perceived not just as mere learning but as a way to gather knowledge, add value, communicate effectively and make decisions faster.

A recent KickResume survey showed 85 percent of workers have “experienced the frustration of annoying office mates.” What types of colleagues are the most annoying? Credit stealers were named by 33 percent of respondents followed by micromanagers (32%), chronic complainers (30%), personal space intruders (30%) and lunch thieves (27%).

Sixty percent of CEOs still view geopolitical stability over inflation as their single greatest concern, according to Fortune

Business Travel – United Airlines has updated its “contract of carriage” to double the amount of time you must to show up in advance at the airport, though they aren’t enforcing it yet, according to Live and Let’s Fly. For domestic flights, passengers must check-in at least 60 minutes prior to departure. This has doubled from 30 minutes. For international flights, passengers must check-in at least 75 minutes prior to departure instead of 60.

SALES

Prospects decide whether to read or delete your prospecting email within three seconds. It’s called the “glimpse factor,” according to sales expert Kendra Lee. Use short paragraphs so they appear quick and easy to read. And avoid bullet points, because they imply marketing content, which has a negative connotation to busy decision-makers who don’t know you.

According to HubSpot, effective sales training should improve an individual rep’s performance by an average of 20 percent.

When managing salespeople, there’s a huge difference between monitoring results and improving results, says sales author Kevin Davis. As a results-oriented sales manager, pay attention to the inputs that produce the results. Davis recommends you coach your sales reps early in the sales cycle and evaluate the quality (not just the quantity) of a salesperson’s work.

WISDOM

“Never allow a person to tell you no who doesn’t have the power to say yes.” – Eleanor Roosevelt

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Did you know that about 18 percent of Union Pacific Railroad’s total nationwide workforce lives and works in Nebraska? The company’s headquarters is located at 14th & Douglas Street.

Did you know that construction of the $950 million Eppley Airfield terminal expansion project has already gone vertical? When 100-percent complete in 2028, the terminal will grow from 375,000 sq. ft. to 646,000 sq. ft. and be combined into a single unified concourse with a centralized security screening checkpoint. The number of gates will increase to 22 with two of them capable of handling international flights and connected to a Customs and Border Protection arrivals hall.

Did you know Omaha is home to more than 45,000 businesses, including the headquarters of seven Fortune 500 and Fortune 1000 companies.?

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.

Omaha Bike Week happening July 25th – 28th: This is the first annual Omaha Bike Week happening from July 25th to 28th at the Granary Green! You can expect plenty of vendors, live music, food trucks, and of course, bike shows. Competitions include cornhole tournaments, bull riding, burnouts and more!

Night Market on July 26th: As the sun sets and the warm evening breeze rolls in, Omaha’s original Night Market sets the stage for unforgettable summer nights in scenic Turner Park. Highlights include: A bustling hub of more than 40 local vendors, boutiques and makers, live music and entertainment, outdoor games and activities, including a life-size coloring book, cornhole, Giant Connect 4 and more!

Time Travelers Vintage Expo on July 27th: Time Travelers Vintage Expo is one of the largest traveling vintage markets in the country. Attendees can expect to find vintage and retro-inspired clothing, home goods, handmade items and more! Vendors are carefully selected from across the country for a highly curated shopping experience and offer a wide range of styles and price points. This is an inclusive space focused on community, sustainability, and creativity while supporting the dreams of 80-120 small businesses, curators and artists per show. There is something for every vintage lover at Time Travelers Vintage Expo!

Beer on the Boardwalk on July 27th: Enjoy the unique opportunity to stroll the Fontenelle Forest Riverview Boardwalk while listening to music and taking in the scenic views of the Forest at dusk. Taste a variety of amazing beers from your favorite local breweries. Breweries will be placed along the first two loops of the accessible Boardwalk. There will be fun swag, cool prizes and a live DJ!

Union Omaha vs. Forward Madison on July 27th: Rev up your engines and head to Werner Park for the XCancer Concourse Car Show! Stick around after the match for the Special Olympics Unified Sports Match—a night dedicated to community and fun!

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!

NP Dodge Real Estate has welcomed new residential sales associates including Bernie Kenney and Norma Rizo.

Elevate Search Partners has added recruiting partner & career advisor Tommy Pritchard to their team. He has a background in public accounting, allowing him to relate to CFOs and other financial leaders. Elevate specializes in recruiting and selection for the fields of accounting, finance, human resources, IT and executive search.

Core Bank has promoted Greg Beach to senior vice president-director of construction lending. He has been with the bank for 13 years. In this new role, he will lead construction lending efforts and continue to oversee special assets.

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.

Investing is not a one size all proposition. From the 30,000-foot level, there are two basic types of investors: Those who want to manage their own accounts and those who want someone else to manage their accounts.

When I entered the brokerage business many eons ago, managing your own account was not an option. During my early years, we all were stock jockeys. But, as our books of business grew, so did the amount of time and effort required to manage portfolios.

Then along came the asset allocation model. A marvelous time-saver and revenue generator. Its initial premise was that stocks are good-but-risky. Bonds are okay and safe. Therefore, we built portfolios of mutual funds that began with 60 percent stocks and 40 percent bonds. The mutual funds paid all kinds of fees – some upfront, some on-going.

We built the portfolios. Then stocks did well, bonds did okay, and our 60/40 split got out of whack. In order to get back to our original position, we sold the good stuff, bought the slow pokes and collected more fees. Not a recipe for maximum performance, but certainly a stabilizing one.

About 20 years ago, the powers-that-be on Wall Street had an epiphany and completely revamped the market’s IT infrastructure. Brokers can now turn the asset allocation heavy lifting over to Wall Street’s massive server farms. The original asset allocation model has morphed into today’s robo account. Some financial advisors have remained true to the original concept of asset allocation, and the computers allow them to focus on their clients’ financial planning.

Unfortunately, I have seen some advisors use the computer to put asset allocation accounts on steroids and charge extra for their supposed exceptional expertise. The most egregious form of this marketing ploy is when the portfolio contains between 16 and 20 different mutual funds. The based premise of the asset allocation model was that the two assets would move in opposite directions.

In today’s electronic market, when you have 16 index ETF’s, there is a high probability that they will all move together. Why pay for 16?

Another troubling element is that some of the positions only contain 1 percent of the total portfolio value. If they doubled in value, their impact on the overall portfolio would be less than one-tenth of a percent.

Am I saying that all robo accounts are bad? NOT! What I hope to accomplish is to make investors – and maybe a few financial advisors – aware of the ramifications of steroid robo format. If you are adamant that you want your account managed by a third party and enter the arrangement with eyes wide open – I wish you well. But, but one of the first things I learned in business school was, caveat emptor (buyer beware).

This section is brought to you by All Makes and Allsteel. For more than a century, All Makes has remained family-owned and committed to supplying businesses with workplace solutions, specifically furniture and technology. To learn more, visit one of our showrooms in Omaha, Lincoln, Des Moines, Columbus, Kearney, or North Platte.

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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.

Support the Grow “O” Mission

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