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Weekly Market Report – March 9, 2023
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Restaurant & Retail Updates
The Mio, a long-anticipated replacement for Lo Sole Mio at 32nd & Oak Street, is planning a soft opening March 21st. The new restaurant was originally going to be called “Mio Italiano,” but now it’s just “The Mio.”
Owner Tony Uphoff is quoted on the restaurant’s Facebook page: “My wife and I, after decades of hospitality experience, have returned to Omaha to revitalize a beloved institution in Omaha…We are not Lo Sole Mio, but a new idea that pays homage to the past. You might see some old favorites mingled in with the new, but both the former restauranteurs have requested, and we have decided, not to carbon copy anything.”
Construction has gone vertical on a future Burger Detour restaurant building at 183rd & West Maple Road. Opening is planned for late spring or early summer. The locally owned, quick-serve burger joint eventually plans to open a second location near 204th & Pacific Street.
Tous les Jours, the French bakery chain based in South Korea, will open a second Omaha location this spring in a former travel store at 16950 Wright Street in the Shops of Legacy. The existing Omaha location is next to Charleston’s at 75th & Dodge Street. The company has more than 1,650 locations worldwide.
Culver’s plans to open a burger and custard shop in a to-be-constructed, free-standing building by ALDI near 171st & West Maple Road.
Cake Expressions, Inc. has leased 1,440 sq. ft. at 3503 Samson Way in Bellevue. The family-owned bakery specializes in creating one-of-a-kind cakes for weddings, birthdays, and special occasions, according to Gabrielle Estivo of NAI NP Dodge represented the landlord.
A yet-to-be-announced, locally owned men’s clothing store is planning to open in a former Lululemon pop-up space in the HDR headquarters building at Aksarben Village.
Hy-Vee plans to open its new Gretna store, currently under construction near 192nd & Highway 370 sometime this summer, according to the Omaha World-Herald. The site will also be home to a Culver’s restaurant and a Rocket Car Wash.
Sips on 10th opened this week in the former Joe Banana’s building at 1022 South 10th Street in Little Italy. The locally owned business features more than 100 varieties of “competitively priced” champagnes and wines from around the world. The business says it is offering lower price points “to help introduce new varieties to a broad range of customers.”
While wine is a major focus, Sips on 10th also has cocktails, beer and food. The newly renovated space includes a 4,000 sq. ft. outdoor patio opening in May. Three garage doors will tie the interior space to the patio. Sips is the fourth bar concept from Social Holdings, LLC, which also owns Blackstone Social, Segreto and Social.
The Monster Club, a horror-themed restaurant at 1217 Howard Street in the Old Market, has closed permanently.
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The “Restaurant & Retail Updates” section is sponsored by Anderson Convenience Market, featuring Quality AMOCO Fuels and serving Omaha since 1952, and proud to announce the return of Quality Amoco Fuels. Look for changes this Summer at Anderson Convenience Market – 8 Omaha area locations!
Learn more about Anderson Convenience market at www.Anderson1952.com
The Big Story
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Urban Apartment Construction Boom
As Omaha continues to grow, developers are looking to the urban core for new multi-family construction projects. Several developers have credited the planned downtown-to-midtown street car as a major factor convincing them to invest is urban Omaha.
The streetcar allows for Transit Oriented Developments to be built within several blocks of the future line. That means developers can building projects with fewer parking stalls per apartment unit compared to traditional standards.
Here’s a look at a few new urban multi-family projects:
Uptown Properties at 31st & Marcy Street – The Omaha Planning Board last week approved a rezoning request in order to build two, 5-level buildings with a total of 188 apartment units on 1.54 acres in an area bounded by Marcy, 30th, Mason and 31st streets. The project would have only 147 parking stalls. That’s less parking than normally required because of the project’s proximity to transit.
Leavenworth Lofts at 36th & Leavenworth Street – This a text-book example of an urban infill project, in which developers are taking a small piece of land and dramatically increasing its highest and best use. Sullivan Development, LLC plans to build a 4-story apartment building on a .28-acre lot shoe-horned between a Kwik shop convenience store to the east, a commercial building to the west and a larger apartment building to the north.
Leavenworth Lofts will have 24 units, half of which will be used for VRBO rentals targeting visitors to the University of Nebraska Medical Center and the downtown-midtown area.
The View on 39th at 3902 Dodge Street – Construction has started on an infill project on a long-vacant site that was once home to a notorious hotel before it was torn down many years ago. Plans call for a 4-story building with 138 apartment units on top of a 2-story parking structure.
Urban Village Project at 1508 Marcy Street – This infill project will put an attractive, 5-level building with 82 apartment units and indoor parking on a previously under-utilized – and generally unnoticed – 35,000 sq. ft. lot on the southern fringe of downtown. The project was approved last year but grading and site preparation work just started within the past few weeks.
The Cosgrove at 3802 Leavenworth – Construction is wrapping up on this substantial infill project that will serve the booming Blackstone District and University of Nebraska Medical Center area. Including indoor parking below, the building has six levels and 172 apartment units.
This section is sponsored by RENZE. For over 128 years, we have been providing our clients with innovative solutions for interior corporate and retail branding, as well as unique exhibits and graphics for tradeshows and events. With leading-edge equipment and quality craftspeople working out of our 90,000 sq. ft. facility, we partner with you to help create your vision. See a wide variety of our work HERE!
Grow Omaha Snippets
Grow Omaha Snippets Sponsored by:
Nebraska State Sen. Lou Ann Linehan has introduced Legislative Bill 692, “The Good Life Transformational Projects Act,” which would finance large developments worth $500 million or more by devoting up to half of the state’s 5.5-cent sales tax revenue for development expenses, according to Nebraska Examiner.
If passed, the act could lead to a 1,000-acre expansion of Nebraska Crossing in Gretna. Rod Yates, owner and developer of Nebraska Crossing, said the expanded project could include new-to-Nebraska retailers such as IKEA, as well as hotels, waterparks and a large youth sports complex.
Opening of the Omaha Public Library’s new downtown branch has been delayed again, this time until May. The new downtown branch at 1401Jones Street will open in an under-renovation historic building that has required more work than the city and its contractor originally anticipated. The new library will replace the W. Dale Clark library which was demolished late last year. Plans call for a flagship library to be built at 72nd & Dodge Street, but that project is in the planning stages.
Officials from Creighton University and the College World Series made a pitch to the Unicameral’s Appropriations Committee this week for $60 million in state funds to help finish a trio of projects: a new baseball field for the university’s team and the CWS; completion of the $90 million C.L. Werner Center for Health Sciences Education; and upgrading of streets and landscaping on campus, according to Nebraska Examiner.
The City of Omaha released more details about the future downtown-to-midtown streetcar system planned to open in 2026, according to WOWT. The city is considering four designs of the actual streetcar vehicles. The thoroughfares will have traffic lanes shared by motor vehicles and streetcars as well as on-street parking and bike lanes. For renderings and diagrams click HERE.
Leasing is coming along on a Waterford Crossing, a new retail development at 156th & Ida Street, according to Oak Investment Real Estate. New tenants include Bussey Physical Therapy, Waterford Dental Bennington, Big Red Neighborhood Grill & Sports Bar and a yet-to-be-announced pet store.
Rapid (Elephant) Population Growth – Omaha’s Henry Doorly Zoo and Aquarium announced the birth of a male elephant calf last week. The mother is Lolly, an 11-year-old African elephant. This is the third African elephant calf born at the Omaha zoo since January 2022. A fourth calf is expected to arrive late this summer.
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.”
Local Business News Sponsored by FranNet of The Heartland:
A new basketball program is re-branding and “officially” opening in Omaha called AEF (Attitude, Effort, and Focus) Academy. This past fall-winter season, AEF tested the waters with four teams. Over the past four months, they have rebranded the program and have started tryouts for the 2023 season.
AEF is breaking ground this month on a 14,000 sq. ft. facility at 99th and Portal Road, which will be open by the end of August. Click HERE to learn more.
Madison Industries, one of the world’s largest privately held companies, has acquired La Vista-based Streck, the inventor of hematology reference controls and a global leader in the development and manufacturing of laboratory products. Madison is based in Chicago. Streck was founded in 1971 sells its products to more than 13,000 labs in 65 countries.
Blue Cross and Blue Shield of Nebraska made Forbes’ 2023 “Best Midsize Employers” list. Forbes surveyed 45,000 employees working at U.S. companies with 1,000 – 5,000 employees and asked if they would recommend their current employer. BCBSNE ranked 133rd overall and 22nd among insurance companies. In total, 500 companies received the award.
Nepra Foods Inc. and Omaha-based Scoular announced a manufacturing and distribution partnership for specialized plant-based ingredients. The partnership provides for co-development and collaboration on sales and marketing between Nepra, creator of nutritious plant-based and allergen-free food, and global agribusiness company Scoular.
New product development, under the co-branded partnership, will utilize Nepra’s innovative research and development team, in addition to specialty ingredients from both companies. The partnership also enables Scoular to offer Nepra products through Scoular’s global supply chain network, benefiting both companies.
HDR, ranked No. 1 in healthcare architecture by Modern Healthcare and three other organizations, has announced the opening of its Kansas City architecture studio, welcoming Jacqueline Foy as health principal, Erin Fogarty as interior design principal, and Niyanta Gopal as studio leader. Omaha-based HDR has more than 11,000 employees in more than 200 locations worldwide.
Werner Enterprises has been named No. 3 on the Top 10 Military Friendly Company list by Military Friendly, a national organization supporting the U.S. military and its veterans. This award recognizes Werner’s hiring, recruitment, training and development efforts for veterans and their families.
Bil-Den Glass is celebrating its 50th anniversary. The family-owned glass and mirror sales and service company is located at 6110 Irvington Road.
This section is sponsored by FranNet of The Heartland, the local, trusted franchise experts. They are “in the business of helping you get into business!”
Grow Omaha Residential
Federal Housing Finance Agency Housing Price Index
By Joe Finlay
For the first time in a while, Omaha ranks in the top 40 metro areas for housing price increases. Looking at the 2022 calendar year, housing prices in Omaha increased 9.9 percent throughout the year, ranking Omaha 38th nationally among the top 100 markets.
Five cities in Florida topped the list – Sarasota, Fort Lauderdale, West Palm Beach, Orlando and Fort Meyers with an average yearly housing price increase of about 18 percent year over year.
The cities at the bottom of the list were Sacramento, San Francisco, San Jose, Boise and Oakland with an average yearly housing price increase of negative 2 percent. This means housing prices actually decreased throughout the year in those cities.
Neighboring midwestern cities including Kansas City, St. Louis, Denver and Minneapolis all ranked lower than Omaha, with Des Moines and Sioux Falls going unranked due to the small size of those cities.
Breaking Down the Data
Omaha can often be defined as three separate markets when it comes to housing prices. There’s the entry level housing market with prices up to $300,000, the mid-range market between $300,000 and $700,000 and then there’s the luxury market of $700,000 and above.
The entry level market saw the highest increase year over year with about a 7 percent. The mid-range saw an increase of about 3.5 percent and the luxury market stayed even.
While there may have been a few months of uncertainty, housing prices increased last year and continue to increase this year. The amount of increase may be more moderate as you approach the luxury market. Let’s connect and talk through the pricing in your neighborhood.
Grow Omaha Residential is developed and sponsored by Joe Finlay, REALTOR with NP Dodge Real Estate.
Grow Omaha University
Leadership & Sales Insights for Ambitious People
Compiled by Grow Omaha co-founJeff Bealsder and sales trainer
Sponsored by MyStaff, Inc.
LEADERSHIP & MANAGEMENT
Insecure people can be extremely risk averse and unproductive as employees, according to a recent CNBC article by Stefan Falk. Some can be downright nasty or display abusive behaviors. Below are 7 toxic behaviors of highly insecure people in the workplace:
- They are overly concerned about what others think of them.
- They never express a firm opinion.
- They suffer from a chronic inability to make decisions, even when the choices have little consequence.
- They frequently try to change the direction of projects and meetings.
- They put other people down to make themselves look more important.
- They constantly talk about how busy they are (when they’re actually not) to show that they are in demand.
- They are paranoid meddlers who make you question your every move.
Who’s creating jobs these days? Operators of hotels, bars and restaurants—hit hard as the Covid-19 pandemic took hold—are now among the country’s fastest-growing employers, offsetting a slowdown in tech-related hiring, according to the Wall Street Journal.
The leisure-and-hospitality industry is rebuilding its workforce after cutting back during the pandemic’s early days. In contrast, companies focused on providing business and tech-related services have slowed their growth in recent months.
Take the initiative! Today’s career requirements are highly developed and require much more than someone who won’t take risks, according to TopResume.com. In today’s competitive career landscape, employers are looking for individuals who can bring fresh ideas to the table and take initiative, start new projects, pitch new solutions and create new opportunities for the business.
Developing a fictionalized version of your ideal customer, known as “buyer persona,” helps sales professionals quickly identify which leads are worth pursuing, according to HubSpot.
One of the secrets of top-producing sales pros is “focus,” according to sales author Mark Hunter. “Top performing salespeople do not get caught up in the shiny objects. Focused people get more done because they do not allow for distractions and know what their goals are.” They know what the customer is looking for and are 100% zeroed in.
40% of sales pros say prospecting is the most challenging part of the sales process followed by closing (36%) and qualifying (22%), according to Spotio.
“When your sole focus is on closing the sale rather than helping your buyer, they sniff this out; it turns them off, and you are more likely to lose than win.” – Jeb Blount, best-selling sales author
Grow Omaha University is sponsored by MyStaff Inc, a locally owned staffing firm whose purpose is helping Nebraska companies recruit for corporate office positions.
My Staff Inc – Our team helps you find yours!
Upcoming Events in the Metro
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Art Fluid Open Studio Night on March 10th: Come out to Studio 304 to start your creative journey! Begin the evening by making your own mask for this masquerade-themed evening, then head down the hall to Studio 318 for a quick photo session to capture the fun! This event has something for everyone – make & take projects, short violin lessons, glass demonstrations and so much more to enjoy while you wander through the open studios.
Creatives & Coffees at Luli Creative House on March 11th: Creatives & Coffees is a community built to express and connect with other like-minded individuals. Now in collaboration with and hosted by the Luli Creative House! Whether you’re working on art, poetry, music, coding, business, or anything that pulls on the creativity within – you’re welcome to join. Come out to collaborate on a joint art piece that will be displayed at the new location, get critiques on what you’re working on and connect with others!
Get in the Irish Spirit on March 11th: Spirit World is hosting an Irish Spirits Tasting to get into the St. Patrick’s Day spirit! Enjoy samples of Irish gins and vodka from Drumshanbo, plus cocktail samples using those spirits, so you can learn how to use these products at home. Included are samples of two allocated whiskeys from Drumshanbo that are new to their market, Drumshanbo Single Pot Still Irish Whiskey, and even rarer, Drumshanbo Port Finish Irish Whiskey.
Opera in Conversation | Inspiration, Process and Insights on March 14th: Opera in Conversation is a series of three sessions surrounding Opera Omaha mainstage productions that features creatives, scholars, and other public figures. This free event exists to foster cross-disciplinary exploration of art, big questions and community connections. Join the director and conductor of “The Marriage of Figaro” as they reveal what it takes to create this iconic opera.
EEC: Cybersecurity on March 15th: The Greater Omaha Chamber is hosting a hybrid event to educate businesses on cybersecurity. They’ll be sharing the key steps needed to protect your business from cyber attacks. This is the perfect event to learn about cybersecurity and prepare for the inevitable!
This Upcoming Events section is sponsored by Eagle Mortgage Company, is a locally owned and full-service mortgage company in Omaha.
Eagle Mortgage can help you realize your dream of owning a home.
People in the News
Sponsored by Baird Holm Attorneys at Law
NP Dodge Real Estate has welcomed new residential sales associates including Alisha Dickman, David Page, Kaleb Thomas, Molly Parde, Racheal Jensen and Tammy McMillian.
The Cass County Economic Development Council has appointed Josh Charvat as executive director. He previously served as business and government relations manager and interim director at Grow Sarpy.
The Bennington school board has selected Aaron Plas, currently superintendent of Lakeview Community Schools in Columbus, Neb., to be its new superintendent, according to the Omaha World-Herald. Plas will replace Terry Haack when he retires in May.
Wall Street: The Week in Review
with George Morgan
The author is founder of Morgan Investor Education of Omaha.
Sponsored by Baird Holm Attorneys at Law
Views and opinions expressed herein are solely those of the author.
Every once in a while, Jim Cramer says something pithy and worth repeating.
When he opened his “Mad Money Show” on Monday, the first words out of his mouth were “Were not here to have fun; we’re here to make money.” He needs to pass this message on to the dimwits of Congress who are in need of a finance lesson. Their most recent waste of taxpayer’s time and money was a bill to require that providers of retirement plans offer ESG investments.
For those of you who have been wasting your time earning a living and taking care of your family, ESG stands for environmental, social and governance. ESG companies have business plans that focus on being woke first and making money last.
The thinking behind ESG investing is that when you buy shares of those evil, mean and nasty companies that sell you gasoline to drag your ungrateful kids to soccer practice, the money goes to the company. ESG investors also think that the board members should care more about other things over profits. People don’t understand that you don’t buy stock from the company. You buy it either from another investor or an algorithm driven computer.
Congress is not the only ill-informed group jumping on the ESG bandwagon. Six months ago, the head of NASDAQ tried to install a rule that said if you want to be registered on their exchange, you had to have several board members who fit their definition of diversity. Warren Buffett put the kibosh on that when he said board membership should be chosen based upon business, not social qualifications.
At the end of the day, government should not be telling you what to invest in. You should have the right to be stupid and make your own mistakes. If it makes you feel warm and fuzzy to invest your hard-earned dollars based on political causes and not financial return, I say have at it. As for me, I will laugh all the way to the bank.
Now for a few more pithy observations from the talking heads on CNBC…
“The market is headed for a Willey Coyote moment. Better find a fluffy cloud to land on.”
During a one-hour period, I counted 17 times when one of Wall Street’s finest mental giants said, “The market does not reflect the economic reality.”
This last one you can’t make up – an analysist for a major Wall Street brokerage firm (whose initials are MS) said: “When Tesla’s stock price was 150% lower than it is today, I told you it was overpriced!”
NAI NP Dodge News Update
NAI NP Dodge broker Ed Petsche after winning the company’s Spirit Award last week
The Nebraska Humane Society has leased space 13597 South 217th Street in Gretna.
Maddie Graeve of NAI NP Dodge represented the landlord in this 2,100 sq. ft. industrial/flex lease.
Have You Watched Grow O on Video Yet?
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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