Weekly Market Report – March 21, 2024

Ooh de Lally has opened at 4916 Underwood Avenue in the former Mark’s Bistro space in Dundee. The non-profit restaurant offers former inmates an opportunity to train for food service jobs. Several popular entrees from Mark’s are on the menu.

The former Noli’s Pizzeria space at 11832 Standing Stone Drive in Gretna is now occupied by Quality Thai Restaurant, which just opened. Noli’s still operates pizzerias in Regency Landing, the Blackstone District and Aksarben area.

Insomnia Cookies plans to open its store in downtown’s Capitol District on March 30th. The Philadelphia-based chain has more than 240 locations and is known for delivering warm cookies. Many of its locations are in college towns.

Nebraska’s first Hawaiian Bros. Island Grill opened in Gretna earlier this week at 16171 Stevens Pointe Street in the Wick’s Southpointe development. That’s just southwest of Interstate 80 & Highway 370. Additional metro area locations are planned.

A yet-to-be-announced pizza place will open soon in the former Pop’s Pizza Shop space at the Inner Rail Food Hall in Aksarben Village.

Pucker’s Coffee Shop, a locally owned business, appears to be planning to open a shop at 3610 Dodge Street.

Fareway grocery store plans to open a 21,000 sq. ft. store in Valley at 270th & Meigs Street. Construction could begin sometime this year. The Boone, Iowa-based grocery store chain has six existing Omaha metro area locations.

OJ’s Café at 9201 North 30th Street closed permanently last month. The Mexican restaurant operated in the building near 30th Street & Interstate 680 for 40 years.

Wilbys Comfort Food 2.0 at 1449 Papillion Drive (northeast of 72nd & Highway 370) has closed permanently.

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

Big Project Round-Up

Omaha has more than its fair share of major development projects right now. Today’s Big Story provides a progress update on several of them.

Mutual of Omaha Tower

After a year of work that took place below or at ground level, progress feels much faster now on the $600 million, 44-story, 800,000 sq. ft. future headquarters for Mutual of Omaha. Crews are now working on the seventh floor of the concrete shear tower just west of 14th Street between Farnam and Douglas streets. The 12-story parking garage is going up rapidly now and is approaching the third level. When it’s complete in 2026, the 677-foot tower will be the tallest building in the surrounding region – all the states that border Nebraska except Colorado.

Tenaska Center for Arts Engagement

Steel beams are now reaching three stories high for this $108 million arts facility going up immediately east of the Holland Performing Arts Center downtown. When it opens two years from now, the center will offer additional rehearsal, workshop and classroom space to accommodate Omaha Performing Arts’ expanding education and community engagement programs, which already serve more than 100,000 students, teachers and community members per year.

Eppley Airfield

When it’s all said and done, Omaha’s airport will have about $1.5 billion in improvements. The canopy project is now going vertical. Several horizontal steel roof support trusses are now in place. Those trusses will eventually support a glass roof that will shield people from weather elements when dropping off or picking up passengers.

Meanwhile, construction has already started on the $950 million terminal expansion and modernization project. Work is taking place on the north side of the current terminal and near the south satellite building where the Delta, American, Alaska and Frontier gates are located. Much of the existing outdoor concrete surface in those areas has been removed to make way for future construction.

The project will nearly double the size of the terminal and add international flight capacity. Completion is planned for 2028, but because the project is being constructed in phases, passengers will be using parts of the new terminal well before 2028.

Central Library

The Omaha Public Library’s $150 million Central Library building is close to topping out on the southwest corner of 72nd & Dodge Street. Topping out occurs when the final steel beam is hoisted into place. To acknowledge that moment, the city held a beam-signing ceremony earlier this week in which key stakeholders signed their names on a beam before it was welded into place on the structure. The 96,000 sq. ft. architectural landmark is scheduled to open in 2026.

Behavioral Health & Wellness Center at Childrens

Children’s Nebraska is building a $110 million Behavioral Health & Wellness Center on a 7-acre site south of West Dodge Road at 85th Street. The first two floors of steal beams are now in place on what will eventually be a 4-story building.

When it opens in early 2026, the 107,250 sq. ft. building will have 38 inpatient beds plus an experiential kitchen for youth and families dealing with eating disorders as well as 14,000 sq. ft. for general outpatient therapy and a crisis screening and stabilization assessment hub.

The U.S. Census Bureau last week released metropolitan statistical area population estimates for 2023. From 2022 to 2023, the Omaha MSA grew .78 percent to 983,969. The Lincoln MSA grew .68 percent to 344,387. The Kansas City MSA grew .57 percent to 2,221,343. The average growth rate for all metro areas nationwide was .53 percent, so Omaha grew significantly faster than the national average. Regionally, Sioux Falls, S.D. and Des Moines, Iowa were the only metro areas that grew faster.

By the way, the Omaha Combined Metropolitan Statistical Area, which includes Fremont-Dodge County – grew to 1,021,156 in 2023.

Construction is now officially underway on the University of Nebraska’s Campus Operations and Research Excellence project, a 6-story building on the southwest corner of Saddle Creek Road & Farnam Street.​​​​​​ For the past week or so, workers have been drilling holes for pilings and doing foundation work. The building will have two floors for administrative business functions and retail space, one floor to support computer-based research, and three floors for wet lab use. Completion expected in February 2026.

Workers are making fast progress on the “Baby Bob” bridge, which will connect North downtown and Charles Schwab Field to the Bob Kerry Missouri River Pedestrian Bridge. Horizontal steel girders are now in place. The $7.55 million bridge is scheduled to open by October.

On last Saturday’s Grow Omaha radio show on News-Radio 1110 KFAB, Mayor Jean Stothert said the empty square block bounded by 14th, 15th & Dodge streets and Capital Avenue, will likely be used as a laydown yard during streetcar construction. That’s where construction crews can store supplies and equipment while staging parts of the construction project.

The block was once the site of Union Pacific Corp’s headquarters building before the railroad moved into its current building in 2004. The city acquired the site in a land swap with a private developer making way for the construction of the Mutual of Omaha headquarters tower two blocks to the south. The city had been planning to issue a Request for Proposal for development projects on the old U.P. site but will likely hold off for now.

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.”

Berkshire Hathaway spent $313,000 last year to cover chairman & CEO Warren Buffett’s personal and home security, according to Fortune. For a little perspective, that’s roughly $13 million less than what Meta Platforms paid to project CEO Mark Zuckerberg.

Lindsay Corporation, an Omaha-based manufacturer and distributor of irrigation and infrastructure equipment and technology, has announced plans to invest more than $50 million over the next two years in its largest global manufacturing facility located in Lindsay, Neb.

Ivybrook Academy has opened at 8311 South 167th Plaza. The half-day preschool’s “hybrid curriculum takes inspiration from Montessori, Reggio Emilia, and the Theory of Multiple Intelligences.” Classes are available for children ages 18 months to 5 years. Ivybrook Academy will offer a variety of summer camps starting the week of June 3rd.

AMCON Distributing Company, an Omaha-based consumer products company, is acquiring Burklund Distributors, Inc. of East Peoria, Ill. AMCON will continue to serve Burklund customers from Burklund’s Illinois distribution centers. Upon completion of this acquisition AMCON will be servicing approximately 7,400 locations in 32 states. The transaction is expected to close in the company’s third quarter of fiscal 2024, subject to customary closing conditions.

For a seventh straight month, Creighton University’s Rural Mainstreet Index sank below growth neutral, according to the March survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy. The overall reading for March fell to 38.0, its lowest level since June 2020, and down from 46.2 in February. A reading of 50.0 represents growth neutral.

The Learning Experience has opened a childcare center at 20101 P Street. The center is part of a national franchise and offers a proprietary curriculum based on STEM. The company offers enrichments programs, foreign language education and sign language programs at no additional cost. Parents have access to an Easy-to-use app with full updates during the day called Show N’ Tell.

Supply & Demand Chain Executive has recognized two Werner Enterprises employees as 2024 “Pros to Know” award winners. Christian Nielsen, director of corporate accounts, and Tyler Schuster, associate director of dedicated, were both recognized in the Rising Stars category, highlighting young or newer professionals whose achievements, hard work and vision have shaped their organization’s supply chain network.

The Greater Omaha Chamber is encouraging its members to nominate companies for its Business of the Month awards. Such companies are typically characterized by “pride in their work, commitment to top-notch customer service, community involvement and outstanding work culture.” You can make a nomination HERE.

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!”

National Association of Realtors Settlement Update

By Joe Finlay

The National Association of Realtors has reached a settlement in multiple copycat lawsuits around the country involving home sellers claiming the association’s policies surrounding Realtor compensation artificially increased their costs. This settlement must first be approved by the federal court before it goes into effect. The highlights of this settlement include:

• Offers of compensation must be removed from the MLS beginning July 2024.
• Buyer representation agreements will be mandatory starting July 2024.
• The payment of $418 million in damages over four years to the plaintiffs.

Key Rule Changes (Not Finalized)

• Offers of compensation to buyers’ agents will not be allowed in the MLS.
• Buyer agreement must be signed before showing properties and that buyer agreement must specify the payment amount, formula, dollar amount or specific percentage.

How Will This Affect Omaha?

Prior to July 2024, nothing will change. Once the terms have been approved by a judge and the Department of Justice (anticipated date of July 2024), buyers will be required to sign a buyer’s agreement with a Realtor prior to viewing any properties.

This does not change the fact that sellers can still negotiate commissions on their listings. The seller can offer to pay both the listing agent and buyer agent commissions, but it just can’t be publicized in the MLS.

Bottom Line

No changes yet. Talk with your trusted real estate advisor to understand what will be changing in the future. Let’s connect to talk through your real estate options.

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

LEADERSHIP & MANAGEMENT

As many as 70 percent of workers said they have lied on their resumes, with 37 percent admitting that they lie frequently, according to Fast Company. High earners and people with master’s or doctorate degrees are actually more likely to lie than lower-level candidates.

Fifty-six percent of CEOs said their companies are using generative A.I. to make their companies more efficient, up from 39 percent last year, according to a Fortune and Deloitte survey of CEOs.

Dell, the Texas-based technology giant, recently told remote employees they will no longer be considered for promotions unless they go to work “at their nearest approved office at least three days a week,” according to Business Insider.

Business Travel – United Airlines CEO Scott Kirby assured fliers that the airline, reeling from recent incidents in which one plane lost a wheel and a panel fell off another, is safe. United is adding extra pilot training and updating curriculum for new mechanics, according to The Hustle.

SALES

The ability to hire quality talent will determine the success and failure of the sales organization. Seventy-two percent of high performing sales managers rated the sales team they manage as excellent or above average compared to 54 percent of underperforming managers. High-performing sales managers focus on hiring salespeople who are skillful builders of relationships, are persuasive and have a reservoir of experience they use to manage sales cycles.

Eighty percent of sales require five or more follow-up calls, but 44 percent of salespeople give up after one follow-up call, according to HubSpot.

The number one factor decision makers want in a salesperson is trust (51%) followed by responsiveness (42%), expertise in their field (42%), problem-solving (37%) and transparency (34%), according to LinkedIn

The BragBird online sales training program gives you an edge when competing for new business. There are 40 modules, each a different topic with 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 ambitious, click HERE now!

WISDOM

“Done is better than perfect, and perfect is the enemy of good.” – Mark Zuckerberg

https://www.dundeebanking.com/

Did you know the Greater Omaha Chamber celebrated its 131st birthday this past Sunday? It’s the oldest and largest business organization in the region.

Did you know Omaha’s Henry Doorly Zoo and Aquarium was just ranked as the #1 Zoo in the Nation by USA TODAY 10Best Readers’ Choice for the second year in a row? HDZ was also named #1 Safari Park and #1 Zoo Exhibit (The Desert Dome).

Did you know that the CHI Health Center Omaha was sold out earlier this basketball season when the Creighton Bluejays beat the number-one-ranked Uconn Huskies? The attendance was 18,071.

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.

Midtown Pickle Party on March 23rd: Get ready to pucker up and party at the inaugural Midtown Pickle Party, Omaha’s first of its kind! This event is sure to please all pickle-lovers near and far with participating retailers offering deliciously fun pickle-themed drinks and nibbles. This neighborhood pickle-party crawl promises pickle-icious and fun surprises around every corner. Snap a pic with Pickleman’s “Mr. Pickle” strolling the neighborhood, and don’t forget to deck yourself out in green or your favorite pickle-themed attire. Maybe the best part? Vote for your top pickle fave, and you could score a year’s worth of pickles from Wohlner’s Grocery. This event is a BIG DILL, folks, brimming with crazy fun and bound to be the highlight of your day. Bring your pickle-loving pals and your mother—because who can resist the allure of a pickle party?

Yoga in the Greenhouse on March 23rd: As Spring rolls, Mulhall’s is bringing back Yoga in the Greenhouse! Join others for this free yoga class, led by certified instructor Lindsay Decker, from 9:30 to 10:30 a.m. Lindsay’s classes are gentle and fluid. Aall levels are welcome. A few tips for success – make sure to dress in comfy clothes and don’t forget to bring your own mat. Due to limited spots, advance registration is required!

Quarterly Educational Panel and Networking on March 27th: Join others for a new event hosted at Modus Coworking! This event will feature quarterly educational panels offering valuable information to entrepreneurs and small business owners. The event will begin with networking and beverages that Modus will provide. Soon after there will be featured speakers and a Q&A session. This quarter they’ll be covering financial planning!

E-Commerce & Friends Meetup | Brandon Peterson, CEO of Geokey Inc. on March 28th: E-Commerce & Friends Meetups bring together entrepreneurs, business owners and community members alike to mix, mingle and chat with experts in the e-commerce space. Join others on the fourth Thursday of every month to learn more about e-commerce and network with like-minded individuals. This month features Brandon Peterson, CEO of Geokey Inc., who will talk about his journey in running e-commerce space and growing a startup right here in the Midwest!

Young Professional Council Summit 2024 on March 28th: The YP Summit is the country’s largest young professionals’ conference – and it’s happening right here in Omaha. This year’s conference will unite more than a thousand young professionals for a day of education, inspiration and connection focused on “A Future for Everyone.” You can expect compelling keynote speakers, thought-provoking breakout sessions and specially designed opportunities to connect with fellow young professionals. When it’s done, you’ll be empowered and emboldened to live and thrive right here, right now!

Omaha Supernovas Vs. Grand Rapids Rise Volleyball on March 28th: Omaha Supernovas will be taking on the Grand Rapids Rise Volleyball team as part of the REAL Pro Volleyball League. Happening at CHI Health Center in Omaha. Get your tickets now and cheer on the Supernovas!

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.

The NU Board of Regents has named University of Nebraska Medical Center chancellor Jeffrey Gold as the priority candidate to be the next president of the University of Nebraska system. Gold, 71, will now go through a 30-day public vetting period. If confirmed, he would replace Ted Carter, who is now president of Ohio State University.

NP Dodge Real Estate has welcomed new residential sales associates including Juana Aguilar, Michael Doocy and Melissa Hovendick.

Nebraska Lutheran Outdoor Ministries has hired Jacob Spilker as director of development. He was most recently vice president of advancement for Bethany College in Kansas.

Joshua Livingston has joined Koenig Dunne’s team of divorce attorneys. He received a Juris Doctor degree from Creighton University and previously worked for the State of Nebraska as a child support attorney.

Bishop Business has appointed Chris Bell as president. He has been a partner/owner of the company since January 2023. He graduated from the University of Nebraska-Lincoln with a degree in finance and has been with Bishop Business since starting as a sales representative 24 years ago.

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.

It’s deja vu all over again. A few days ago, Nvidia announced earnings, the stock went bonkers and took the market with it. As I go about my daily rounds talking to investors and brokers, all I hear is, “What’s going to happen when Nvidia tanks and takes the market down with it?”

I take copious notes and discovered that several months ago we were doing the same jibber jabber about Tesla. And just before that, Apple was the shiny bobble du jure.

The solution without a problem I am hearing from investment professionals is to switch from the cap-weighted S&P index funds to the ones that put equal weighting on all 500 companies in the index. Then we wouldn’t have the problem of one of the big stocks taking over and doing the boom-and-bust thing to the market. (My question is, what boom-and-bust thing?)

The Wall Street journal reported that Nvidia is treading water, but the market continues to rise due to the fact that stocks lower down the S&P 500 ladder are taking over. For the last 12 months, the equally weighted S&P is up 33 percent, and just recently, hit a new high. This mirrors the performance of the cap-weighted S&P 500.

On a regular basis, the good folks who run the S&P adjust the company weightings, based upon market cap changes. We don’t know precisely when this occurs. But we do know the adjustments are made long before Mr. Market chooses a new bobble to bang around and sends everybody, especially the broker types, into a big twit. Translation: When a big mover falters, it’s immediately replace by the next rising star.

Just to muddy the waters a bit more, Wall Street, in their never-ending quest of obscene profits, has created 17 ETFs based upon Nvidia and it’s A.I. cousins. So far this year, none of them has beaten or even matched the S&P. Why have these brain children of Wall Street’s best, brightest and highest paid mavens been so disappointing? Because by the time their application has been anointed by the SEC and the product made available to the public, the ball game is in the ninth inning, and they’re looking for the next fad to pitch to the public.

The moral of the story is that, in the long run, Mr. Market tends to follow the economy. Wall Street can peddle their snake oil to the gullible masses, but intelligent investors will forget the needle, buy the haystack and enjoy the ride as Mr. Market shifts from one shiny object du jour to the next.

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.

Quantum Fiber in Omaha, Nebraska, is super-fast, reliable internet. We did away with data caps, bundles, and pricing gimmicks because you don’t want them. Instead, you get game-changing customer service, transparent pricing, and a powerful app for freedom, simplicity, and control over your internet. Quantum Fiber is what internet service looks like when it’s built for the world of you.

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

Don’t keep this newsletter to yourself. Forward it to your friends, clients and co-workers. You want to know the real reason we produce this report? It’s to remind Omahans about the vibrant, prosperous and growing city they call home. The more Omaha residents believe in their city, the more successful we’ll all be. Spread the news!

Know of someone else who wants to receive this newsletter? Have them send their name and email address to news@growomaha.com!